•MoU For Delta Steel Revival: Representatives of the government and the management of PSML
The federal government has signed an agreement with Premium Steel and Mines Limited (PSML) to revive the moribund Delta Steel Company in Ovwian-Aladja, Delta State.
The agreement, signed on Wednesday, is expected to pave the way for the rehabilitation and full reactivation of the integrated steel plant, which has remained largely inactive since 2015.
The government said that the latest agreement must translate into actual mine development, plant rehabilitation, commercial steel production and sustainable jobs within the agreed 18–24-month timeline.
PSML has committed more than $1.3 billion to the project, covering raw material exploration and exploitation, as well as the rehabilitation and modernisation of the steel plant.
The Sub-lease and Operations Agreement between the National Iron Ore Mining Company (NIOMCO), Itakpe, and PSML provides the framework for the Federal Government’s support for the resuscitation of the plant.
