Acting Chief Executive Officer of Premium Steel and Mines Limited, PSML, Ovwian-Aladja, Delta State, Mr Ujjiwal Sinha, has assured that management was doing everything possible to turn things around and revamp the old Delta Steel Company, DSC, now PSML, stressing that the harsh business climate foisted on the country by the fluctuating exchange rate of the dollars to Nigeria was killing businesses.

Addressing newsmen on the state of the company at its premises at Aladja, Mr Sinha appealed for understanding and cooperation of all stakeholders.

He said the steel sectors and other critical sectors of the Nigerian economy were passing through difficult times, stressing that with the resilience, doggedness and vision of the present management, PSML was going to surmount the challenges and bring back the glorious old days of the company.

He explained that the company was concerned with agitations in some quarters over delays in getting the company fully back in its feet which, he said, was understandable since the company has not attained the height it ought to be yet.

He stressed that despite the challenges at hand, management was focused and determined to break even and put the company in profitable way in the interest of all stakeholders.

His words: “We must admit that the company is facing some turbulent times. The fluctuating exchange rate of the dollar has seriously affected the business climate in Nigeria.

“We are still importing billets for production of rods but presently, we are taking time to study a number of things before we delve into huge investment in importation of raw materials.

“Every cursory observer can see that things are not well with the Nigerian economy. The rolling mill is in good shape and in perfect working condition.

“We have business partners who are coming to help give total turn-around of the plant for improved productivity.

“One thing we must assure our people is that Premium Steel and Mines Limited is determined to revamp this company.

“A total turn-around is under way and we are not relenting in our vision of taking the company out of the woods and restore her old self.

“We are taking our time to tackle the challenges at hand. We know the task ahead, we have the capacity to turn the plant around, invest in order ancillary sectors that could brighten her business portfolio and in turn impact positively on the local community through job creation, local supplies and corporate social responsibilities amongst others,” Mr Sinha added.

He emphasised that the host community, the Udu people in particular and Deltans and Nigerians in general, should demonstrate a little more patience and understanding so Premium Steel could continue with the task of revamping the plant and bringing back the old memories of the leading role in steel development in Nigeria, which the Aladja integrated steel complex was reputed for.

Vanguard News Nigeria