Mr. Prasanta Mishra, MD/CEO, PSML.

The management of Premium Steel and Mines Limited, PSML, formerly called Delta Steel Company, Ovwian-Aladja, Delta State, has said it was doing everything possible to bring back the old glory of Warri.

Managing Director and Chief Executive Officer of PSML, Mr. Prasanta Mishra, said a resurgent economy and booming nightlife, as a result of the plant’s new and improved outlook, would ensure Warri’s rebirth.

He added that various segments of the plant were already receiving attention to give it a new life.

Addressing newsmen on the state of the plant at Ovwian-Aladja, Mr. Mishra disclosed that the new owners were keen on getting the entire plant resuscitated and fully operational by late 2021 and early 2022, calling on members of the public to support the company to achieve her lofty dreams for the plant.

His words: “We are currently revamping every sector of the plant. By late 2021 and early 2022, one steel melting shop, one caster, one direct reduction plant and one pellet plant would have been fully resuscitated and put into use.

“Where we are taking the plant to will create over 5,000 direct and indirect employment for our teeming unemployed youths.

“We are working hard to bring back the lost glory of Warri with a booming economy occasioned by the improved purchasing power of the average Warri man and woman through a stable monthly pay and decent jobs for capable and ready young men and women that everybody would be proud of.

“Management is delighted to invest further in the company’s schools and hospital so as to provide the best for society. What is required is the support from the host communities and all men of goodwill towards encouraging the investors to do more.”

On power supply

The CEO emphasised that when the plant is fully revamped for full turn around, “importation of steel products into Nigeria will come down to less than 50% of current importation profile, so as to save foreign exchange to boost the Nigerian economy.”

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While reiterating their plans for Warri, Mishra disclosed that PSML was already into crucial discussion with Power Solution Company, a German industrial giant with special concern in the power sector, to build a power captive plant.

He said: “The plant is not only for the supply of required power to the firm but for export to the national grid to help boost power supply in the country.”

Mr. Mishra appealed to all stakeholders to support the current efforts of the company to building a steel plant that would be the envy of all in the steel sector, instead of feeding the public with tissues of lies designed to impugn on the integrity of the investors.

He said PSML was after was the good of the Nigerian economy, particularly those of the host Udu and Delta communities.

CEO emphasised that Premium Steel has valued added assets, while in the process of resuscitation, as the company is working hard to revamp the plant with modern and state-of-the-art technology by laying-off old and obsolete machines and machinery.


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