Minister of Steel Developments, Prince Shuaibu Abubakar Audu Enbarks on a Working Visit to Delta Steel Plant

 

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n furtherance to the directives of President Bola Ahmed Tinubu GCFR for the revival of Nigeria’s steel and metals sector, the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, on Thursday, May 22, 2025, embarked on a facility tour of the Delta Steel Plant (now Premium Steel & Mines Limited) in Aladja, Delta State.


Leading a delegation from the Ministry, including the Permanent Secretary, Dr Chris Osa Isokpunwu, the Minister expressed the readiness of the Federal Government to support the efforts of the management of Premium Steel in resuscitating the plant by seeking to address the challenges as well as ensuring an enabling environment for the sustainability of its operations.


Prince Audu tasked the company’s management to submit a detailed proposal with a revised timeline of 18 months to recommence full operations, shortening the earlier suggested 24-month target.


According to the Minister, once operational, the plant, which has not produced any steel since 2021, has the capacity to produce up to 1 million metric tonnes of liquid steel annually and generate over 5,000 direct and 10,000 indirect jobs, emphasising the critical role of the steel sector in achieving President Tinubu’s vision of a $1 trillion economy by 2030.



“I have inspected different sections of the plant, and I have the mandate of Mr President to intervene and resolve all issues holding these moribund steel assets down nationwide”.



“The location and electric arc furnace technology at Premium Steel Plant makes it a choice asset and it also has a deep sea port with access to a railway network linking it with Ajaokuta Steel Company Limited and the National Iron Ore Mining Company, Itakpe. The Ministry of Steel Development is ready to midwife the process to help actualise full commercial operations under the Renewed Hope Agenda of Mr President”.


“Mr President is aware of the critical role the steel sector plays in an economy and has remained resolute in promoting policies to support the industry.


 

“I am also aware of your ongoing partnership discussions with a Fortune 500 steel plant for the resuscitation of the plant. We must make sure these efforts cumulate in early resuscitation of the steel plant. You have mentioned a 24 month timeline, but I want us to reduce it by a minimum of six months so we have a revised target of 18 months in line with the proposed federal government’s intervention” Prince Audu said.


In his remarks, Mr Mahesh Vaswani, Vice Chairman of Premium Steel and Mines Limited, reaffirmed the company’s commitment to supporting Nigeria’s industrial revolution in line with the Renewed Hope Agenda. He, however, appealed for the federal government’s intervention to address immediate challenges affecting the operations of the plant particularly the absence of raw materials to act as feedstock to the Plant.



Mr. Sahil Vaswani, Managing Director,  PSML affirmed the company’s commitment to reviving the Steel Plant which he noted had produced world-class steel products from its rolling mill, supplying major clients such as Dangote, CCECC, and Julius Berger, among others during its previous operational phase.


He added that restoring the plant back to full operation will significantly reduce Nigeria’s import substitution which currently cost the country over $4 billion annually.


Permanent Secretary of the Ministry, Dr Isokpunwu, also reaffirmed the Ministry’s support for all stakeholders working to advance the revitalisation of the steel sector.


“Having seen the facility and identified the challenges first-hand, we will return to the drawing board to urgently chart a way forward. Mr President has shown strong political will to revive this sector, and we, as the implementers of his vision, are committed to leaving no stone unturned,” he said.


As part of the visit, the Minister also inspected auxiliary assets of the company, including the Delta Steel Company’s Technical High School and Primary School, as well as the company’s hospital which forms part of its Corporate Social Responsibility (CSR) activities.


This visit follows the Minister’s recent engagements with private steel stakeholders in Lagos and Ogun States, where he commissioned a galvanized steel plant and also performed the groundbreaking ceremony for a $400 million brand new steel plant, demonstrating the federal government’s active drive to reposition the steel industry as a catalyst for industrial growth.


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