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HARARE — The proposed revival of Zimbabwe Iron and Steel Company (ZISCO) is moving into a new phase under the Mutapa Investment Fund, but the state-backed restructuring is proceeding against a significant information deficit, with the steelmaker still lacking audited financial statements for several years.

According to the Auditor-General, ZISCO had not submitted financial statements for 2019 through 2025 by June 24, 2026, while its accounts for 2021 to 2025 remained outstanding for audit.

The disclosure introduces a significant governance and investment challenge for Mutapa as it develops a new commercial model for the country’s former steel giant. The fund assumed control of ZISCO on March 20, 2026, under Statutory Instrument 58 of 2026.

Mutapa’s proposed revival strategy is based on integrating ZISCO with other state-controlled assets, including Hwange for coal, the National Railways of Zimbabwe for transportation, Sable Chemicals for industrial inputs and ZESA for electricity.

The strategy could address some of the infrastructure and input constraints that contributed to the collapse of ZISCO’s previous operating model. However, the central investment question is whether a new steelmaking complex can generate adequate returns in a domestic market that has changed considerably since ZISCO’s original heyday.

Dinson changes the competitive equation

The emergence of Dinson Iron and Steel Company (Disco) has fundamentally altered the commercial landscape into which ZISCO is being revived.

Zimbabwe’s National Development Strategy 2 records Dinson as having 600,000 tonnes of annual carbon-steel capacity, with domestic production exceeding 50,000 tonnes a month by the third quarter of 2025. Government estimates have placed the company’s contribution to import substitution at more than US$100 million in 2025, while subsequent development phases could take installed capacity to approximately 1.2 million tonnes annually.

That means ZISCO cannot simply reproduce its historic production model and assume that domestic demand will absorb the output.

“The investment case now has to begin with the market rather than the plant,” a steel-sector analyst told The Zimbabwe Financial Mail. “Capacity must follow identifiable demand, product gaps and demonstrable cost advantages. Building another large steel complex simply because Zimbabwe once had one is not an investment thesis.”

The distinction is critical. A commercially viable ZISCO would need to establish where it can compete against existing domestic production, imports and future capacity additions.

Potential competitive advantages could emerge from access to domestic iron ore, coal, electricity and rail infrastructure, but those advantages would have to translate into measurable production costs.

Financial history remains unresolved

The absence of current audited accounts makes that analysis more difficult.

ZISCO’s historical financial problems were substantial. The Zimbabwe Iron and Steel Debt Assumption Act recorded US$494.82 million of liabilities at December 31, 2016, comprising external loans of US$211.91 million, domestic loans of US$57.70 million and US$219.11 million owed to domestic suppliers, utilities and statutory bodies.

The legislation provided for the State to assume validated and reconciled legacy obligations.

For Mutapa, however, the historical debt assumption does not eliminate the need to establish a clean and independently verified financial baseline.

“The first requirement is a credible opening balance sheet,” another business analyst said. “Before committing billions of dollars to a new production platform, investors need to know precisely what assets remain, what liabilities survive, what obligations were assumed by government and what value can realistically be attributed to the existing ZISCO estate.”

That exercise extends beyond the company’s historical debt.

It requires independent assessment of land, mineral rights, iron-ore and limestone resources, industrial infrastructure, inventories, receivables and any equipment capable of being incorporated into a new operation.

Obsolete assets would also have to be identified and appropriately impaired or disposed of, while employee liabilities, statutory obligations and potential environmental liabilities would need to be brought into the financial reconstruction.

New investment requires a different model

The proposed ZISCO revival therefore represents more than the reopening of a dormant steel plant. It is effectively a decision to create a new industrial platform around Zimbabwe’s mineral and energy resources.

That changes the investment hurdle.

The economics of a new plant would have to incorporate the cost of electricity, coal, ore extraction, rail transportation, financing and working capital, even where those inputs are supplied by companies elsewhere in the Mutapa portfolio.

Analysts caution that vertical integration should not obscure the true economic cost of production.

“Internal transfer pricing cannot be allowed to make the ZISCO project appear profitable by simply shifting costs to another state-owned company,” an equity-market analyst said. “Every major input still needs to carry an economic price in the investment model.”

This is particularly important for debt financing. Any borrowing used to construct a new steel complex would ultimately have to be serviced from operating cash flows generated by the plant.

