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Tk370cr steel mill opens amid gas, power crises

CU Correspondent
Tk370cr steel mill opens amid gas, power crises
BSRM Steels Ltd, a newly built giant industrial conglomerate of Bangladesh Steel Re-rolling Mills (BSRM) Group, went into production yesterday amid fears that gas and power crisis might hamper its production.
The fully automated Tk 370 crore mill has targeted to manufacture 375,000 tonnes of 500-grade steel reinforcing bars, commonly known as 'xtreme brand', per year.
Although the formal operation of the mill takes the country a step forward towards its industrialization, producers fear that the current power and gas crisis might hold back its production.
BSRM Group Chairman Alihussain Akberali urged the government to take immediate steps to address the gas and power crisis that are hampering the country's industrial
growth.
“The government is looking into the challenges, including gas and electricity shortage that the industries are facing in recent times,” commerce adviser Hossain Zillur Rahman said while inaugurating the new steel plant located on 11-acre of land at Fauzderhat industrial area under Sitakunda upazila in Chittagong.
Italian Ambassador Itala Maria Marta Occhi attended the function as special guest. Among others, Chittagong City Corporation acting Mayor M Manjur Alam also spoke.
Encouraging the local investors for the initiative, Hossain Zillur said the industrialists have to go ahead with a broader outlook to spearhead the country towards prosperity
It is high time to shake off the conventional way of thinking and encourage and coop-
erate the local entrepreneurs in doing business for the betterment of the country, said the adviser.
He said initiatives by individuals have a great contribution to the country's economic development.
Hossain Zillur said operation of the country's largest fully automated steel rolling mill with sophisticated equipment will give a message to other countries that Bangladesh also can do it.
He termed the move as a 'new milestone'.
Italian Ambassador Itala Maria hoped that the new plant would help the company to supply quality steel rods to the country's rapidly growing construction industry.
She said the plant has been set up with modern and updated technology’ of Danicli Italy, the number one steel mill equipment manufacturer in the world.
The mill would meet up around 15 percent of the country's total steel demand and reduce construction cost by 15 percent than that of the 60-grade rod of the present mar- , ket, BSRM Group director AameirAlihussain said.
The plant is one of the largest steel mills in South Asia. Construction of the mill started in 2004 and finished early this year. The mill went into trial operation earlier this year.
BSRM with Tk 900 crore annual turnover has been the country's leading steel rod manufacturer for over a period of 56 years. The turnover would reach around Tk 2,000 crore after operation of the group's largest mill.
BSRM steels, the only manufacturers of500-grade steel rod in Bangladesh, has also planned to raise Tk 20 crore from the capital market to fund its further expansion.