FG moves to revive Delta Steel with $1.3bn
The Federal Government is set to revive the Delta Steel Company with a $1.3bn investment, aiming to create 25,000 jobs and boost Nigeria’s industrialisatio Read More: https://punchng.com/fg-moves-to-revive-delta-steel-with-1-3bn/
The Federal Government of Nigeria has launched a plan to revive the dormant Delta Steel Company, formerly known as Premium Steel and Mines Limited, with a commitment of over $1.3 billion. The revival plan, which could generate about 25,000 direct and indirect jobs, 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.
The agreement is expected to provide sustainable access to iron ore, a major requirement for restarting the integrated steel plant. The project, which was commissioned in 1982, had an installed capacity of one million metric tonnes of liquid steel annually but has been operating at only 25% of its designed capacity since its shutdown.
The Federal Government's effort to reposition dormant steel assets as engines of industrialisation, job creation, and economic diversification is seen as a significant milestone in Nigeria's industrial ambitions.
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- FG moves to revive Delta Steel with $1.3bn punchng.com
