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BSRM to set up new plant to cut dependence on imports

Sayeda Akter
LOCAL steel conglomerate BSRM Group is set to establish a new steel melting plant in Mirsarai, Chittagong, in a bid to stabilise the country's fluctuating steel prices.
“Basically, it's a part of our expansion plan that we have been working on for the last couple of months,” said Alihussain Akberali, BSRM Group's chairman. “This is an essential step in strengthening the backward integration of our plants.”
The group plans to spend Tk 1,300 crore for the plant, with IDLC Finance Limited, Standard Chartered Bank and The City Bank Limited raising 70 percent of the total cost, informed Akberali.
“The steel melting plant is meant for billet casting, which will
be an import substitute product. It would lessen foreign exchange pressure on the economy,” he said.
The plant is estimated to be functional in a year and half or two, and would be capable of producing 8.6 lakh tonne steel billets per annum, sufficient to meet most of the group's demand.
Local steel manufacturers have to import steel billet, whose often fluctuating price in the international market is the key reason for the oscillating steel prices in the local market, he said.
“When we would be able to produce enough steel billets, the price fluctuation in the local market would be stabilized,” explained Akberali.
Billet, formally known as bar stock, is a common form of raw purified metal, which after pro-
cessing gives way to steel that can be sold on in markets.
BSRM has already received all relevant approvals from the government for setting up the plant, with land development and the construction work in progress since early this month, he said.
Last month BSRM Steel Mills Limited appointed IDLC Finance Limited and The City Bank Limited as joint arrangers to raise Tk 500 crore through a syndicated term loan.
“The arrangement will be the one of the largest-ever syndication deals in the Bangladesh steel sector.”
Founded in 1952, the BSRM Group is now the leader in the local steel market.
BSRM Steels started operation in June 2008 and now has an annual production capacity of around six lakh tonnes of steel rods.