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Ajaokuta Steel Begins Production, Oct 8 - MD From Onyebuchi Ezigbo in Ajaokuta Management of the Ajaokuta Steel Company, has given October 8, as the day it will commence initial production of steel product from the rehabilitated plant. Managing Director of the company Mr. Lalit Sahgel told newsmen at the weekend that the company intended to produce about 300,000 tones of steel on the first outing. As part of arrangement to ensure a hitch-free operation, he said the management will be test-running the plant between September 28 and 29, 2004 to be followed by the actual rolling out of liquid steel product on October 8. "We want to do the cold start on September 28th and we will heat up the furnace on the 29th. It will last about 10 days to stabilize for temperature of over 1000 centigrade. Around October 8, we would be rolling out the first steel from the plant", he said. Sahgel said that 15,000 tones of Billet has been imported for the median operation which will last for a month before another volume of 30,000 tones could be ordered. The MD said the production capacity would be further increased to 400,000 tones in a few months time and gradually expanded to meet the 1.5 million tons installed capacity of the plant. "Every of our plans are on track", Sahgel assured, adding that the management was not under any pressure meeting the target as contained in the agreement with Federal Government. Following the termination of the 10-year contract agreement it entered with Solgas Energy, an American Energy Company, FG negotiated another concession agreement with the Indian steel firm - ISPAT to complete and operate the Ajaokuta Steel Plant abandoned for almost 27 years. Under the terms of agreement, the new team are to plough its resources into the rehabilitation of the facilities of the company which was built to 98 percent completion before it was abandoned. The investing company will in return manage and operate the steel plant for 10 years before handing it over to government. The agreement specified a number of conditions, among which are production targets to be achieved at various stages of the implementation of the deal. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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