Senate Committee lauds Dana Group’s N367.2b investment in Nigerian economy
Senate House Committee on Privatisation has commended the management of Dana Group for its contribution to the Nigerian economy, especially the investment of N367.2billion ($1.2billion).
The investment, as observed by the visiting committee, has helped in transforming the old Katsina Steel Rolling Mill courtesy of Dana Steel Limited – a subsidiary of the Dana Group of companies.
Chairman of the committee, Senator Ben Bruce, was visibly impressed with the level of transformation at the steel rolling mill, saying he was satisfied with the level of work and commitment made.Bruce said: “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.
”I believe that 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, Dana Group, Jacky Hathiramani, recalled that that Katsina Steel Rolling Mill was acquired in 2006, as part of the Group’s expansion drive across the country.Hathiramani said further investment in the plants for the production of billets; using locally sourced materials have contributed greatly to the growth of the economy.
He added: “Dana Steel has the capacity to provide 4,500 direct jobs, and over 1.8 million indirect jobs. At the moment, we are producing over 630,000 metric tonnes 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.
Dana Steel is a subsidiary of a multi-billion dollar conglomerate with interest in Aviation, Automobile, Steel, Plastic, Water, Chemical, Pharmaceutical, Real Estate, and Banking. The Group is reputed for its quality products and CSR activities in Nigeria.
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