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2010-05-13 - 09:32:00 - DJ Zimbabwe Official: Zimbabwe Iron & Steel Still Up For Bids
 

*DJ Zimbabwe Official: Zimbabwe Iron & Steel Still Up For Bids


(MORE TO FOLLOW) Dow Jones Newswires

May 13, 2010 05:20 ET (09:20 GMT)

*DJ Zimbabwe Official: Zimbabwe Rejected Arcelor, Jindal Bids


(MORE TO FOLLOW) Dow Jones Newswires

May 13, 2010 05:20 ET (09:20 GMT)

*DJ Zimbabwe Official: China MCC Subsidiary Was In Running To Bid


(MORE TO FOLLOW) Dow Jones Newswires

May 13, 2010 05:21 ET (09:21 GMT)

*DJ Zimbabwe Official: MCC Subsidiary Left Race After India Bids


(MORE TO FOLLOW) Dow Jones Newswires

May 13, 2010 05:21 ET (09:21 GMT)

*DJ Zimbabwe Official: Uncertain If China MCC To Renew Bid


(MORE TO FOLLOW) Dow Jones Newswires

May 13, 2010 05:21 ET (09:21 GMT)

DJ Zimbabwe Official: Zimbabwe Iron & Steel Still Up For Bids


DOW JONES NEWSWIRES


Zimbabwe Iron and Steel Co., or Zisco, remains open for ownership bids, including those from Chinese corporations, after attempts for a controlling stake by steelmakers ArcelorMittal South Africa and Jindal Steel & Power fell through, a senior Zimbabwean government official said Thursday.

The debt-laden steel mill, sub-Saharan Africa's second largest steelmaker, is seen as a potential beachhead for infrastructure development in southern Africa.

Bidding for its sale had attracted interest from China Metallurgical Construction Corp., a subsidiary of China Metallurgical Group Corp., or MCC, said the Zimbabwe official, who declined to be named.

MCC, a state-owned engineering and construction giant, has extensive resource-based projects across the developing world, including water supply and cement plants in Zimbabwe.

China Metallurgical dropped out of bidding when it appeared likely that ArcelorMittal and Jindal would win the race, he said.

But the ArcelorMittal and Jindal bids were rejected. Southern African media reports say ArcelorMittal was regarded as "too big" to be a good fit for Zisco.

An MCC executive told Dow Jones Newswires Thursday he wasn't sure if the company would renew its interest in Zisco.


-By Chuin-Wei Yap, Dow Jones Newswires; 8610 8400 7704; chuin-wei.yap@dowjones.com.


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(END) Dow Jones Newswires

May 13, 2010 05:32 ET (09:32 GMT)

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