FG seals deal to revive Delta Steel after decade-long shutdown

The Federal Government has secured a deal to revive the Delta Steel Company, which has been dormant for a decade. Premium Steel and Mines Limited, the current owners, have committed over $1.3bn to rehabilitate and modernize the plant, aiming to return it to commercial production within 18 to 24 months. The revival plan received a significant boost with the signing of a Sub-lease and Operations Agreement between the National Iron Ore Mining Company, Itakpe, and Premium Steel and Mines Limited, which will provide sustainable access to iron ore, a major requirement for restarting the integrated steel plant.

The government's efforts to revive this ambitious industrial project, which was commissioned in 1982 with a capacity of one million metric tonnes of liquid steel annually, could create around 25,000 direct and indirect jobs and contribute to industrialization, economic diversification, and job creation in Nigeria.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.