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Groot Steel Appoints Vikash Verma as Chief Executive Officer and Paulus N Uusiku as Vice President of Operations

FOR IMMEDIATE RELEASE -- OSHIKANGO, Namibia, June 7, 2018 (Groot Steel) --

Groot Steel (Pty) Ltd today announced that Indian-born Vikash Verma has been appointed Chief Executive Officer of the company, effective October 1, 2018, while Namibian-born Paulus N. Uusiku serves as Vice President of Operations of Groot Steel.

Mr. Verma is a seasoned steel industry professional with more than 20 years of extensive experience and competence in managing business and operations of steel plants in different countries. He has performed senior management roles in multi-cultural environment, in countries like Egypt, Saudi Arabia, Indonesia and India.

Mr. Verma has more than a decade of experience in the senior management levels, as Chief Operating Officer and Plant General Manager of large integrated steel plants.

Groot Steel is a Namibia-startup company which seeks to become the largest vertically integrated manufacturing hub for a wide range of flat, short and long steel products in Southern Africa.

The company is developing the Groot Steel Minimill: Melt Shop and Rolling Mill in Eeshoke Village in Oshikango of Helao Nafidi Town in Ohangwena Region in Namibia. Powered by scrap metals and DRI, the minimill is composed of a melt shop and rolling mill with annual capacity of 1,000,000 tonnes of Billets and 2,000,000 tonnes of Rebars and Wire Rods for the construction industry.

In 2017, Groot Steel appointed Canada-based SGTEX Inc for its technical consultancy and is expected to select either Germany-based SMS Group or Italy-based Danieli as the Engineering, Procurement and Construction (EPC) for the construction and installation of its melt shop and rolling mill on a turnkey basis.

"We're very happy to have Vikash and look very much forward to working with him to develop and realize Groot Steel in Oshikango, and help create more jobs for our people". Exclaims Paulus N. Uusiku.

Simon Kapenda, CEO of Groot Systems initially planned Groot Steel as Otavi Steel for the development in Otavi in 2011, a Joint-Venture between Otavi Town Council and Groot Systems with some other local entrepreneurs and signed with Danieli as the EPC to install the Otavi Steel Minimill with an annual capacity of 150,000 tonnes in Otavi to produce and sell rebars and billets.

"I am just excited that finally, after many years of planning since 2011, Namibia will finally have its own steel manufacturing factories, that Namibia will finally join the elite club of countries who manufacture steel, and on top of that, the fact that steel mills and glass factories are considered as the backbones of economies, I am just excited." States Simon Kapenda, Founder of Groot Steel and CEO of Groot Systems.

As CEO of Groot Steel, Mr. Verma will work closely with the Company's executive management to steer the Company's long-term development, strategic direction and planning, vision and objectives, to accelerate industry penetration, brand leadership and to further enhance shareholder value creation and drive successful execution.

In 2017, Groot Steel conducted its Environmental Impact Scoping and it is awaiting for submission for the clearance and certification by the Ministry of Environment and Tourism of the Republic of Namibia.

Groot Steel expects to employ up 1,500 employees for the construction jobs and create up to 5,500 permanent factory workers in Oshikango and with over 27,500 indirect jobs throughout Namibia.

Budgeted at USD $450 million (NAD $5.7 billion) for the construction and infrastructure, the construction of the Groot Steel Minimill in Oshikango is expected to start later this year, 2018 and will be completed in 24 months.

About Groot Steel (Pty) Ltd
Established in 2012, Groot Steel (Pty) Ltd is a premier integrated steel production company focuses on the manufacturing of a wide range of short and long steel products as well as value-added steel sheet and tubular products for the automotive, appliance, container, industrial machinery, construction, and oil and gas industries in Southern Africa. Groot Steel (Pty) Ltd is a wholly-owned operating subsidiary of Groot Management Systems (Pty) Ltd based in Oshakati, Namibia.

Contact Info
Paulus N. Uusiku, VP Operations
Groot Steel (Pty) Ltd
Oshikango, Namibia

Phone: +264-81-291-1471
Facebook: grootsteel

Safe Harbor Act

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.


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