Bangladesh-based Bangladesh Steel Re-rolling Mills Ltd (BSRM) has announced that it will invest BDT 7 billion ($82.55 million) to set up a new steel plant to raise its billet capacity by 500,000 mt per year to meet market demand. The plant is expected to start its operation by the middle of 2023.
The company has an annual production capacity of two million mt of billet and 1.6 million mt of re-rolling steel.
BSRM’s earnings per share came to BDT 19.7 million for this year, down from BDT 46 million recorded in 2019, due to reduced production and sales amid the coronavirus pandemic.