KAM Steel Integrated Company Limited has acquired the former Standard Metallurgical Company (SMC) steel plant worth N60 billion in Ogun State.
The firm said it is targeting to create 10,000 jobs through the plant located at Igbafa village in Sagamu, Sagamu LGA.
At the transfer of ownership to KAM Steel, the Chairperson of KAM Holding, Alhaja Bolanle Yusuf, said: “Today, KAM Steel has acquired the steel plant formerly owned by SMC and we believe that with this milestone, our capacities would increase tremendously and will reposition Nigeria as a self-sufficient nation, and we hope that the Federal Government shall continue to provide the enabling environment.
“It is our target to create about 10,000 jobs for promising Nigerians in the next coming months.”
The Minister of Mines and Steel, Olamilekan Adegbite, who was represented by his Senior Special Assistant (Technical), Olu Adebayo said: “The Federal Government is working towards eradicating the import of metallurgical raw materials and products that can be produced locally and support the development of home-grown technologies in line with local content.”
Earlier, Chairman of KAM Holding, Alhaji Kamoru Yusuf, craved the support of the Federal Government to develop the steel sector in Nigeria.
The General Controller of SMC, Hussein Nurudeen said the transfer offers greater opportunity for Nigeria to export steel products, describing products from the plant as “very high quality and standard.”
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