Friday, October 30, 2015

Abandoned Delta Steel Company to be Resuscitated.

Better Days Ahead for Delta Steel Company, as Buhari and Okowa meet with CEOs of India Companies. Prosperity For All Deltans and Nigerians at large is achievable.

President Muhammadu Buhari, accompanied by Gov. OKOWA of Delta State met with Chief Executive Officers (CEO) of Indian companies with interests in Nigeria, urged the Chief Executives to expand their companies’ investments in Nigeria "so that we can, together, turn our engagements into a win-win situation for our two countries."

You will recall that Premium Steel & Mines, a company owned by Mr. Sunil Vaswani ( an Indian) and other institutional investors, has successfully acquired Delta Steel Company Limited (also known as Aladja Steel) from the Asset Management Corporation of Nigeria (AMCON) in a multibillion naira deal.

During the last administration, Premium Steel said it had established an elaborate plan for revival and is set to resuscitate the plant with new investments of N70 billion in the first phase and N300 billion in further phases. Kindly click here to read about the appalling state of the company presently.

"The investor’s plan includes a substantial socio-economic value chain in the Delta region, through revival of the current plant to 1 million metric tonnes capacity and thereafter expanding capacities and establishing industries for other value added products."

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