Product strategy must precede capacity

The commercial case also requires clarity over what ZISCO intends to produce.

Rather than beginning with a headline production target, analysts say the company should identify the steel grades and downstream markets where it can establish a defensible position.

Potential opportunities could include specialised steel products, industrial feedstock, long products, flat products or export-oriented production, but each would require separate market and cost analysis.

“The product decision has to come before the equipment decision,” the analyst said. “The question is not how much steel Zimbabwe can produce. It is what steel ZISCO can produce competitively and who will buy it.”

That assessment will also have to account for Dinson’s existing capacity and expansion plans.

A large-scale ZISCO plant producing products already available from a newer domestic producer could create excess capacity rather than industrial resilience.

Four tests for the revival

For the revival to progress on a commercially defensible basis, analysts say four conditions should precede any binding financing commitment.

First, the outstanding 2019–2025 financial statements need to be completed and audited.

Second, ZISCO’s legacy obligations need to be reconciled against the government’s previous debt-assumption framework.

Third, the company’s core physical assets and mineral interests require independent valuation.

Fourth, the proposed new steel plant needs a detailed product-level feasibility model benchmarked against Dinson, imports and projected domestic demand.

Those conditions would provide Mutapa and potential financiers with a clearer basis for determining how much capital is required and what return that capital could generate.

The stakes are significant. Zimbabwe has already used its sovereign balance sheet to absorb a substantial portion of ZISCO’s historical liabilities. A new revival therefore cannot be assessed solely on its potential to restore industrial capacity; it must demonstrate that additional capital can generate sustainable economic returns.

The next Auditor-General review will consequently be closely watched by investors and policymakers.

If the company’s financial reporting remains substantially in arrears while the physical revival advances, the State risks committing capital before establishing the financial baseline needed to measure the success of that investment.

For ZISCO, the central challenge is no longer simply how to restart the steelmaker. It is whether Zimbabwe can build a steel business that is financially transparent, commercially differentiated and capable of competing in a market that already has a major new domestic producer.

The post ZISCO Revival Moves Ahead Under Mutapa as Seven Years of Financial Accounts Remain Outstanding appeared first on The Zimbabwe Mail.

BANGKOK — Shares were mostly higher Tuesday in Europe and Asia after U.S. stocks drifted to a mixed finish ahead of potentially market-moving events later in the week.

Oil prices fell back after U.S. Treasury Secretary Scott Bessent announced fresh sanctions against Iran and warned that countries persisting in doing business with the Islamic Republic would face retaliation.

Germany’s DAX gained 0.5% to 26,240.76 and the CAC 40 in Paris added 0.3% to 8,480.52. Britain’s FTSE 100 edged 0.1% higher, to 10,869.93.

The future for the S&P 500 was up 0.3% while that for the Dow Jones Industrial Average rose 0.2%.

During Asian trading, Tokyo’s Nikkei 225 gained 0.5% to 65,856.43. Shares in technology investor SoftBank Group climbed 2.3%.

The Kospi in South Korea reversed early losses, gaining 0.7% to 6,742.74 as traders resumed buying tech shares, snapping up bargains.

Hong Kong’s Hang Seng was nearly unchanged at 25,511.10, while the Shanghai Composite index picked up 0.2% to 3,889.44.

In Australia, the S&P/ASX 200 gained 0.7% to 9,164.60.

Taiwan’s Taiex jumped 0.9%, while the Sensex in India lost 0.2%.

On Monday, areas of the bond market that the U.S. Treasury Department has been trying to calm eased a bit, relieving pressure on stocks.

The S&P 500 slipped 0.3%, while the Dow industrials added 0.3%. The Nasdaq composite fell 0.8%.

Tech stocks led the decline. They’ve had big swings recently due to worries that the frenzy around artificial-intelligence technology has sent prices too high and huge demand for AI chips will falter if AI doesn’t yield enough profits.

Chip giant Nvidia, a tremendous winner of the AI boom, lost 2.9% on Monday. It will deliver its quarterly earnings report on Wednesday and that could dictate the next big move for AI-related stocks. Micron Technology lost 5.8% and Broadcom fell 2.6%.

In the bond market, the yield of the 10-year Treasury eased to 4.69% from 4.74% late Friday, returning to where it was last week before the U.S. Treasury Department announced a surprise move to increase the size of its planned buybacks of Treasurys.

