Nigeria Spends $4bn on Steel Imports Annually   The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has said Nigeria imports about $4 billion worth of steel annually, stressing the need for import substitution to reduce pressure on foreign exchange (forex). Speaking during a visit to the...

FG, Stakeholders Worry As Steel Import Rises   The Federal Government and stakeholders in the manufacturing sector have expressed worries over the low production level of steel and the huge amount spent on steel imports annually. Annual steel production in Nigeria is put at under two million...

Nigeria’s Steel Plants Producing Less Than 200,000 Tonnes Annually The Basic Metal, Iron and Steel and Fabricated Metal Products Sectoral Group of the Manufacturers Association of Nigeria (MAN), has raised an alarm over possible massive retrenchment of the workers in the steel sector, as non-patronage...

Mexico fines steel Firm over market manipulation Mexico’s securities regulator has imposed one of its biggest fines ever for market manipulation on steel company Industrias CH, owned by billionaire Rufino Vigil Gonzalez. According to a government data, Industrias CH was fined 2.96 million pesos (159,764 dollars)...

A local steel maker, African Industries Group, has noted that Nigeria can potentially save about $650m annually if all the steel companies produce at 100 per cent capacity. The Group Executive Director, African Industries Group, Uche Iwuamadi, stated this during a stakeholders’ meeting in Lagos...