Investors budget N600 Billion for Delta Steel resuscitation

Investors in the moribund multi-billion naira Delta Steel Company, Ovwian-Aladja, now Premium Steel and Mines Limited (PSML), have said the resuscitation of the complex would gulp about N600 billion.

Some investors from the United States and Morocco, have reportedly visited the company on Sunday, where they carried out assessment of the facilities, and expressed hope that Premium Steel and Mines Limited (PSML) has done well within the period they took over the company, adding that prospect of a robust industrial revolution in the area was high.

The Chief Executive Officer of PSML, Prasanta Misha, who confirmed the visit of the investors in a telephone interview with The Guardian, said the N600 million would be used for broken down equipment as well as renovating the buildings and a host of many others.

But investigation revealed that unpaid workers of the company had allegedly vowed to resist the resuscitation project unless their outstanding salaries were paid. One of the workers who preferred anonymity, said: “we will disrupt workings on the project unless the investors pay our outstanding salaries.”

In a swift reaction, Misha flayed the plan by workers to disrupt the resuscitation project, assuring that their outstanding would be settled.
The international investors were said to have been taken to the DSC harbor, Direct Reduction (DR) plant and the pellet plant, Lime Plant, Rolling Mill, Electric Arc Furnace, and the Continuous Caster. They also went to the other auxiliary units of the plant such as the foundry, electrical and mechanical maintenance workshops and water supply system.

The investors equally inspected the fire and safety, heavy equipment workshops, the rolling mill section, the SMS section, the Nigeria Gas Company, NGC, the major supplier of gas to the plant, the DSC schools and hospitals among other assets in the complex.
The team of American investors led by Sekar Rejendran, in a chat expressed confidence with the management and ingenuity of PSML since they took over the company.

They assured that in no distant time DSC would come alive again, as they were fully prepared to mobilise fund to revamp the company and bring it back to production level again.

Mishra had earlier expressed delight with the coming of the investors, assuring that Udu, Delta State and Nigeria at large would soon experience a boom in the steel sector with the resuscitation of the Aladja Steel Plant.

He called on the host communities to continue to cooperate with the management, as thousands of unemployed youths from the area would soon have reason to smile as the company is poised to employ qualified persons soon.

The teams of investors from the two countries include M. Ahmed Mssali, DEBBRAH Mohammed Amine, SekarRejendran (from America), Rajesh Devarajahn, Tilak Raj Chaudhry and Subrahmanyam Paparaju.

 

Source: The Guardian

Okowa Moves To Revamp Delta Steel Company

Delta State Government has instituted a three-man committee on Delta Steel Company, DSC, Ovwian- Aladja, Udu Local Government Area, with a mandate to rally stakeholders in revamping the moribund plant.

 
The Committee on DSC has former Delta State commissioner, Elegbete Moses Odibo, as Chairman while Sir Emmanuel Okafor, former Permanent Secretary, will serve as Secretary, with Mrs. Lynda Onovughe as member.

 
Secretary to Delta State Government, Mr. Festus Agas, who inaugurated the committee in Asaba on behalf of Governor Ifeanyi Okowa, charged members to be productive and dedicated in the assigned task.

 
He listed the team’s terms of reference to include liaising with the Federal and Delta State Governments, the company and host communities to resuscitate the company, submit an interim report to the state governor within 45 days on the best measures to ensure resumption of production within the shortest possible time.

 

 

 

Credit : Vanguard

Delta Steel Company To Commence Full Operation

Delta State Governor, Dr Ifeanyi Okowa has said that the multi-billion naira Delta Steel Company, Aladja would commence full operations in 14 months’ time.

He made this revelation while addressing leaders and elders of Delta North Senatorial District (Anioma nation) who paid him a solidarity visit at Government House, Asaba.

According to the Governor when the steel company becomes fully operational, it would add value to his administration’s commitment to job creation for Delta citizens, disclosing that he had a fruitful discussion with the new owners of the company on the revamping of the steel company during the recent India/Africa Business summit he attended with President Muhammadu Buhari in India.

He also believes that in another 12 to 14 months, the DSC would come alive again with many other companies in the state.

Credit: ChannelsTV