Longer-term Treasury yields climbed through the summer on worries about high inflation, huge government debts and other factors. High yields make it more expensive for everyone to borrow, not just the government, and already have pushed up mortgage rates and hurt the housing industry.

“The latest discussion about using Treasury General Account cash to help finance purchases of longer-dated bonds gave the market something to chew on Monday, and it initially liked the taste. Long yields fell, and the curve flattened,” Stephen Innes of SPI Asset Management said in a commentary.

“But there is a difference between forcing the bond market to blink for an afternoon and solving the underlying problem,” he said.

The Federal Reserve’s new chairman, Kevin Warsh, is set to deliver a speech Friday at an annual economic symposium in Jackson Hole, Wyoming, the backdrop for past policy announcements.

Analysts say Warsh is likely to talk about inflation and how the Fed plans to deal with it.

Oil prices are a major factor behind higher costs and Brent crude, the international standard, has been trading above the $72 per barrel level it was at before the war with Iran began in late February.

Early Tuesday, Brent crude fell 2% to $88.74 per barrel. U.S. benchmark crude oil shed 2.2% to $83.14 per barrel.

Last month, Brent zigzagged between $72 and $102 as hopes rose and fell that the United States and Iran could reach a deal that would allow oil tankers to freely exit the Persian Gulf again. The new U.S. sanctions announced Monday helped drag the value of Iran’s currency, the rial, to a record low against the U.S. dollar.

In other dealings, the U.S. dollar rose to 159.30 Japanese yen from 159.10 yen. The euro was trading at $1.1670, up from $1.1667.

Source: AP

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HARARE — Zimbabwe’s agricultural commodity prices continued to trade at substantial premiums to regional and international benchmarks last week, with tightening domestic maize supplies providing additional support to local prices, according to the Zimbabwe Financial Mail.

Maize emerged as one of the strongest price movers, with the Zimbabwe Mercantile Exchange (ZMX) benchmark increasing 4.09% to US$365 a tonne, from approximately US$350 previously.

Sunflower prices rose 5.8% to US$450 a tonne, while soya beans remained firm at US$550.70 a tonne, underscoring continued firmness across key agricultural commodities.

The divergence between Zimbabwean prices and international benchmarks remains particularly pronounced in maize. The ZMX price of US$365 a tonne compares with approximately US$228.68 on the Johannesburg Stock Exchange, US$277.20 on the Ghana Commodity Exchange, US$305 on the Nigerian Commodity Exchange and US$193.30 on the Chicago Mercantile Exchange.

However, analysts say the headline premium needs to be considered alongside Zimbabwe’s import economics.

ZMX said the estimated maize import parity price of US$404 a tonne remained substantially above the domestic benchmark, leaving locally produced grain about US$39 a tonne cheaper than the landed import-equivalent price.

“The domestic price remains below the landed import-equivalent price,” ZMX said, indicating that local maize prices remain supported by the economics of replacing domestic supplies with imports.

Supply shortage tightens maize market

The physical market is showing evidence of tightening availability.

Only 480 tonnes of white maize were offered by farmers against buyer requirements of about 3,000 tonnes, creating a significant supply deficit.

Available grain in Harare was being offered at US$365 a tonne, while buyers across Harare, Mutare and Bulawayo indicated purchasing prices ranging between US$325 and US$350 a tonne.

The disparity between available supply and buyer requirements has strengthened the bargaining position of farmers holding commercial grain.

ZMX said the imbalance was consistent with a tightening commercial maize market and was providing sellers with greater negotiating leverage.

There were no reported firm supply or demand volumes for yellow maize, although indicative farmer asking prices remained above buyer indications.

The development comes as Zimbabwe’s domestic commodity market continues to operate under a complex interaction of local supply conditions, international prices and the cost of importing agricultural commodities.

Soya beans and sunflower remain elevated

Soya bean prices also maintained a significant premium over several international benchmarks.

The ZMX price of US$550.70 a tonne compared with US$499.72 on the JSE, US$461.62 on the GCX and US$400 on the Agricultural Commodities Exchange, although it remained below the NCX benchmark of US$695.

Import parity of approximately US$630 a tonne provides further potential support for domestic prices should local production prove insufficient to meet processors’ requirements.

Sunflower showed an even wider gap between local pricing and import economics.

