Incorporated in 2004, Abuja Steel Mills Limited (“Abuja Steel” or “the Company”) commenced production in 2013, manufacturing high strength reinforcement bars (“rebars”) from its factory located in Sabon Wuse, Niger State (North Central, Nigeria).
The Company is owned by African Steel Holdings Limited, a subsidiary of African Industries Group (“AIG”), a conglomerate with diverse business operations in Nigeria ranging from the manufacturing of steel, glass, plastic, lead, plywood, aluminium products, and chemicals as well as the generation of power (with an installed capacity of 110MW). The Group commenced operations in 1971 and controls a significant share (about 60 percent) of the steel industry in Nigeria.
Abuja Steel is the first integrated steel manufacturer in Northern Nigeria with steel melting and rolling capacities of up to 162,000MT and 150,000MT per annum, respectively.
Abuja Steel produces rebars which conform to Standard Organization of Nigeria (SON)’s NIS 117:2004 standard from its factory located in Sabon-Wuse on Abuja-Kaduna expressway situated on an area of land spanning about 54 hectares.
Project Highlight
The Project involves the modification and expansion of Abuja Steel’s existing melting and rolling mills, the acquisition of Direct Reduced Iron (“DRI”) Storage System and Gasifier plant to generate gas used for the reheating furnace, and the installation of a 132KV Double Circuit Transmission Line.
10
Billion Naira
Transaction Details
With InfraCredit’s guarantee, Abuja Steel was able to access a 7-year concessionary funding of NGN10 Billion from the Bank of Industry (BOI).
| Issue date | 21, September 2023 |
| Co-obligor | African Steel Mills Limited |
| Principal Amount Outstanding (NGN) | 10,000,000,000 |
| Sector | Inputs to Infrastructure – Steel Manufacturing |
| Tenor | 7 years with moratorium of up to 2 years on Principal |
| Location of Operation | North central Nigeria |
| Asset Size & Capacity | Abuja Steel is the first integrated steel manufacturer in Northern Nigeria with steel melting and rolling capacities of 162,000MT and 150,000MT per annum, respectively |
Investor Distribution
Development Impact
