Bangladesh-based steelmaker SS Steel plans to purchase a 99 percent stake in local steel producer Saleh Steel Industries, for a total of BDT 247.50 million ($2.92 million), and to further invest BDT 1.34 billion ($15.82 million) in the producer’s operations.
The new investment is expected to increase the company’s turnover by about BTD 5 billion ($59.06 million) a year, which in turn is likely to increase profitability, SteelOrbis understands.
Salah Steel Industries has an annual steelmaking capacity of 84,000 mt. With the acquisition, SS Steel will raise its annual capacity of 108,000 mt to 192,000 mt.