CAPTIONS: The Minister of Steel Development, Prince Shuaibu Abubakar Audu (centre), flanked by the Permanent Secretary, Amb. Nura Abba Rimi; the Ag. Sole Administrator/CEO, National Iron Ore Mining Company (NIOMCO), Isinmidun Festus Loto; Chairman, Premium Steel and Mines Limited, Sahil Vaswani; and Vice Chairman, Premium Steel and Mines Limited, Mahesh Vaswani, during the signing of the Agreement for the Revival of the former Delta Steel Company, now Premium Steel and Mines Limited, held on Thursday, 20 August 2026, at the Ministry’s Headquarters, Abuja. CREDIT: Steel Ministry
The Federal Government has moved to revive the long-dormant Delta Steel Company, with its current owners, Premium Steel and Mines Limited, committing more than $1.3bn to rehabilitate and modernise the plant and return it to commercial production within 18 to 24 months.
The revival plan, which could create about 25,000 direct and indirect jobs, received a fresh boost on Thursday following the signing of a Sub-lease and Operations Agreement between the National Iron Ore Mining Company, Itakpe, and Premium Steel and Mines Limited.
The agreement is expected to address one of the major requirements for restarting the integrated steel plant: sustainable access to iron ore.
