BSRM Steels Limited, Bangladesh's leading steel manufacturer, is poised to mark a significant milestone with the launch of its state-of-the-art rolling mill in Mirsarai, Chattogram, scheduled for January 1, 2025. This strategic expansion represents a major advancement in the country's steel manufacturing capabilities and demonstrates BSRM's commitment to meeting growing market demands.
The new facility, equipped with cutting-edge technology, boasts an impressive annual production capacity of 600,000 metric tons. This expansion is expected to significantly boost BSRM's market presence, elevating its share in the local steel market from 23% to 34%. The company's strategic location in Mirsarai, known for its industrial development, positions it advantageously for both domestic distribution and potential export opportunities.
Financial indicators already show promising results, with BSRM reporting an 86% surge in net profit, reaching Tk85 crore during the July-September quarter of the current fiscal year. The company's revenue demonstrated steady growth, increasing by 3% to reach Tk1,524 crore during the same period. These robust financial metrics reflect the company's strong market position and effective operational management.
The expansion project aligns with Bangladesh's growing infrastructure development needs and the government's vision for industrial growth. The new mill incorporates advanced manufacturing processes and automation technologies, ensuring higher productivity and maintaining BSRM's reputation for quality steel products. The facility's design emphasizes environmental sustainability and energy efficiency, setting new standards for the industry.
BSRM's investment in this new facility comes at a crucial time when the construction sector is experiencing unprecedented growth. The additional production capacity will help address the supply-demand gap in the local market and potentially reduce dependency on steel imports. The company's earnings per share stood at Tk2.26 at the end of the September quarter, indicating strong financial health and potential for further growth.
The project is expected to create significant employment opportunities in the Chattogram region and contribute to the development of the local economy. BSRM's expansion strategy includes comprehensive training programs for new employees and the implementation of advanced safety protocols, ensuring both workforce development and operational excellence.
The company's management has emphasized that this expansion is part of a broader strategic vision to strengthen BSRM's position as a market leader in Bangladesh's steel industry. With the new facility's advanced capabilities and increased production capacity, BSRM is well-positioned to meet the evolving needs of the construction and infrastructure sectors while maintaining its commitment to quality and innovation.
