Aarsteel has closed shop, down and out, Aarti Steel having been into roofing sheet market for so many years with considerable market foot prints is finally saying good bye to Nigeria. The Ota in Ogun State based Steel plant has not been operating smoothly for almost a year with intermittent production which made it impossible to meet the funding requirements for the continuation of its operations.

Speaking to the reliable sources known to the matter, he spoke about the impact of severe indebtedness due to forex exchange losses, adverse economic policies, smuggled substandard goods which depressed the local pricing mechanisms forcing the company to sell at a price lesser than the company’s cost of production. These are primarily responsible for the shut-down of the plant.

According to Mr. Lateef Bello speaking to the correspondent, there are two major steel companies from Nigeria and a couple of Indian Steel companies showing their interest to buy and move on with the operation of the plant in order to save thousands of direct and indirect jobs associated with Aarti Steel’s value chain.

The Chairman of Galvanized Iron Steel Manufacturers Association (GISMA), a sub-sector of Basic Metal, Iron & Steel and Fabricated Metals Products under MAN expressed disappointment over the proposed sale of Aarti Steel engendered by the economic woes the company has found itself.

He, however remains optimistic that Nigeria has committed indigenous companies like *KAM HOLDING*, with the right expertise, financial strength and tenacity to revamp and turn around such distressed steel plants without much fuss.

On the onset of such business collapses, MAN and NACCIMA have reiterated their stand to FG at different fora for prompt action to arrest the menace.

Addressing economic, forex, power, ease of doing business related challenges requires coordinated efforts from all government agencies at top most level.

ILoveNG:
Omo! Nah news like this dey sweet our brothers 😂

Crimecity:


You must be really sick in the head. Your tribe has destroyed this country because of petty politics and yet you’re shameless about your actions

DevilsEqual:
This one dey follow bandwagon dey port

When things get better in 2026, u go lobby tire to come back but we'd have successfully replaced you with a prosperous local industry


Journey Mercy Lads

Crimecity:


You must be really sick in the head. Your tribe has destroyed this country because of petty politics and yet you’re shameless about your actions

Ritchiee:
By the Q3 to Q4 of 2024,na rush top investors go dey rush Nigeria.

I am not a bad news monger o.

Leading steel manufacturing company, Aarti Steel Nigeria Limited has debunked media report alleging that the company plans on exiting Nigeria.

The firm according to its statement titled, “False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria” stated that, “Aarti Steel Nigeria Limited wishes to address and categorically refute the recent media reports falsely claiming that the Company is planning to exit Nigeria. These reports are entirely unfounded and do not reflect our intentions or actions”.

“We are currently exploring various avenues to address and mitigate the impact of the false media reports. These erroneous claims have the potential to disrupt our business operations and create unnecessary uncertainty among our stakeholders. We are taking all necessary steps to correct the misinformation and assure our stakeholders of our continued presence and investment in Nigeria”, the statement further read.