Cameroon’s First-ever Steel Industry Underway

Stakeholders signed Memorandums of Understanding for feasibility studies on the project at the Prime Minister Office on July 23, 2013.

The government of Cameroon is bracing up to construct a State-owned steel industry in the country with assistance from South Korean partners, the POSCO Group. The Chief Executive Officer of the South Korean iron and steel production company, POSCO Group, Joon –Yang Chung signed two Memorandums of Understanding with government officials to construct a State-owned steel industry and cooperation with the Cameroon Industrial and Shipyard Company on Tuesday July 23, 2013 at the Prime Minister’s Office under the chairmanship of PM, Philemon Yang.

The Secretary of State in the Ministry of Mines, Industries and Technological Development, Dr. Fuh Calistus Gentry, signed the first Memorandum of Understanding for government while the Chief Executive Officer of the POSCO Group, Joon –Yang Chung signed for his group. According to Dr. Fuh Calistus, focus is on technical cooperation and knowledge transfer necessary for the Cameroon steel initiative. He explained that the industry will lay the foundation for the processing of Cameroon’s mineral resources in conformity with the Mining Code which stipulates that 15 per cent of all minerals produced in the country have to be processed locally. The Chief Executive Officer of POSCO said the project will start with feasibility studies after which an agreement will be signed for the start of construction work proper. He expressed the willingness of the Group to help in constructing the industry with the capacity of producing 500,000 metric tons of steel.

On cooperation with the Cameroon Industrial and Shipyard Company, its Board Chairman, Louis Claude Nyassa who signed the Memorandum of Understanding for the company said, it gives the green light for the company to enter into negotiations with POSCO Group to obtain financial, trade, industrial maintenance and technical partnerships.

Alvine DOGOUA