The Chairman Senate Committee on Privatization, Senator Ben Murray Bruce said yesterday that Dana Group’s $1.2bn investment would boost the nation’s economy.
He commended the Management of the group for its massive contribution to the Nigerian economy and for transforming the old Katsina Steel Rolling Mill, despite the present economic challenges in the country.
The senator stated this during his committee’s visit and tour of Dana Steel Limited – a subsidiary of the Dana Group of companies on Monday.
Senator Ben Bruce said he was impressed with the level of transformation at the steel rolling mill, saying, “We are happy with the giant strides recorded by Dana Group in turning around the old Katsina Steel Rolling mill. The plant is massive and the level of work done already despite the present economic challenges is highly commendable”.
Bruce said with requisite legislative support, Dana Steel would add value to the economy.
”I believe with necessary legislation and support from the Federal Government, Dana Steel will be a big boost to the Nigerian economy and can help achieve self-sufficiency in the Mines and Steel industry.’’
Managing Director/ Chief Executive Officer of Dana Group, Mr Jacky Hathiramani who said Katsina Steel Rolling Mill was acquired in 2006 as part of Dana Group’s expansion drive across the country disclosed that it has the capacity to provide 4500 direct jobs and over 1.8 million indirect jobs.
“At the moment we are producing over 630,000 mt yearly and we are determined to surpass this immensely in the coming year.
We appreciate the efforts of the Minister of Solid Minerals Development and we are committed to working with the Federal government to develop the sector to achieve self-sufficiency just as our distinguished senator rightly mentioned”, he said.
The MD added that further investment in SMS plants for the production of billets using locally sourced materials have contributed greatly to the growth of the economy.
