By Theodore Opara

Premium Steel & Mines Limi-ited, the state-of-the art steel manufacturing facility at Ovwian, Aladja, Delta State, would during the first phase of production meet more than 50 per cent of the domestic steel requirement which is currently being met through imports. Steel is one of the major components needed in automobile production and other construction works.This will also result in valuable foreign exchange savings for the country. Managing Director and Chief Executive Officer of Premium Steel & Mines, Prasanta Mishra, made this pledge at the official commissioning of the steel and mining facility recently.

Formerly known as Delta Steel Company, DSC, the 32-year-old facility is rated Nigeria’s foremost and only integrated steel plant estimated to produce 1.2 million metric tons of various steel products per annum. The plant has since been retooled and it is ready for production.

Mr. Mishra reaffirmed the determination and uncommon disposition of their world-class engineers and technicians to converge with the rest of the world to enhance Nigeria’s industrial growth and subsequently, raise Gross Domestic Product, GDP, by touching the lives of local communities through accessible and affordable healthcare, employment, women empowerment and education. 

Adding that the steel sector is a stimulus to the overall Gross Domestic Product of the country, Mr. Mishra said Premium Steel and Mines is excited that the present government under the leadership of President Muhammadu Buhari, has initiated a simultaneous and wide-ranging investment plan in infrastructure, which is expected to boost the demand for steel,  while also serving as the backbone of Nigeria’s industrialisation.

Commending the Federal Ministry of Mines and Steel Development, the director said Dr. Kayode Fayemi’s strong initiative contributed immensely to the success of the revived steel plant. Dr. Fayemi, who had earlier laid the three-phased roadmap in Steel and Mines Development, said the “Ministry can contribute $27 billion about (N9.7 trillion) to the country’s Gross Domestic Product, GDP by 2025″. The phase one of the roadmap was aimed at stabilising the sector and rebuilding the country’s market confidence between 2016 and 2018, while the second phase will focus on establishing Nigeria as a competitive African mining and mineral processing center from 2016 to 2020 and the third phase is geared towards helping Nigeria build sustainable global competitive mining sector and related processing industry.

Read more at: https://www.vanguardngr.com/2018/03/premium-steel-mines-produce-50-steel-needs-nigeria-1st-phase/

Cool....

The same reason why thé ajaokuta steel company should be privatized,instead of pumping billions on thé plant with no result or benefit from it at thé end of the fiscal year...


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If ajaokuta has you feeling sad this might be some optimistic news for you.