Reuters
Chinese state-owned metals trader Sinosteel is in talks to take over a state-owned steel mill in Nigeria and expand its capacity to 5.6 millions tonnes from 1.3 million, Nigeria’s mining minister said on Thursday during a visit to Beijing.
* Seeks to quadruple capacity to 5.6 million tonnes
* Deal would involve $6 billion upgrade
* Loans signed, including $500 mln for airport terminal
The steel mill sale and upgrade would mean investment into Nigeria of around $6 billion, Minister of Mines and Steel Development Musa Mohammed Sada told Reuters.
Sinosteel did not confirm or deny the talks when contacted.