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Zimbabwe Seeks Bids For Collapsed Steelmaker

Zimbabwe is inviting new bidders to take over its collapsed state steelmaker, after rejecting offers from two foreign companies.

In a statement Wednesday, Zimbabwe's Industry and Commerce Minister Welshman Ncube said the bidding process is now open. He said offers must be submitted to the government by September 24.

In May, Zimbabwe's government rejected bids by South Africa's ArcelorMittal and India's Jindal Steel to take over the Zimbabwe Iron and Steel Company, or ZISCO. President Robert Mugabe said those companies were too big.

ZISCO stopped operations in 2008 at the height of Zimbabwe's economic crisis due to a lack of funding.

Some information for this report was provided by AFP and Reuters.