President Yoweri Kaguta Museveni has inaugurated Tembo Steels’ second factory in Iganga, a facility constructed by Ugandan engineers. The factory will produce 550 tons of steel daily.
Speaking at the launch, Museveni pledged to lower high taxes on investors to boost revenue in the steel sector. He also emphasized the need for value addition to Uganda’s raw materials.
“I applaud Tembo Steels for reducing Africa’s import dependency. We require premium steel for our railway plans. We’re cutting electricity prices to 5 cents per kWh,” he said.
Tembo Steels General Manager Iganga Kalla Manish thanked Museveni for fostering a favorable investment environment.
“Today marks a major milestone in our 25-year journey. This second plant reflects our commitment to the Buy Uganda, Build Uganda initiative as we continue to add value to Uganda’s iron ore and manufacture world-class steel products,” Manish said.
Energy and Mineral Development Minister Ruth Nankabirwa praised Museveni for his leadership in promoting mineral value addition.
The new plant is expected to strengthen Uganda’s steel industry and reduce reliance on imports.
