South Africa is known to have the most developed iron and steel industry on the continent. In addition, Nigeria and some other countries in West Africa are also important for the iron and steel industry. However, the need for restructuring and modernisation of large plants such as the Ajaokuta Steel Company in Nigeria was noted at the meeting. Minister of Steel Development Shuaibu Abubakar Audu said that an investment of about $2 billion was being considered to revitalise the plant, which was built in 1979.
Algeria and Morocco appear to have potential in the iron and steel industry. A spokesperson from Turkey-based Tosyalı Holding announced that work has started on a giant iron and steel plant in Algeria. The plant will be the first concentrated iron ore production unit of the Toumiat steel complex, which is among the industrial facilities in Algeria. The project will enable the utilisation of the iron deposits of the Gara-Djebilet mines in Tindouf. It is evident that the company aims to increase its global presence by focusing on potential acquisitions in Europe and America.
On the other hand, Maghreb Steel, Morocco's leading iron and steel producer, is taking a leading role in sustainability and environmental awareness by investing in renewable energy. This step emphasises Morocco's efforts to meet its energy needs as well as to reduce its environmental impact.
These investments are known to help support the industrialisation goals of the African continent.
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