Popular Roofing Sheet Maker, Aarti Steel Exits Nigeria

Aarti Steel Nigeria, a longstanding player in the roofing sheet production market, may be bidding farewell to Nigeria due to severe financial struggles. The company's plant in Ota, Ogun State, has faced intermittent production for almost a year, struggling to meet the funding requirements necessary to sustain its operations.

According to a source from Premium Times, severe indebtedness caused by foreign exchange losses, unfavourable economic policies, and other factors depressing local pricing mechanisms forced the company to sell its products at a loss. These issues are the primary reasons for the plant’s shutdown.

The source also revealed that two other major steel companies based in Nigeria, along with several Indian steel companies, have expressed interest in purchasing the closed plant. This move aims to revive operations and save thousands of direct and indirect jobs linked to the company’s value chain.

The Chairman of the Galvanized Iron Steel Manufacturers Association (GISMA), a sub-sector of Basic Metal, Iron & Steel, and Fabricated Metals Products under MAN, has expressed disappointment over the proposed sale of Aarti Steel, driven by the economic challenges the company is facing. However, he remains optimistic, noting that Nigeria has committed indigenous companies like KAM HOLDING, which possess the necessary expertise, financial strength, and tenacity to successfully revitalize and turn around such distressed steel plants with relative ease.

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Posted: at 27-06-2024 09:28 AM (10 months ago) | Addicted Hero

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Posted: at 26-08-2024 12:52 PM (8 months ago) | Newbie