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Premium Steel Denies Assets Stripping Allegations

WARRI – Mr. Prasanta Mishra, the Managing Director and Chief Executive Officer of Premium Steel and Mines Limited, Ovwian-Aladja, formerly called Delta Steel Company, has dismissed as untrue and the height of mischief, the allegation of assets stripping made by some elements against the company, explaining that the company had invested well over N10billion in importation of billets alone besides other investments in the rehabilitation of the plant.

Speaking on Thursday during in Warri, he disclosed that when PSML took over DSC in 2015, the plant was in a state of disrepair and that the company spent fortunes to revive the plant and begin production.


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He courted the understanding of the media in checking the wrong profiling of the company, which, he said, was not proper for the growth and rehabilitation of the plant towards mopping idle hands from the labour market.

Speaking in the same vein, Deputy General Manager, Public Affairs, Mr. Emmanuel Etaghene, emphasized that only machinery, which had been grounded in the company yard for over 20 years was being evacuated to make room for modern technology and such could not be classified as assets stripping.

He added that in no time, the Steel Melting Shop (SMS), would come on stream for improved production activities with the multiplier effect on job creation and ancillary services for a boom in the local economy.

Etaghene disclosed further that from staff strength of less than 10, over 500 staff have joined the Premium Steel with the prospect of raising the staff strength to over 3000 once the SMS plant was rehabilitated.

He added that more investors were coming to partner with PSML towards revamping the SMS plant in no distant time.


The post Premium Steel Denies Assets Stripping Allegations appeared first on Independent Newspapers Nigeria.

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