Premium Steels & Mines Ltd., a state of the art steel manufacturing facility at Ovwian – Aladja, Delta State has said that the company would meet more than 50 per cent of the domestic steel requirement, which are currently being met through imports.
The company added that such feat to be achieved during the first phase of production will also result in valuable foreign exchange saving for the country.
Managing director and chief executive officer of Premium Steels & Mines, Prasanta Mishra, made this pledge at the official commissioning of the steel and mining facility earlier this month.
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 reaffirmed the determination and uncommon disposition of their world-class engineers and technicians to sustainably and inclusively 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 the local communities through accessible and affordable healthcare, employment, women empowerment and education.
Mishra said, Premium Steel and Mines was excited that present dispensation 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.
The company director is optimistic that the Nigeria’s industrial development would in no distant time 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.