Apollo Ispat Reports Tk 7.6B Accumulated Losses for FY19-FY23

In FY24, Bangladesh’s steel industry faces significant challenges driven by declining demand, political uncertainty, and high operational costs. BSRM, with an annual production capacity of 24 lakh tonnes, and Abul Khair Steel, producing 30 lakh tonnes, both expanded based on prior economic momentum now lost.

The Tk 37 billion green steel project by Bashundhara Multi Steel Industries Limited (BMSIL) in Chattogram is facing significant challenges, mainly due to lack of utility and policy support. Launched in 2021, the project aims to produce eco-friendly steel using Danieli’s MIDA technology, with production expected by mid-2026.

GPH Ispat plans to raise $150 million through an IPO on the Hong Kong Stock Exchange to fund a $185 million expansion project, increasing annual production capacity by 500,000 tonnes of billet and rod. The board approved the decision on January 23, appointing PricewaterhouseCoopers as advisors.

TRANSFORM, an impact accelerator led by Unilever, the UK Government, and EY, announced grants of up to BDT 10 million each for two Bangladeshi SMEs focused on climate resilience.

A proposed hike in gas prices by Petrobangla has sparked major concerns among industrialists in Bangladesh, fearing economic harm. Industrial leaders argue that the increase, if approved, could lead to factory closures, job losses, and reduced industrial output, harming economic growth and potentially causing social unrest.

In FY 2023-24, the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) faced operating losses due to reduced trading, fewer IPOs, and increased costs. The DSE's core revenue of Tk 125 crore fell short of expenses, causing a Tk 20 crore loss, while the CSE incurred a Tk 10 crore loss with Tk 31 crore in core revenue.