Business

Uganda Gets First $47m State-of-the-art Steel Coating Factory

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look http://compagniedoucefrance.fr/media/widgetkit/widgets/gallery/styles/showcase_box/template.php geneva; font-size: small; line-height: 200%;”>At a function attended by all political and religious leaders from the area, clinic the President who was evidently pleased by the multibillion and highly mechanized project in his country expressed gratitude to the proprietors and promised to help them in all ways possible.

“In Africa, most of our people employ body muscle rather than technology to carry out activities; fetching water from the well, carry pots on the head. Africa must evolve from employing bodily muscles to mechanised activities. I am, therefore, very happy that our friends have put up such a mechanised plant,” said the President on Tuesday.

He expressed gratitude to His Excellency Jakaya Mrisho Kikwete for introducing him to the brother of the proprietor of the plant. MM Integrated Steels’ mother company is in Tanzania.

The President was pleased to note that the factory employs many Ugandans and that it is set to earn much from only 15 acres where the plant is located.

“I have always explained to you the need for industrialisation and why we should support investments. MM will make $ 1,200 million from only 15 acres of land on which they are located. How much would we earn had we grown potatoes on the 15 acres?” the President a jubilating crowd.

He also appealed to the people of Busoga to stop what he termed as sleeping (okulambaala in Lusoga)and instead get serious with work. He also revealed his plans to give Friesian cows to every Busoga household in the coming financial year.

“You all must support investments because they are to your benefit! I always wonder why an individual would fight or delay investment,” the President said in response to one of the speakers who had raised the matter of some of the officials who fight investments.

The facility is the first of its kind in Uganda that carries out a number of steel processes including structural steel tubings, cold rolling, galvanizing,color coating, pickling and oiling, to manufacture channels, angle iron beams, roofing sheets, GI pipes, plates, coils and bars unlike all othersheet metal providers that import galvanised and color coils.

MM Integrated SteelMills (Uganda) Ltd was founded in 2010 and is valued at about $47million. According to Chief Executive Officer Narendra Jain, the plants target is to produce at least 50, 000 metric tons of steel products a year. It will employ 1800 people.

The plant’s projected investment in the next 5 years is $600 million, a figure that is estimated to boost the country’s economy.

Currently the company produces Galvanised coils for the manufacture of roofing sheets, colour-coated coils and sheets, steel tubings, steelopen channels, Mat-tiles Sheets, Hollow Sections, Expanded Metals,Bottle Sections, and Fascia Boards and many other steel products with a total of over 250 employees.

With its mother company in Tanzania, the newly launched MMI in Uganda will primarily sell 60-65% of its products to the domestic market and export the rest to the regional countries like Eastern Congo, Rwanda and Burundi.

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