Seven Star Steel of China, Africa Star Steel of South Africa and a group of Mozambican companies have seen their joint investment of $50 million dollars come to fruition in the opening of a steel pipe plant in the Beluluane free zone outside Maputo.

The Chinese and South African companies each have a 40% stake in the plant while the Mozambican group has the remaining 20%. The plant will be owned by a newly formed company called Capital Star Steel.

The plant will in its initial phase be able to produce 200 000 tonnes of steel per year.

Reported by Business Report