At US$450 a tonne, the domestic price was above the ACE benchmark of US$350 but significantly below the JSE price of US$654.40. The estimated import parity of US$784 a tonne, however, suggests substantial upside protection for domestic prices if Zimbabwe needs to replace local supplies with imported sunflower.

The contrasting benchmarks demonstrate why international prices alone do not necessarily determine the price paid by Zimbabwean buyers.

Wheat market shows price resistance

Wheat was trading at approximately US$470 a tonne on the ZMX, compared with US$377.01 on the JSE and US$528.36 on the NCX.

Its estimated import parity stood at about US$507 a tonne, putting the domestic price relatively close to the landed import-equivalent level.

ZMX said this limited the scope for domestic prices to decline materially without making imported wheat increasingly competitive.

The physical wheat market, meanwhile, showed a different dynamic from maize. Farmers indicated approximately 5,000 tonnes of supply at US$490 a tonne, while buyers were indicating US$440–US$470.

The gap suggests that sellers and buyers remain some distance apart on price expectations.

Popcorn displayed a similar disconnect, with about 150 tonnes reportedly available at US$780–US$800 a tonne against buyer indications of around US$650.

Domestic costs complicate international comparisons

For market participants, the widening differential between Zimbabwean commodity prices and international exchanges cannot simply be interpreted as evidence of domestic shortages.

ZMX said local prices also incorporate the cost of transport, financing, storage and distribution, as well as domestic supply conditions and import economics.

“The persistent premium over international exchanges should therefore not be interpreted solely as a shortage premium,” ZMX said, pointing instead to the broader cost structure associated with supplying Zimbabwe’s market.

The distinction is important for farmers, processors and commodity traders because import parity effectively establishes a ceiling against which domestic prices can be assessed, while local availability determines how close prices move towards that ceiling.

For maize, the combination of constrained supply and a US$404-a-tonne import parity is providing a relatively strong price floor.

For other commodities, thin reported volumes suggest that price discovery remains limited.

ZMX said reported supply of soya beans, sunflower, sorghum, groundnuts and pulses remained limited or absent, leaving current market activity concentrated in a relatively narrow range of commodities.

The exchange is scheduled to hold a live agricultural commodity auction at the Zimbabwe Agricultural Show on Wednesday, providing another opportunity for buyers and sellers to establish price signals as the domestic market enters a period of heightened attention to grain availability.

The post Zimbabwe Maize Prices Rise as Tight Supply Widens Premium to Global Markets appeared first on The Zimbabwe Mail.

HARARE — Dairibord Holdings delivered a strong first-half performance, with revenue rising 28% to US$82.56 million in the six months to June 30, 2026, as capacity expansion, resilient domestic demand and tighter cost management translated into substantial improvements in profitability.

The Zimbabwean dairy and beverages group reported a 26% increase in consolidated sales volumes to 78.3 million litres, from 62 million litres in the corresponding period last year, while raw milk utilisation remained broadly unchanged at 20.4 million litres.

The performance was led by the beverages division, which accounts for 67% of total group volumes. Beverage sales increased 33% year-on-year to 52.8 million litres from 39.6 million litres, with growth recorded across the portfolio.

Quench cordial was the standout performer, with volumes increasing 82%, while bottled Cascade volumes rose 68% following additional capacity unlocked at the Simon Mazorodze factory.

Fun n Fresh volumes increased 56%, while Pfuko Maheu grew 43%, supported by capacity expansion at Dairibord’s Chitungwiza plant.

The foods category also recorded strong growth, with volumes rising 30% to 7.3 million litres. Bulk ice cream increased 80%, salad cream 72%, Yogie drinking yoghurt 42% and Yummy Yoghurt 25%.

Liquid milk volumes grew at a more moderate pace, increasing 8% to 18.2 million litres. Management indicated that further expansion in the category was constrained primarily by raw milk availability rather than demand.

Steri Milk was among the fastest-growing products, with volumes increasing 72% following additional production capacity at the company’s newly commissioned Chipinge facility, which began operations in December.

Domestic market takes priority

Dairibord’s strong domestic performance came at the expense of exports, with export volumes declining 30% during the period as the company deliberately redirected production towards the local market.

The strategy reflects the strength of domestic demand, with management prioritising product availability in Zimbabwe across its major categories.

