According to foreign media reports, the subsidiary of Fuxing Group of China Fuxing Iron and Steel Company plans to become the largest steel company in West Africa with the significant progress made in recent years and the construction of factories throughout Nigeria. The total capacity of the company has also increased to about 50,000 tons. At the annual staff Christmas party and long-term service award of Red Star Iron and Steel Co., Ltd. held in Lagos, the managing director of Fuxing Group disclosed the news.
He said the company also provides jobs through direct and indirect work because it has more than 3,000 employees. Steel products are one of the few cheaper manufactured or imported products than they were a few years ago, he said. Perhaps, more importantly, we are a waste of wealth company, he said. Through our actions, we provide employment opportunities for those who are often regarded as purely scavengers. Digging has become a decent business. Through this, we provide another important benefit for society to help clean the environment. 'Our direct impact on the economy is also very significant,'he said. It is noteworthy that steel costs in Nigeria have been declining since the founding of Red Star Steel and our other joint steel companies.
He stressed that Nigeria retained a large amount of foreign exchange reserves. Through their work, Nigeria's imports of steel have also declined dramatically. He added,'I'm glad we helped drive the cost of steel products. In the past, importers of steel products may import large quantities of steel products. Today, we raise the cost of importing and selling foreign steel products to anyone in Nigeria, but more importantly, our steel products produced locally are comparable to the best in the world.
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