BY: CHIOMA MADONNA NDUKWU
Aarti Steel Nigeria, a key player in the roofing sheet production market, is shutting down its operations in Ogun State due to severe economic challenges.
The plant has faced intermittent production issues for nearly a year, driven by foreign exchange losses, unfavorable economic policies, and depressed local pricing mechanisms. As a result, the company has been forced to sell its products at a loss, leading to significant indebtedness.
Sources indicate that several major steel companies, including Indian firms, are interested in acquiring the plant to revive its operations and save thousands of jobs. Despite the disappointment expressed by industry leaders, there is optimism that local companies like KAM HOLDING can successfully revitalize the distressed plant.
#OMAGIST@AFRICAWORLDNEWS
