18 February 2021 By Georgina Humphrey
The Minister of Mines and Steel Development Olamilekan Adegbite says the nation’s Steel industry when fully developed will drive Job creation in the economy.
The minister made this known while on a facility tour of the Premium Steel and Mines Limited, Warri, Delta State.
It explains that the steel company is capable of generating 40,000 jobs when working at full capacity.
Adegbite therefore encouraged management of Premium Steel and Mines Limited to get the company running at full capacity, as the ministry had the mandate to diversify the economy and create jobs through the sector.
“The mandate of the ministry is to expand the sector, use it to diversify the economy and creat jobs and also to generate revenue for the government.
“I will encourage you to speed up the process. You are going to employ a lot of people which is a welcomed development.”
The statement stresses that for the nation to be industrialized , there was need to produce flat sheet, which is the ultimate goal of the sector.
“With flat sheet we can produce many things like engine blocks, vehicle bodies etc’
He also urged the steel company to support the metallurgical Industry bill so that when enacted into law it would assist in establishing programmes that would aid the private sector to operate optimally, producing competitive high quality products for both local and the international market.
The Group Chief Executive Officer of Premium Steel and Mines Limited Anant Badjatya, said that the management of the company was working towards fully reviving the company.
He said that the company would save the nation more than a million tons of steel in import and conserve about 600 million dollars in foreign exchange when working at full capacity.
The Premium Steel company was formerly called Delta Steel Company before it was privatised and designed to produce 1.2 million tonnes of liquid Steel per annum to be casted into 960,000 metric tonnes of billets and roll 330,000 metric tonnes in its Rolling Mill.