Nippon Steel & Sumitomo Metal Corporation (NSSMC) and McDonald Steel, a Bangladesh-based firm, announced they are jointly investing US$59.19 million in the Mirasaria Economic Zone in Chattagram, Bangladesh.
The Bangladesh Economic Zone Authority (BEZA) will provide 100 acres of land via a land lease agreement to the joint venture company—Nippon Macdonald Steel Industries Limited (NMSIL)— for setting up a steel products production plant and other service facilities.
With the planned investment, the joint venture company NMSIL will set up a large-scale steel mill at Mirsarai Economic Zone and procure 50 percent of required raw materials from the local market to produce steel products worth close to US$14 million. The project will be implemented within next two years and initially create scope for employment for 2,500 people.