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Steel News July 02, 2019 03:30:33 PM

Bangladesh Seeks Rapid Expansion of Steelmaking Capacity

Paul Ploumis
ScrapMonster Author
Major steel makers in the country, including BSRM, have already initiated projects aimed at boosting thier steelmaking capacities.
Bangladesh Seeks Rapid Expansion of Steelmaking Capacity

SEATTLE (Scrap Monster): Bangladesh has witnessed rapid rise in steel production capacity over the past few years. Commenting on the country’s steel sector prospects, Sanjoy Kumar Ghosh, head of supply chain management at Bangladesh Steel Re-Rolling Mills (BSRM) - a leading steel manufacturer in the country, hoped that the country aims to expand its steelmaking capacity by 4 million metric tons.

According to Ghosh, the country is currently witnessing lot of developmental activities, with special focus on infrastructure development. The strong GDP growth of the country is likely to lead to at least 16% growth for steel sector in the coming years. The per capita steel consumption in the country has almost doubled in past six years to touch 99 pounds in 2017. This is likely to improve further to hit 161 pounds by 2022.

Major steel makers in the country, including BSRM, have already initiated projects aimed at boosting thier steelmaking capacities. This should lift the country’s steel production capacity from current levels of around 6.5 to 7 million metric tons by additional 4 million metric tons in the next few years. The steel scrap demand in the country, which currently stands at around 7 million metric tons, is likely to witness tremendous surge in the coming years.