BSRM is set to launch its new $217 million steel plant in Mirsarai, Chattogram later this month or by early July. This expansive project, spanning 20 acres, aims to significantly bolster BSRM’s presence in Bangladesh’s steel market, with ambitions to increase its market share from 23% to 34%.
Tapan Sengupta, Deputy Managing Director of BSRM, emphasized that construction of the plant is nearing completion. Trial production is scheduled to commence by late June or early July, followed swiftly by full-scale operations within a month. Partial funding for the facility, Bangladesh’s first private sector initiative under JICA’s green industrialization efforts, comes from a $50 million loan from the Japan International Cooperation Agency (JICA).
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The new plant, boasting an annual capacity of 800,000 tonnes, is expected to create job opportunities for around 1,000 individuals. This expansion will elevate BSRM’s total production capacity to 2.4 million tonnes annually, solidifying its position as a key player in Bangladesh’s steel industry.
BSRM has also secured financing from other sources, including a $20 million loan from India’s Export-Import Bank, $13 million from Standard Chartered Bank of Singapore, and $25 million from BRAC Bank, all in foreign currency. Local financial institutions such as Prime Bank, Eastern Bank, City Bank, and Infrastructure Development Company Limited (IDCOL) have contributed to the project as well.
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In addition to meeting domestic steel demands, the new plant will annually produce 150,000 tonnes of steel wires, significantly reducing Bangladesh’s reliance on imported steel wires, which currently amounts to 85,000 tonnes per year.
This expansion underscores BSRM’s commitment to enhancing Bangladesh’s industrial capabilities and strengthening its global position in the steel market.
