President Museveni has launched Tembo Steels' second plant in Iganga fully fabricated by Ugandan engineers that will enable them produce 550 tonnes of steel a day .
During the launch, President Museveni pledged to reduce on the higher taxes on investors aiming to boost revenue for the sector.
Museveni also recommended Tembo adding value to the country’s raw materials.
"I commend Tembo Steels for reducing Africa’s reliance on imports. With our railway plans, we need high-quality steel. We are reducing power costs to 5 cents/kWh," Museveni stated.
The general manager Tembo Steels Iganga Kalla Manish thanked Museveni for putting good environment enabling investors like Tembo to work in the country.
" Today marks a significant milestone in our 25-year journey, not just for Tembo Steels but for Uganda's industrial transformation. Over the past two and a half decades, we have worked relentlessly to innovate, invest, and contribute to the nation's industrialization agenda," Manish stated.
"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."
The Minister of Energy and Mineral Development, Ruth Nankabirwa thanked President Museveni for his visionary leadership and persistence for mineral value-addition.