According to the report, Global Steel sought arbitration at the International Chamber of Commerce, Court of Arbitration in Paris, the same year. The Ajaokuta steel company is located in Kogi State and it was incorporated in 1979. The steel company has gulped $10 billion from the country since its creation to get it working, but the country has continued to import steel products. According to the Nigeria Bureau of Statistics (NBS), Nigeria imported N837.761 billion worth of steel in the third and fourth quarters of 2021. In 2020, The Minister of Mines and Steel Development, Olamilekan Adegbite, announced that $1.45 billion will be spent on the Ajaokuta steel company to make it work.