Roofing sheet company Aarti Steel has denied it is shutting down its Nigeria factory after it was rumoured to have closed down its operations in the country reportedly due to unfavourable business conditions.

In a joint statement by the CFO of Aarti Steel Nigeria Limited, Sunil Sharma, and Head of Operations, Girish Tripathi, the company described the media reports about its planned exit from Nigeria as false.

“They are entirely unfounded and do not reflect our intentions or actions,” the company stated.

Aarti Steel said it was on a campaign to mitigate the impact of the media report, which it said has the potential to disrupt its business operations and create unnecessary uncertainty among its stakeholders.

To reassure its stakeholders, the company’s leaders said Aarti Steel had invested a cumulative total of $100m into the Nigerian economy and impacted it positively by creating jobs, paying taxes, and engaging in corporate social responsibility.

“Our strategy has always been focused on the long-term survival and growth of our operations in Nigeria. We have consistently communicated our plans and initiatives to recapitalize the company to our banking partners, ensuring that they are kept informed of our efforts to sustain and enhance our business operations,” the statement read.

Aarti Steel was established in 2003 and commenced formal operations in 2007 as a subsidiary of Aarti Group, whose manufacturing facilities are spread across six other African locations, including Ethiopia and Sudan.