The plant aims to increase BSRM's market share from 23% to 34% and meet the growing demand for steel. The 20-acre plant, which is almost complete, will start trial production at the end of June and will be in full commercial production within a month. The plant is expected to create around 1,000 jobs.
BSRM's total production capacity will increase to 2.4 million tons with the new plant, significantly increasing its market dominance. The new plant will also produce 150,000 tons of steel wire, reducing the need to import 85,000 tons annually.
The company generated revenues of USD 1.691 billion in FY 2022-23, directly and indirectly employing around 30,000 people. Bangladesh's steel industry produces 7-7.5 million tons of steel annually through 55 rolling mills and more than 100 semi-automatic and manual plants, 60% of which is consumed by government projects.
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