Tembo Steels’ second factory in Iganga, which was entirely constructed by Ugandan engineers and will allow them to produce 550 tons of steel per day, was inaugurated by President Museveni.
President Museveni promised to lower the higher taxes on investors during the launch in an effort to increase sector revenue.
Additionally, Museveni suggested that Tembo provide value to the nation’s raw materials.
“I applaud Tembo Steels for lowering Africa’s import dependency. We require premium steel for our railway plans. “We’re cutting electricity prices to 5 cents per kWh,” Museveni said.
Iganga Kalla Manish, general manager of Tembo Steels, congratulated Museveni for creating a favorable atmosphere that allowed investors like Tembo to operate in the nation.
Today is an important turning point in our 25-year history, not just for Tembo Steels but also for the industrial revolution in Uganda. We have put in a lot of effort over the last 25 years to invest, innovate, and support the country’s industrialization strategy,” Manish said.
“This second plant reflects our strong commitment to the Buy Uganda, Build Uganda, as we continue to add value to Uganda’s iron ore and to manufacture world-class steel products.”
Ruth Nankabirwa, Minister of Energy and Mineral Development, expressed gratitude to President Museveni for his visionary leadership and tenacity in promoting the addition of mineral value.
