PSST visits Steel and Tube Industries Ltd

The Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi accompanied by his technical team has visited Steel and Tube Industries Ltd at Namanve Industrial Park at the invitation of its founder and Chairman Joseph Yiga.

In line with the Country's Industrialization Agenda, the visit aimed at assessing the operations of Steel and Tube Industries Ltd and identifying the challenges that need to be addressed to ensure that it remains competitive within the region and beyond.

Steel and Tube Industries Ltd with capital investment of USD 130 million is one of the largest steel manufacturing companies in East Africa. They supply high-quality steel products for construction and building projects.

Some of the challenges raised by Yiga include; high cost of financing and high cost of electricity.

The PSST in his response said government is aware of this challenge and is working to ensure that these binding constraints are addressed.

Steel and Tube employs about 8800 people directly and indirectly and contributes USD 23 million in taxes.

Steel and Tube is also known for producing the first ever high-grade steel (Stil TXM bar) in Uganda. They also have plans of setting up an iron ore processing plant in Uganda.