The ferrous and non-ferrous metallurgical plant works to revamp the company will be carried out under technical supervision contracts. ASCL announced that it has agreed with Tyamzhpromexport (TPE) to operate the plant.
During the meeting, Nigerian President Bola Tinubu reiterated his call for a plan to revitalise the steel mill as soon as possible under the Renewed Hope Agenda. Following the meeting, Minister Abubakar announced plans to visit Moscow at the official invitation of TPE and other contractors for further discussions to secure the approximately $2 billion in financing needed to fully revitalise the steel plant.
The Minister stated that this initiative would be a step towards the industrialisation of the Nigerian economy should ASCL resume steel production. During a tour of the steel complex, Egorov noted that the plant was still in a revitalisable state. He added that their technical experts are studying the state of the plant and working to prepare a business case.
These developments indicate that significant progress has been made in the revitalisation of ASCL, and this step could help to mobilise Nigeria's potential in the steel industry and achieve the country's industrialisation goals.
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