Bangladeshi steel manufacturing company
The Bangladesh Steel Re-Rolling Mills Ltd., commonly known as BSRM, is a Bangladeshi steel manufacturing company based in Chittagong. It is the largest construction steel manufacturer company in Bangladesh.[1][2]
History
In 1952, five businessman named Akberali Africawala, Alibhai Africawala, Taherali Africawala, Abdul Hussain Africawala, and Rajabali Africawala, set up the first BSRM steel re-rolling mill of the then East Bengal in Nasirabad, Chittagong. It started its journey with four manual rolling mills.[3][4] In 1970 the manual rolling mills were replaced with the state-of-the-art Italian built rolling mill.
In 1996, the company installed and commissioned their billet casting plant under the name "Meghna Engineering Works Limited".
In July 2002, BSRM Group incorporated a new company, BSRM Steels Ltd, to fund and operate a turnkey re-rolling mill from Italian supplier Danieli.[5] Construction of the plant began in 2005[6] on 11 acres just off the Dhaka-Chittaong Highway at Latifpur in Fouzderhat, Chittagong. It was completed at a cost of 3.7 billion Bangladeshi taka (equivalent to $54 million in 2008). The facility began commercial operation in April 2008 with an annual production capacity of 375,000 metric tons.[7] On 18 January 2009, BSRM Steels Ltd was listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.[8] As of 2019, holding company BSRM Ltd retained about 45% of the shares in BSRM Steels Ltd.[9]
BSRM has a subsidiary in Hong Kong named BSRM (Hong Kong) Limited.[10]
Controversy
In May 2019, Bangladesh National Board of Revenue (NBR) alleged that the company has drawn over USD 13 million from the government falsely claiming locally sold steel products as export goods which violates the duty drawbacks facilities that is only meant for material export.[11] Later, they paid the VAT amount including interest to NBR in December 2021.[12]
৳10000 crore (US$930 million) (2021)