Investors plan N600billion fund for Delta Steel resuscitation
Premium Steel and Mines Limited
Flay workers resistance of revival
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.
He added that the investors were conducted round the various units and departments of the Steel Complex with the assurance of imminent resuscitation to boost the local economy.
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.
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15 Comments
Indians from America? We be fools o!
Indians rule the global steel world nowadays if you do not know. Google Tata Steel and check how many countries they have dominant steel operations in
Rephrase… You be fool. Don’t put everybody inside your failure
One just wonders at the stupidity of typical Nigerian workers (and NLC too actually). Company wants to resuscitate operations, you workers say you will disrupt such unless you are paid first. Is it not a better and more reasonable option to let the company restart so it can generate cash flow that can then be used to pay outstanding salaries? Will you be able to get anything if the Company remains moribund?
That is how foolish emotions deny Nigerians opportunities. Dem say people when dey cry sef be dey see, but not the Nigerian!
wish you can be here to and see how people are suffering cos their salaries have been withheld for years due to mismanagement, you’ll join them and ask for their pay…but you are not so you have no idea.. its so bad that they can trust anybody because of the many empty promises they’ve heard thats why they wont let the company start first. But like i said you are not here
It will be a great experience to see this company that was the pride of Nigeria’s steel industry come alive to full production capacity.It is well located,has all it takes to make it productive,but for political reasons,its just abandon to rust away.For lack of vision of our people,The Indians have the eagle eyes!
It never produce steel (except testing fase, and even this steel was scrap) how can Aladja Steel be the “Pride of Nigeria’s steel industry)?
It was designed to be so.were you aware that most people left shell to DSC?Take a stroll to that facility & you will be marvel at the colossal waste of our money/facility
I know the Warri Plant right from the beginning, even Ajaokuta, I also know the effort to operate a steel plant. Fact is, in and around Warri you will find no trained specialists and for such specialists, you need education. Everything else I leave to your imagination.
Just by the way; I wish we had all this, then we would have problems like any other developed country today.
This steelplant can only be operated with foreigners, which has already been proved in the test phase. Even the trained Nigerian engineers (after months of training at Vöst Alpine in Austria) have proved to be totally incapable.
A steelplant works in three shifts and can not fail for an hour. How does this work with our strike-friendly trade union and not to forget our work ethic.Only fools would invest in Nigerian Steel. Steel cooking in Nigeria is and remains a dead child
Your negativity will fail in this case. DSC will come alive and you will wonder. Someday, anyday now, Delta Steel Company will come alive
Ok, lets wait for anyday to wonder.
To your knowledge; anyday now no de work; ether “anyday” or “now” but not “anyday now”
Thank’s for not using: by the grace of God, we will pray hard, God will punish them etc.
some times this workers don’t think past their current situation. instead of vowing to disrupt the investment into this plant to bring it back, they should be working with the investors to ensure that they invest and the plant becomes operational. if the plant fails, how are they going to get paid? if the pay their salary first before making the plant operational and profitable, how is the plant going to pay future salaries. Sometimes the unions and associations in Nigeria are some of the major problem.
It isa good news to any lover of progress, it will no doubt add in no small way to our dwindling internally generated revenue and as well reduce our fluctuated labour market no matter how small.may God help us
We will review and take appropriate action.