Ajaokuta (Kogi), Feb. 28, 2017 (TNE) The Sole Administrator of the Ajaokuta Steel Company Limited in Kogi, Mr Joseph Isah has said that the $4.8 billion-dollar Ajaokuta steel plant is not moribund as being claimed by some people.
Isah said in Ajaokuta on Tuesday that the equipment and other facilities of the company were intact, noting that the claim was based on misinformation and lack of knowledge about steel production.
He said that two audit reports conducted on the plant in 2000 and 2012 by two companies from Russia and Urkraine, confirmed his position.
Isah said that 1. 2 billion dollars would be required to overhaul the plant.
According to him, the steel sector remains critical to the country’s quest to reduce its dependence on oil revenue.
Established by law in 1979, the construction of Ajaokuta Steel Company Limited (ASCL) began in 1980.
It was originally designed to be executed in three phases to produce integrated liquid steel but at present, construction is still in the first phase. (TNE)