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KAM steel Company targets 10 000 jobs with acquisition of plant in Ogun state

***As Minister laments $3.3 bn spent on metal importation annually

KAM steel integrated Company has revealed that the firm is targeting 10 000 jobs with the latest acquisition of a steel Plant in Ogun State.

The company informed in a statement that it acquired the N60billion Steel Plant Assets owned by the Standard Metallurgical Company, SMC as part of efforts towards boosting its capacities for the Iron and Steel production.

Speaking at the official handing over ceremony of the assets, the Chairperson of KAM Holding, Iyadunni Bolanle Yusuf, stressed that,”If Nigeria must come out of the wilderness of poverty, unemployment and insecurity among other social vices, the Federal Government must deploy its machineries to support local manufacturers in their bids to survive and grow.”

Meanwhile,the Minister for Mines and Steel Development, Olamilekan Adegbite at the event express concern that the Nigeria’s Gross Domestic Product GDP of about USD 440billion is one of the fastest growing economies in Africa without the production of liquid steel.

Represented at the event by his senior special assistant Technical, Olu Adetayo,he noted, however,that Nigeria has over 30 steel manufacturers but can only produce 2.2million tons per annum using scraps and billets imported mainly from china.

“It is on record that Nigeria spends an Average of about USD 3.3 billion importing metals annually.”he said.

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