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Kunming Steel in talks with BSRM to set up 2 million tonne steel mill in Bangladesh-The 18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
5/11/2017 Die-casting expo-foundry expo |
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The Daily Star reported that Chinese company Kunming Steel is in talks with Chittagong based BSRM to invest USD 2.2 billion to form a joint venture and serve the fast growing domestic market of Bangladesh. The report quoted a top official of BSRM as saying that negotiations between the two companies have been underway for a few months now.
The factory would be set up at Mirsarai in Chittagong, if the Bangladesh Economic Zones Authority allocates land to the new venture. The 2 million tonne mill will produce basic steel products primarily for the local market, and for export as well, the official said. Both the companies held meetings with BEZA for land allocation.
The BSRM official said many steel products and raw materials have to be imported as local millers do not have the capacity to produce those. “We will make the goods as import substitutes,” he added.
Currently, BSRM meets more than 30 percent of the local demand estimated at about 4.5 million tonnes per year.
-The
18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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