Revenue growth consequently outpaced the increase in operating costs. Cost of sales increased 25% to US$60.87 million, compared with revenue growth of 28%.

Gross profit rose 37% to US$21.69 million, from US$15.78 million, reflecting higher volumes and tighter management of raw-material and packaging costs.

Operating expenses also increased, although at different rates. Selling and distribution expenses rose 16% to US$10.14 million, while administration expenses increased 35% to US$6.03 million.

The combination produced a sharp improvement in operating profitability, with operating profit more than doubling to US$5.54 million, from US$2.76 million in the prior-year period.

Finance costs increased to US$1.15 million from US$720,000, reflecting borrowings undertaken to finance capital expenditure and working capital requirements.

Dairibord’s South African operation also expanded, with revenue increasing 38% to US$720,000, although the business remained a relatively small contributor to consolidated turnover.

Capacity investment becomes earnings driver

The results underline the growing importance of capacity investment to Dairibord’s recovery. Additional production capability at Simon Mazorodze, Chitungwiza and Chipinge enabled the company to respond to rising demand across several categories.

For investors, the combination of volume growth and improved capacity utilisation is significant because it allows Dairibord to spread fixed production costs over a larger output base while strengthening product availability.

The first-half numbers also suggest that the group’s principal constraint is increasingly shifting from market demand towards the availability of key agricultural inputs, particularly raw milk.

Chairman Nobert Chiromo said the group would continue investing in operational efficiency while strengthening the resilience of its dairy supply chain.

“We continue to focus on reducing our environmental footprint through improved energy and water efficiency, responsible waste management and recycling, while investing in the resilience and development of dairy farmers who are critical to our raw milk supply,” he said.

The emphasis on farmers is commercially important. Sustained growth in liquid milk and dairy products ultimately depends on Dairibord securing adequate raw milk supplies to utilise its expanded processing capacity.

Stronger earnings outlook

The first-half performance provides Dairibord with a stronger platform for the remainder of the financial year, although the company continues to face the competing demands of funding expansion, securing agricultural inputs and managing finance costs.

The sharp improvement in operating profit suggests that volume growth is beginning to translate into meaningful operating leverage. However, the 30% decline in exports highlights the trade-off created by prioritising the domestic market.

From an equity-market perspective, the key variables for the second half will be whether Dairibord can sustain volume momentum, secure sufficient raw milk, preserve gross margins and convert its expanded production capacity into stronger cash generation.

With revenue already up 28% and operating profit more than doubling in the first six months, the group enters the second half with considerably stronger operating momentum than a year earlier.

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HARARE — Zimbabwean equities resumed their upward trajectory on Monday, with the Zimbabwe Stock Exchange’s benchmark indices advancing across the board as renewed buying interest in materials, industrial and selected large-cap counters lifted the market.

The All Share Index rose 0.65% to 478.00 points, while the ZSE Top 10 gained 0.71% to 480.96 points and the Top 15 advanced 0.64% to 494.66 points. The Mid Cap Index also edged 0.39% higher to 495.70 points, while the Small Cap Index was unchanged at 100.11 points.

Market activity remained relatively subdued, however, with 48 trades generating ZWG4.84 million in turnover. Total market capitalisation stood at ZWG107.04 billion, indicating that the session’s gains were achieved on relatively modest trading activity.

Market analysts told The Zimbabwe Financial Mail that the day’s performance pointed to selective rather than broad-based accumulation, with investors concentrating on counters offering stronger operational or asset-value narratives.

“The market is continuing to demonstrate a preference for counters where investors can identify a tangible earnings, asset or corporate-action catalyst,” market analysts said. “The breadth of the advance is encouraging, but the relatively low turnover suggests that the session should not yet be interpreted as a decisive shift towards sustained high-volume buying.”

Materials lead the advance

The Materials Index climbed 2.36%, making it the strongest-performing sector during the session, supported by sharp gains in selected industrial and mining-related counters.

RioZim was the day’s biggest gainer, surging 14.96% to 98 cents, while Sable Chemicals rose 9.81% to 4.285 cents.

Amalgamated Regional Trading Holdings (ARTD) advanced 9.09% to 24 cents, extending recent interest in the diversified industrial group following the release of its third-quarter trading update.

CAFCA gained 6.16% to 2,500 cents, while Delta Corporation added 1.64% to 3,146.77 cents.

