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A group of international investors from the United States and Morocco have recently conducted an inspection of the moribund Delta Steel Company (DSC) – now taken over by Premium Steel and Mines Ltd (PSML), an integrated steel manufacturing company – to assess the state of the multibillion-naira steel manufacturing complex. In a telephone interview with the Guardian, Chief Executive Officer of PSML, Prasanta Misha, confirmed the visit, stating that an estimated N600 billion would be required to resuscitate the plant.     

PSML acquired the steel complex from the Asset Management Corporation of Nigeria (AMCON), which had taken over the complex from the previous owner, Global Steel Holdings Limited (GSHL), following the acquisition of its N35 billion debt from some Nigerian banks. Delta Steel Company was founded in 1979 by the federal government and subsequently privatised.

After acquiring the plant in 2015, Premium Steel and Mines reportedly said it would invest N70 billion in the first phase and N300 billion in subsequent phases to revitalize the plant. Misha told Guardian newspaper that the investors commended the company for the work they have done since they took over.

The CEO of PSML also said the investors, who were taken round the different facilities of the complex, are prepared to inject capital to enable the plant commence production, create employment for communities in the Niger Delta and boost the Nigerian steel sector.