China-based Steel Producer Invests in Nigeria

According to media reports, Chinese HongXing Steel Company Limited has invested 100 million Dollar to establish two manufacturing plants, located in Aba, Abia State capital (Nigeria).

It was intended that the projects are completed by the end of the first quarter of 2017. End of December last year, the project had achieved 70 percent completion, several media informed. “The Aba projects have plant A, which will be using local raw materials from scraps, while plant B will be using billets and will be producing according to international standards. When operational, the plants have great prospects not only for the company but also for Nigerian economy,” Feng Zhen Ke, Managing Director of HongXing Steel Company Limited, was quoted by Nigerian Vanguard news.