The Steel industry in Nigeria

Steel is an alloy consisting consisting of iron and carbon. Apart from carbon other materials are used such as manganese, vanadium and tungsten

Steel is everywhere in our lives, at home, work, transportation etc. Steel is strong though light, durable and corrosion resistant, adaptable and completely recyclable. Steel is the backbone of bridges and Skyscrapers because the structure are supported by a steel skeleton. Even some of them with concrete structure will still use steel for reinforcing. It is the main material for car bodies or the framework for automobiles.
Steel is used in a variety of other construction related items like durable frames in housing, bolts, screw, nails etc. Steel is used in construction of buildings, roads, railways and infrastructure. In fact most large modern structure are supported by steel. Modern steels are made with varying combination of alloy metals to fulfil many purposes.

The steel industry in Nigeria was in a limbo for years before the government decided to privatize some plants while giving out some to concessionaires to manage. After the privatization and or sale, some individuals are not happy that an indian company bought 80 percent of Delta steel company one of the steel plant that was sold. The initial protest fizzled out in 2004 but the tempo increased in 2007 when the president that ordered the exercise ended its terms of office. Since 2007, they have been series of protect from the company that claimed it won the bid. But available information from the agency that handled the sale said that the sale went through the acceptable processes before it was sold. This continuous protest and crisis is having effect on the eventual winner of the bid and the operations at the plants. The banks that granted credit facilities to this investor are really worried about the state of things that there are recalling their facilities. How long will this last? How will this affect other investors who are interested in investing in Nigeria?
Steel is critical to the development of any country Nigeria inclusive. For our sustenable development, Steel is important and since it has become an indicator of the economic progress of countries, its important that nigerian government pay more attention to this industry. This crisis about sale and reversal of sale should be nipped in the bud so that the international community can take us serious. Even the price of steel has increased in the past few weeks due to this uncertainty in the industry.