Premium Steels & Mines Ltd., a state of the art steel manufacturing facility at Ovwian – Aladja, Delta State, would meet more than 50 per cent of the domestic steel requirement, during the first phase of production, Prasanta Mishra, Managing Director and Chief Executive Officer of the company has said.
This will also result in valuable foreign exchange saving for the nation, as this steel need is currently being met through imports, ThisDay newspaper has reported.
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 is ready for production.
Mr. 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.
Also 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 present government dispensation under the leadership of President Mohammadu 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.