BSRM (Bangladesh Steel Rolling Mills) Steels, a unit of Chittagong-based BSRM Group, is going to set up a new melting plant by investing about USD 9.29 crore to produce MS billets.
The new unit at Chittagomg in the port city of Bangladesh, will have a capacity to produce 0.44 MnT of MS billets a year, said Tapan Sengupta, executive director of BSRM, reported daily star, a Bangladesh based news paper.
The plant, the fourth of its kind for BSRM is scheduled to be functional by the next one and a half years.
“The products will be used for meeting the BSRM Group’s growing demand for billets,” Sengupta said, adding that the existing billet production capacity in the three melting units is 1.2 MnT per year.
Bangladesh steel makers are increasing their billet making capacity owing to government’s intention to reduce imports of billet . Notably government has increased import duty on billets significantly in last three budgets. Bangladesh imports roughly 1.5-2 MnT ever year.
According to a recent study conducted by SteelMint, it was assessed that over 2 MnT fresh billet making capacities are expected to come by 2018.
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