UK-based steel producer British Steel has announced that the company has secured one of its largest-ever export orders, valued at £70 million, for port redevelopment projects in Nigeria.
British Steel stated that the agreement has been signed with Hitech Construction Africa Ltd, which will act as the project contractor for the redevelopment of the Tin Can Island and Lagos Apapa port complexes. Under the contract, British Steel will supply a total of 120,000 mt of billet, which will be used in the production of construction materials for the modernization works.
The company noted that the supplied material will consist of 140 mm rebar-grade billet, with deliveries scheduled to begin in spring this year and continue over a three-year period.
One of the largest billet orders in company history
British Steel emphasized that the deal represents one of its largest-ever billet orders, as well as its largest order supported by UK Export Finance, highlighting the role of government-backed financing in facilitating international trade. The producer added that the agreement follows the signing of a memorandum of understanding last year and was formally announced at a ceremony held in London.
British Steel stated that it will increase steel production at its Scunthorpe plant to meet the requirements of the order, indicating a ramp-up in operational activity at the site.
