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BSRM is set to launch a new $217 million steel plant in Chattogram’s Mirsarai by late June or early July, aiming to boost its market share to 34% from 23%. With an annual capacity of 8 lakh tonnes, the facility will create 1,000 jobs. Funding includes $50 million from Jica and loans from Exim Bank, Standard Chartered, and BRAC Bank. BSRM’s total production capacity will increase to 24 lakh tonnes, enhancing its capability in producing steel wires to reduce imports. Jica’s loan supports green initiatives, addressing environmental challenges with zero emissions, dust utilization, and solar energy plans. BSRM’s products have been integral to major national projects. Founded in 1952, BSRM employs 5,000 directly and 25,000 indirectly, contributing significantly to Bangladesh’s steel industry, which includes 55 re-rolling mills and an annual production of 70-75 lakh tonnes, predominantly for infrastructure projects.
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