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How Hongxing Steel contributes to lowering steel cost in Nigeria — GMD, Inner Galaxy Group

By Gabriel Olawale

Lagos—THE Group Managing Director, Inner Galaxy Group, Mr. Andy Lu has expressed his organization’s commitment towards improving Nigerian economy by ensuring that a significant amount of foreign exchange is conserved within the country.

Ajaokuta-Steel-Company

Speaking during the 10th  anniversary of Hongxing Steel Company Ltd, a member of the Inner Galaxy Group, Andy said that apart from being a waste to wealth company, “through our operations, we provide employment opportunities to those who ordinarily would have been considered mere scavengers.’’

He continued:  ‘’our direct impact on the economy is also very remarkable. It is worthy of note that since the inception of Hongxing Steel Company, and our other associated steel companies, the cost of steel in Nigeria has been trending downwards. Similarly, the quantity of steel imported into the country has also reduced drastically. By this, a significant amount of foreign exchange is conserved for Nigeria.”

Speaking on their 10 years operation in Nigeria, Andy said it was not easy journey but they have made significant progress.

“The Group started in Nigeria in 2008, Hongxing Steel, as our only company, with a factory at Amuwo Odofin, Lagos, producing about 1,000 metric tonnes.

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“Today, we have several companies in the Group, with factories all over Nigeria, including Enugu, Benin, Abia where we have Inner Galaxy Steel Company, which, when fully completed, will be the largest Steel company in West Africa. Our combined production capacity has also increased to about 50,000 metric tonnes.

“In the area of employment opportunities we have created in this economy, our staff strength has grown from just 150 people employed in Hongxing in 2008, to about 3,000 people in the Group in 2018.

“Also very remarkable is the fact that the people who are indirectly employed either as suppliers of scrap or even transporters, and other related works, are far in excess of 10,000 people.

Andy, who presented Long Service Awards to deserving and qualified staff of the company, said they are committed to creating an environment where every staff will have a sense of belonging.

“We want a company where people who do the right things will be happy, whether they are Nigerians or Chinese,” he said.

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