New buyer emerges after Pula Steel sale flops

The developments are the latest in an exhaustive bid to revive Pula Steel, the country’s pioneering steel producer. Pula Steel closed in 2017, just two years after it was built at a cost of P130 million, strained by financial and technical challenges, particularly the shortage of its raw material, scrap metal.

Last year, Vision Ridge Investments, the owner of the Ikongwe iron ore mine near Shoshong, sealed a P16 million with Pula Steel’s liquidators to take over the plant. Vision Ridge intended to produce final steel products for the first time in the country’s history by using scrap iron, sourced locally and externally, as well as iron ore sourced from Ikongwe.