Premium Steel to meet 50% local needs

Premium Steels & Mines Ltd., has declared that it would meet more than 50 percent of the domestic steel requirement of the country during the first phase of production. Managing Director and Chief Executive Officer of the steel manufacturing facility, Prasanta Mishra, said this at the official commissioning of the steel and mining facility at Ovwian – Aladja, Delta state, recently. He stressed that the smooth running of the company will result in valuable foreign exchange saving for the nation and reduce the current trend of importation of steel.
According to him, the steel sector is a stimulus to the overall Gross Domestic Product (GDP) of the country. Mr. Mishra said, Premium Steel and Mines is excited that present government 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 industrialization. Mr. Mishra said the benefits of having a functional steel industry cannot be overemphasized, especially when viewed against the multiplier effects it has on all facets of the economy, including the important role steel plays in the growth of the automotive industry, which is one of the largest GDP contributor in the World.
He emphasized the company’ s resolve 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 the local communities through accessible and affordable healthcare, employment, women empowerment and education. “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.”
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 Road Map 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 is aimed at stabilizing 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 – 2020 and the third phase is geared at helping Nigeria build sustainable global competitive mining sector and related processing industry. The Company formerly known as Delta Steel Company (DSC), established 32 years ago 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.