Bizdata Insights Main Logo

BizData Insights

Steel and cement output fell down by one-third

Industry: Building Material, Cement, Steel
Industry Intelligence Tag: Industry insights

The output of the country’s steel and cement industries has dropped by over a third as a result of the power and gas crises, a rise in raw material prices on the worldwide market, and a lack of US dollars.

According to a press release issued by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), manufacturers urged the government to provide assistance to the steel, rod, and cement industries. Lower production has made it impossible for them to repay bank loans, putting them at risk of becoming defaulters.

Due to US dollar shortages, the local currency has lost roughly 25% of its value against the US dollar. They need constant gas and power supply for steel and cement industries, as well as priority in opening letters of credit for raw material imports.

 

 

 

Source for more details:

The Daily Star

The Financial Express

Daily Sun

 

Source for more details:

Related News

Regulatory Duty on Ferro Alloys Import Set to Decrease to 5%

May 29, 2024

The government plans to reduce duties on raw materials for steel, beverage, healthcare, and personal care industries in the upcoming budget. Proposed reductions include lowering the regulatory duty on ferro alloys from 15% to 5%, customs duty on Tetra Pak from 25% to 0%, and customs duty on dialysis filters and circuits from 10% to 1%. Additionally, customs duty on isopropyl myristate is expected to decrease from 25% to 10%.

Standard Ceramic’s Loss Increased by 60%

May 28, 2024

Standard Ceramic Industries Ltd reported a 60% year-on-year increase in losses for January-March 2024, with losses rising to Tk 2.1 crore from Tk 1.31 crore. Loss per share increased to Tk 3.26 from Tk 2.03, according to a Dhaka Stock Exchange filing. The company's bottom line was impacted by higher production costs and the rapid depreciation of the taka. The combined effects of the Covid-19 pandemic, the Russia-

Ownership Dispute Erupts at Bengal Fine as Founders Sell Stake Twice

May 27, 2024

An ownership dispute has erupted at Bengal Fine Ceramics after its founders sold shares to two different parties – businessman Bishwajit K Roy and Sea Pearl owners. Bishwajit acquired a 24.29% controlling stake in 2012 and 2013 through an MoU with the original sponsors and directors. Meanwhile, Sea Pearl Beach Resorts and Spa Limited owners allegedly took over the factory by force.

KSRM Adopts Universal Pension Scheme for Employee Welfare

May 26, 2024

Kabir Steel Re-Rolling Mills (KSRM), a leading steel manufacturing group, recently enrolled 1,000 employees at their Sitakunda plant in the Universal Pension Scheme, making them the first industrial group in the country to do so. The company plans to gradually include all employees in the scheme as part of their corporate social responsibility.

Four Steelmakers Dominate with 53% Market Share

May 20, 2024

In Bangladesh, four Chattogram-based steelmakers—BSRM, AKS, GPH Ispat, and KSRM—account for 53% of the total steel demand, with BSRM catering to 25%, AKS 14%, GPH 8%, and KSRM 6%. The country's 40 active steelworks have a combined annual capacity of 90 lakh tonnes, against a demand of around 85 lakh tonnes. Individually, BSRM can produce 24 lakh tonnes annually, AKS 15 lakh tonnes, and both GPH and KSRM 8 lakh tonnes each.

Edison and GPH Ispat Ink Strategic Partnership Deal

May 20, 2024

Edison Real Estate signed a strategic partnership agreement with GPH Ispat at their headquarters in Tejgaon. The agreement allows Edison Real Estate to use materials that are designed to improve performance. The chairman and CEO of Edison Real Estate, and managing director of GPH Ispat, signed the deal.

Related News

Regulatory Duty on Ferro Alloys Import Set to Decrease to 5%

May 29, 2024

The government plans to reduce duties on raw materials for steel, beverage, healthcare, and personal care industries in the upcoming budget. Proposed reductions include lowering the regulatory duty on ferro alloys from 15% to 5%, customs duty on Tetra Pak from 25% to 0%, and customs duty on dialysis filters and circuits from 10% to 1%. Additionally, customs duty on isopropyl myristate is expected to decrease from 25% to 10%.

Standard Ceramic’s Loss Increased by 60%

May 28, 2024

Standard Ceramic Industries Ltd reported a 60% year-on-year increase in losses for January-March 2024, with losses rising to Tk 2.1 crore from Tk 1.31 crore. Loss per share increased to Tk 3.26 from Tk 2.03, according to a Dhaka Stock Exchange filing. The company's bottom line was impacted by higher production costs and the rapid depreciation of the taka. The combined effects of the Covid-19 pandemic, the Russia-

Ownership Dispute Erupts at Bengal Fine as Founders Sell Stake Twice

May 27, 2024

An ownership dispute has erupted at Bengal Fine Ceramics after its founders sold shares to two different parties – businessman Bishwajit K Roy and Sea Pearl owners. Bishwajit acquired a 24.29% controlling stake in 2012 and 2013 through an MoU with the original sponsors and directors. Meanwhile, Sea Pearl Beach Resorts and Spa Limited owners allegedly took over the factory by force.

KSRM Adopts Universal Pension Scheme for Employee Welfare

May 26, 2024

Kabir Steel Re-Rolling Mills (KSRM), a leading steel manufacturing group, recently enrolled 1,000 employees at their Sitakunda plant in the Universal Pension Scheme, making them the first industrial group in the country to do so. The company plans to gradually include all employees in the scheme as part of their corporate social responsibility.

Four Steelmakers Dominate with 53% Market Share

May 20, 2024

In Bangladesh, four Chattogram-based steelmakers—BSRM, AKS, GPH Ispat, and KSRM—account for 53% of the total steel demand, with BSRM catering to 25%, AKS 14%, GPH 8%, and KSRM 6%. The country's 40 active steelworks have a combined annual capacity of 90 lakh tonnes, against a demand of around 85 lakh tonnes. Individually, BSRM can produce 24 lakh tonnes annually, AKS 15 lakh tonnes, and both GPH and KSRM 8 lakh tonnes each.

Edison and GPH Ispat Ink Strategic Partnership Deal

May 20, 2024

Edison Real Estate signed a strategic partnership agreement with GPH Ispat at their headquarters in Tejgaon. The agreement allows Edison Real Estate to use materials that are designed to improve performance. The chairman and CEO of Edison Real Estate, and managing director of GPH Ispat, signed the deal.

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here