FG seals deal to revive Delta Steel after decade-long shutdown
The Federal Government has sealed a deal to revive the Delta Steel Company, with owners committing $1.3bn to rehabilitate the plant and create 25,000 jobs. Read More: https://punchng.com/fg-seals-deal-to-revive-delta-steel-after-decade-long-shutdown/
The Nigerian Federal Government has signed a deal to revive the Delta Steel Company, located in Ovwian-Aladja, Delta State. The $1.3 billion investment from Premium Steel and Mines Limited aims to rehabilitate and modernize the plant, returning it to commercial production within 18 to 24 months. This revival plan could generate about 25,000 direct and indirect jobs and is part of the Federal Government's efforts to reposition Nigeria's legacy steel industry assets.
The agreement with the National Iron Ore Mining Company, Itakpe, addresses the crucial requirement of sustainable access to iron ore, a major obstacle in restarting the plant. The revival aligns with President Bola Tinubu's Renewed Hope Agenda and focuses on local steel production, job creation, and supporting downstream industries.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, emphasized that the project is not just about reviving an old facility, but about restoring Nigeria's capacity to produce steel locally, creating employment opportunities, and strengthening the foundation for sustainable industrialization.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
