Sun and Sand Industries Africa Limited, a subsidiary of Samsung Overseas, has commenced production of M.S Wire rods with the aim of increasing and deepening its share of the steel market.
The company’s new product line is also part of its efforts and determination to be a $ 1 billion organization by 2014, and checkmating competitors in the steel sector, Shweta Satija, Managing director, Sun and Sand Industries, hopes that the product, which will serve as raw material for nails, wire-mesh, binding wire, furniture and utensils producing companies would also provide jobs for the ever growing unemployed population in Nigeria.
Musa Mohammed Sada, Minister for Steel Development, who commissioned the new factory considered the first of its kind in Nigeria, commended the company for taking up the challenge of driving the industrialization of the Steel sector, affirming that it would help reduce unemployment.
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According to him, efforts are also being made by the Ministry of Trade and Investment to ensure proper integration of the current products of the company whereby other major automobile manufacturers will be invited into the country to seek opportunities to get spare parts for the automobile industry, with the hope that soon the company will produce spare parts for the complete assembling of automobiles in Nigeria
“I think it is safe for me to say that Sun and Steel is more of a partner than a stakeholder as government has decided to sit back and act as a regulator, delegating the development of the steel sector to private investors”, Sada added.
Having proved its worth as a credible supplier of world class products to its esteemed clientele which includes Toyota Tsusho Corp Japan, Hero Honda in India, Satija noted that efforts were on by the company to venture into new products.
She listed these products as the ferro alloy plant, cable and conductor manufacturing unit, tin mining and gold mining in Rwanda, Uganda, Brazil, Guyana, Ghana and other African countries to boost local economy and at the same time create job opportunities for Africans.
She however, pleaded with the minister for more friendly government policies, infrastructure such as electricity, good roads and the license to commence mining of iron ore which will spur the backward integration of the company, a project Sada acknowledged he was working on with his team and promised to provide very attractive offers and options for the company soon.
