Chidimma Uchegbu – Abuja
The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, conducted a significant visit to the Delta Steel Company, now Premium Steel and Mines Ltd located in Ovwian-Aladja, Delta State, on Thursday, 22nd May 2025 to assess the facility and meet with top Management of the Company on their schedule for commencement of full commercial operation of the Plant as well as explore avenues for further development within Nigeria’s steel sector.
Prince Audu accompanied by the Permanent Secretary, Dr. Chris Isokpunwu and other Directors in the Ministry, disclosed that the revitalization of the Premium Steel and Mines Ltd (PSML), one of Nigeria’s most iconic industrial assets, stands as a national imperative in the pursuit of economic diversification, job creation, and industrial self-reliance.
He noted that PSML was once the cornerstone of Nigeria’s steel industry and a critical engine for regional development.
The Honourable Minister revealed that the inspection tour is in furtherance of President Bola Ahmed Tinubu’s resolve to ensure that all legacy Steel assets are resuscitated for optimum contribution to the national economy, irrespective of the ownership structure.
He said “I have the mandate of Mr. President to intervene and resolve all issues holding these assets down and ensure that the noble vision of our founding fathers is realized in these projects”.
In a statement by the Assistant Director of Information and Public Relations, Tine-Iulun M.A, on Thursday
22nd May 2025, Prince Audu emphasized that the revitalization of Premium Steel and Mines Ltd is expected to create over 5,000 direct and 10,000 indirect jobs, catalyzing growth in allied industries and significantly reduce unemployment and improve livelihoods. He stated that he is optimistic that Premium Steel & Mines Ltd whose promoters have experience in the Nigerian economy will contribute immensely to the vision of the present administration to grow the national Gross Domestic Product to $1Trillion USD.
The Minister stated that for Nigeria to take its right place in the global steel order, the Ministry is ready to midwife the process of rejuvenating Premium Steel & Mines Ltd to actualize full commercial operation in order for it to contribute immensely to Industrial Revolution.
He reassured of Federal Government’s commitment to facilitate and support the efforts of the Management of Premium Steel in resuscitating the national legacy asset and do all in its power to ensure an enabling environment, adding that as the Ministry champion the emergence of a virile Steel Industry in Nigeria, it will not neglect its role in ensuring production of quality products while promoting and protecting the local operators in Nigeria.
Spark News Daily learnt that the Honourable Minister’s visit to Premium Steel & Mines Ltd underscores the Federal Government’s commitment to revitalizing Nigeria’s steel industry and positioning it as a key driver of economic development. Through continued collaboration, strategic investments, and policy support, the steel sector is poised to contribute significantly to the nation’s industrialization and economic diversification goals.
Speaking also, the Permanent Secretary, Dr. Chris Osa Isokpunwu reiterated the Ministry’s commitment to ensure continuous engagement until a vibrant steel sector is achieved in the country.
Earlier, the Managing Director CEO of Premium Steel Mines Ltd, Sahil Vaswani stated that the Company introduced cutting-edge technology to rehabilitate the Rolling Mill in 2018 in its strong commitment to see that the Plant is revived.
However, according to him, the shut down of the Rolling Mill in 2021 as a result of multiple challenges, beginning with COVID-19 and other factors, has severely disrupted access to essential raw materials.
Vaswani disclosed that as a committed investor, Premium Steel & Mines Ltd (PSML), has the potential to revive the dormant Steel Plant and position it as a catalyst for igniting Nigeria’s industrial revolution.
He noted that if fully operational, PSML would contribute significantly to the Gross Domestic Product (GDP) of the country.
Vaswani appealed to the Federal Government to make available the supply of iron Ore sourced locally in order to reduce high working capital cycle.
