Firm vows to meet 50% steel requirement

A steel manufacturing company at Ovwian –Aladja, Delta State, Premium Steels and Mines Limited has said it will meet more than 50 per cent of the domestic steel requirement, which are currently being met through imports.

Its Managing Director and Chief Executive Officer, Prasanta Mishra, made the pledge at the opening of the steel and mining facility.

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 ready for production.

Mishra is excited that President Muhammadu Buhari administration has initiated a simultaneous and wide-ranging investment plan in infrastructure.

This, he said, will boost the demand for steel and serve as the backbone of the nation’s industrialisation.

He said Mines and Steel Development minister Dr Kayode Fayemi’s strong initiative contributed immensely to the success of the revived steel plant.

Mishra said the benefits of having a functional steel industry cannot be overemphasized, when viewed against the multiplier effects it has on all facets of the economy, including the important role steel plays ingrowth of the automotive industry.

According to him, industrial development would soon serve as the foundation of efforts to address poverty and inequality through employment and wealth generation.

“We dare to say therefore, that we are one of the best Nigerian Steel Plants to produce the BS4449 grade steel, TMT and other value-added products of high capacity that can be used for high-rise buildings, bridges, flyovers, malls and other skyscrapers due to its tough mechanical and high yield strength,” he said.

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