This is in addition to recent announcements by large business houses about their intentions to make investments in the country’s booming steel sector.
SEATTLE (Scrap Monster): The rising demand for steel is set to result in major expansion of steel industry capacities in Bangladesh. Several major steelmakers in the country have announced plans to set up new factories to expand manufacturing capacities. This is in addition to recent announcements by large business houses about their intentions to make investments in the country’s booming steel sector.
Meghna Group of Companies, as part of its diversification plan, plans to venture out into steel manufacturing. It must be noted that the company is a leading manufacturer of cement, ceramics and fabricated buildings. It has already commenced works on a $400 million plant at the Cumilla Economic Zone, which will have a production capacity of 14 lakh tonnes per annum.
In addition, PHP Group has announced plans to set up a basic steel factory in the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), Chattogram, capable of producing 30 lakh tonnes of steel per annum. The Bashundhara Group plans to set up two steel factories at the BSMSN, at an investment of approximately $500 million, which will achieve full production by mid-2023. Also, Bangladesh Steel Re-Rolling Mills (BSRM) plans to launch 7 lakh tonnes re-rolling mill.
The steel demand in Bangladesh is forecast to surge by around 6-7% until 2025.
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