Premium Steel and Mines Limited (PSML) has commenced operations at the famous Delta Steel Company (DSC) in Ovwian-Aladja following the acquisition and resuscitation of the moribund facility which gulped about N600 billion.
The now private steel company which was formerly commissioned on March 2, 2018 by the Delta State Governor, Dr. Ifeanyi Okowa, is boasting of creating 5,000 jobs directly and indirectly, and touching the lives of over 30,000 Nigerians.
Commissioning the Rolling Mill Plant on March 2, 2018, Governor Okowa observed that functionality of the steel company was very vital to the technological development of the nation, saying, “this is the right step if we must develop in Nigeria, as a nation, we must encourage development of infrastructure.
While expressing displeasure at the abandonment of the facility for years, Okowa noted that, there is no doubt that if we must grow technologically, we must produce our own steel. He submitted that, “the reopening of this structure has brought excitement to Delta State government and the people of Udu in particular, we are very hopeful that their production output will surpass their previous output.”
The Governor revealed that, the management of Premium Steel Rolling Mill would harness the huge oil and gas deposit in the area to also establish a petrochemical company in the area.
He commended the Federal Government, Asset Management Corporation of Nigeria (AMCON) and other stakeholders for the different roles they played for the company to be back on stream asserting, “obviously, there is a lot to be gained as a people and government, we will remain peaceful and the company should take note of local content in their activities.”
In a message, the Minister of Solid Minerals Development, Dr. Kayode Fayemi stated that Delta Steel, now PSML is the only Steel plant that can produce steel for “our local resources”.
The Minister who was represented by a Director in the Ministry, Ime Ikrikpo assured Premium Steel and Mines Limited of continuous support, adding that the country is on the right track in the production of liquid steel with the commissioning of PSML Rolling Mill Plant.
The Managing Director/CEO of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru in an address, posited that the successful revival of PSML Rolling Mill Plant, has shown that AMCON is indeed a major solution provider for ailing and dead companies in Nigeria.
The AMCON Boss who was represented by Okoronkwo Onwuike, disclosed that in the next couple of weeks, AMCON “will be heading to Umuahia in Abia State to re-commission the long-abandoned Golden Guinea Breweries, which is almost ready for business commencement and Kaduna State”, where “we have also revamped the hitherto Moribund Peugeot Automobile Company of Nigeria, PAN and they are rolling out cars gradually, but steadily”.
In his address, Chief Executive Officer of Premium Steel and Mines Limited, Mr Prasnata Mishra said, “it was shocking to be confronted with the fact that the legacy of the erstwhile Delta Steel Company originally commissioned in 1982 was left in terrible state as the plant was in total shamble and deplorable shape when Premium Steel acquired it; we therefore retooled it with state-of-the-art equipment for competitive production.”
Mr Mishra stated that, PSML is one million ton liquid steel capacity responsible for reinforcing Nigeria with steel and allied products. “We are targeting at least 5,000 jobs directly and indirectly, we shall touch the lives of over 30, 000 Nigerians in the first instance before we start calculating the secondary opportunities it creates”.