The gains in industrial and materials counters come against a backdrop of heightened investor attention to companies exposed to domestic manufacturing, commodity production and infrastructure-related activity.

Equity market analysts said the sector rotation was noteworthy because Zimbabwe’s industrial counters remain highly sensitive to changes in domestic liquidity, import competition, input costs and currency conditions.

“Materials and industrial counters are particularly interesting because their valuations are increasingly being assessed against replacement costs, foreign-currency earnings capacity and the ability to convert improved monetary stability into real operating growth,” the analysts said.

Consumer and financial counters mixed

The session produced a more mixed picture among other major sectors.

The Financials Index slipped 0.04%, despite gains in some individual financial counters earlier in the month. The marginal decline suggests that investors were not broadly reallocating capital towards financial stocks during Monday’s session.

The Modified Consumer Staples Index rose 1.34%, while the New Industrial Index increased 0.72%. The Zimbabwe National Index gained 0.32%.

On the downside, Ariston Holdings fell 2% to 7.35 cents, while Turnall Holdings declined 1.08% to 30.71 cents. Meikles eased 0.96% to 243.25 cents and Tanganda slipped 0.22% to 449 cents.

Seed Co was virtually unchanged, declining 0.01% to 563.95 cents.

RioZim takes centre stage

RioZim’s 14.96% advance was the most significant individual price movement of the session.

Analysts said the sharp move should be treated cautiously given the relatively low overall turnover and the absence of evidence from the supplied market data that the gain represented a broad institutional repositioning.

“Large percentage movements in individual counters can occur in a relatively thin market without necessarily representing a fundamental repricing,” analysts told The Zimbabwe Financial Mail. “Investors should distinguish between price momentum and sustained accumulation supported by materially higher volumes.”

That distinction remains particularly relevant on the ZSE, where liquidity is considerably lower than on larger African exchanges and relatively small trades can produce substantial percentage movements in individual securities.

REITs diverge

Real estate investment trusts produced a sharply divided performance.

Fidelity Life REIT (REV) jumped 7.36% to 212.83 cents, lifting its reported market capitalisation to about ZWG783.9 million.

By contrast, Tigere REIT (TIG) declined 2.72% to 107.01 cents, although its market capitalisation remained around ZWG2 billion.

The divergent performance highlights the increasingly selective nature of Zimbabwe’s listed property market, where investors are assessing REITs not only on property valuations but also on rental income, occupancy, cash generation and the ability to preserve real value under changing monetary conditions.

ETFs remain dormant

Exchange-traded funds showed no price movement during the session.

CSAG remained at 11.30 cents, DMCS at 8 cents, MCMS at 170 cents and MIZ at 12 cents. The absence of movement in the ETF segment continues to underscore the relatively shallow liquidity and limited trading activity in this part of the market.

Corporate announcements keep investors focused

Investor attention was also directed towards a series of corporate disclosures.

Dairibord Holdings released its half-year reviewed financial results in both ZWG and US-dollar formats, following a further cautionary statement issued on August 20.

The company remains under heightened market scrutiny amid corporate activity and speculation surrounding its strategic direction.

Meikles issued a further cautionary statement on Monday, while Zimbabwe Reinsurance Company published a board announcement.

The latest disclosures are likely to keep selected counters in focus as investors assess potential corporate transactions, restructuring and capital-allocation developments.

Market awaits stronger liquidity signal

Despite Monday’s gains, analysts said the relatively modest ZWG4.84 million turnover from 48 trades means the market has yet to demonstrate the depth of participation required to confirm a stronger sustained rally.

“The key issue is whether rising prices can be accompanied by increasing turnover,” the analysts said. “A market that rises on thin liquidity can reverse quickly. A more convincing bullish signal would involve sustained accumulation across large-cap counters, stronger turnover and participation extending beyond a handful of stocks.”

For now, the ZSE remains a market of selective opportunities rather than a broad-based rally. The day’s gains in materials and industrial counters provided the strongest support, while the divergence between individual stocks and sectors continued to underline the importance of company-specific fundamentals.

With the All Share Index now at 478.00 points and market capitalisation above ZWG107 billion, investors are likely to remain focused on corporate earnings, monetary conditions, currency stability and the ability of listed companies to translate improved operating conditions into stronger real earnings.

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