KAM Steel buys SMC’s plant, to create 10,000 jobs in months
Aderemi Ojekunle is a Businessamlive Reporter.
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By Onome Amuge
KAM Steel Integrated Company Limited, the Nigerian indigenous steel and allied manufacturing company has purchased a steel plant along with other of its assets in Sagamu, Ogun State.
Before the recent acquisition, the steel plant and assets formerly belonged to Standard Metallurgical Company Limited (SMC), a locally owned company based in Igbafa Village,Sagamu.
Speaking during the transfer of ownership ceremony, the chairperson of KAM Holding, Bolanle Yusuf, revealed that the major reason for the acquisition was a result of the company’s plan to expand its proficiency and also reposition Nigeria as an independent nation in the manufacturing of steel and allied products.
She further disclosed that the company plans towards providing 10,000 jobs in the coming months to support the government in its efforts at curbing the high unemployment rate in the country. She expressed the hope that the federal government would continue to deliver the enabling environment and aid for the sustenance and growth of local firms as it is one of the conditions whereby the internally generated revenue can achieve a boost.
KAM Steel Integrated Company Limited is a foremost indigenous steel and Allied company under the integration of KAM Holding which was founded by Alhaji Kamoru Yusuf in 1997. The company is based in Ilorin, the Kwara state capital.