FG Moves to Revive Delta Steel Company with $1.3bn Investment

FG Moves to Revive Delta Steel Company with $1.3bn Investment
The Federal Government has taken steps to revive the long-dormant Delta Steel Company in Ovwian-Aladja, Delta State, with Premium Steel and Mines Limited committing more than $1.3 billion to rehabilitate and modernise the facility.
The development followed the signing of a Sublease and Operations Agreement between the National Iron Ore Mining Company (NIOMCO), Itakpe, and Premium Steel and Mines Limited, aimed at ensuring a sustainable supply of iron ore to the steel plant.
Under the agreement, Premium Steel is expected to restore the facility to its original production capacity of one million tonnes of steel annually, with commercial production projected to resume within 18 to 24 months.
The revival is expected to generate approximately 25,000 direct and indirect jobs, while boosting local manufacturing, supporting downstream industries and contributing to Nigeria’s economic diversification.
Minister of Steel Development, Shuaibu Audu, said the initiative would help restore Nigeria’s domestic steel production capacity and create new economic opportunities, particularly for young Nigerians.
Audu added that the project aligns with the Federal Government’s Renewed Hope Agenda and its efforts to strengthen the country’s industrial base.