Reuters reported that ArcelorMittal South Africa is one of two short listed bidders for Zimbabwe's steel maker ZISCO.

Ms Nonkululeko Nyembezi Heita CEO of ArcelorMittal SA said that "We are one of two short listed bidders and the government will have to do a final evaluation and we now await a response from the Zimbabwean government."

She added that a take over of ZISCO would help the company increase its production capacity and 'get closer to landlocked' African markets.

It may be noted that Zimbabwe Iron & Steel Company, a major foreign currency earner before independence in 1980, stopped operations last year at the height of an economic crisis, due to a lack of capital to re equip its plants.

The government holds about 70% in ZISCO and had previously not been keen to sell its stake. But the country's new coalition government, in power since February, sees the sell-off of state entities as part of necessary economic reforms.

(Sourced from www.reuters.com)