BSRM

Last updated
Bangladesh Steel Re-Rolling Mills Ltd.
Company type Public
DSE:  BSRMSTEEL
CSE:  BSRMSTEEL
IndustrySteel engineering
Genre Steel
Iron
Founded1952;72 years ago (1952)
HeadquartersSadarghat Road,
Chittagong
,
Bangladesh
Area served
Worldwide
Key people
Alihussain Akberali (Chairman)

Aameir Alihussain (Managing Director)

Zohair Taherali (Director)
Products Steel, long steel products, structural steel, wire products, steel casing pipes, household goods
Production output
1.6 million MT (2019)
RevenueIncrease2.svg৳10000 crore (US$930 million) (2021)
Total assets Increase2.svgTk 13,466 Crore
(US$1.6 billion) (2018)
Subsidiaries BSRM (Hong Kong)

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]

Contents

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] A team of VAT intelligence led by NBR conducted audits into the two institutions. During the investigation, BSRM was found dodging BDT 6.62 crore. Later, BSRM paid the amount of VAT including interest to NBR in December 2021. [12]

See also

Related Research Articles

<span class="mw-page-title-main">Chittagong</span> Second-largest city in Bangladesh

Chittagong, officially Chattogram, is the second-largest city in Bangladesh. Home to the Port of Chittagong, it is the busiest port in Bangladesh and the Bay of Bengal. It is the administrative seat of an eponymous division and district. The city is located on the banks of the Karnaphuli River between the Chittagong Hill Tracts and the Bay of Bengal. The Greater Chittagong Area had a population of more than 5.2 million in 2022. In 2020, the city area had a population of more than 3.9 million. The city is home to many large local businesses and plays an important role in the Bangladeshi economy.

Uttara Bank PLC. is one of the largest and oldest private sector commercial banks in Bangladesh. There are 243 branches at home and 600 affiliates worldwide. Azharul Islam, chairman of Aftab Group, is the chairman of Uttara Bank PLC.

Prime Bank PLC. is a public limited commercial bank in Bangladesh with its headquarters in Dhaka. With 146 branches and 170 ATM the bank has operation in corporate, consumer, MSME and sustainable banking. Tanjil Chowdhury, managing director of East Coast Group, is chairman of Prime Bank.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

Eastern Housing Limited (EHL) is a public limited company in Bangladesh working in real estate development. The company was established in 1964 and became a member of REHAB in 1992. EHL was established with the objective of the development of land for housing in the urban areas of Dhaka. It is involved in construction, engineering, manufacturing and trading activities. It has been responsible for redefining the environment in Dhaka, the capital of Bangladesh, along with other major developers.

<span class="mw-page-title-main">Eastern Bank PLC. (Bangladesh)</span> Bank in Bangladesh

Eastern Bank PLC. is a private commercial bank headquartered in Dhaka, Bangladesh. It was established on August 8, 1992, as a public limited company with limited liability under the Bank Companies Act of 1991. Its share are listed in the Dhaka Stock Exchange and the Chittagong Stock Exchange. The bank provides products and services in retail banking, corporate finance, asset management, equity brokerage and security. It has 85 branches and 214 ATMs in Bangladesh and employs around 3000 employees.

<span class="mw-page-title-main">KDS Group</span>

KDS Group is a business and industrial conglomerates of Bangladesh, which is based in Chittagong but with extensive operations in Dhaka as well. It has also established offices and agencies in India, Hong Kong and is currently expanding into Europe and North America. It is one of the largest private sector employers in Bangladesh.

Dragon Group is a group of garment factories and other companies in Bangladesh. The group produces mainly for the international market and exports to more than 30 countries, especially the United States and Canada. Its subsidiary Dragon Sweater employs more than few thousand workers and in 2018 was the most traded stock on the Dhaka Stock Exchange.

<span class="mw-page-title-main">Automotive industry in Bangladesh</span> Third largest in South Asia

The automotive industry in Bangladesh is the third largest in South Asia.

<span class="mw-page-title-main">Economy of Chittagong</span> Economy of the city in Bangladesh

The Economy of Chittagong is reflected in its gross state product of $116 billion in purchasing power parity (2022) terms ranking, second in size only behind Dhaka in Bangladesh. The nominal gross domestic product of Chittagong metropolitan city is $25.5 billion. Chittagong metropolitan City is the second largest metropolitan city in Bangladesh. Chittagong is the export hub of Bangladesh, accounting for more than $38 billion in exports. Chittagong is the commercial hub of country. Chittagong is also home to the busiest port in the country.

<span class="mw-page-title-main">T K Group of Industries</span> Bangladeshi conglomerates

The T K Group of Industries is a Bangladeshi industrial Conglomerate known for its vegetable oil business. It also has interests in steel, shipbuilding, pulp and paper, plastics, cement, and textiles. The conglomerate is headquartered in Chittagong. The group is one of the top VAT payers in the country.

The steel industry is an established and growing industry in Bangladesh. Predominantly based in the port city of Chittagong, the industry has emerged as a major contributor to the national economy. According to the experts, the growth of steel industry in Bangladesh is mainly induced by the rapid expansion of the country's shipbuilding and real estate sector, as well as the major investments in various infrastructure projects throughout the country.

<span class="mw-page-title-main">PRAN-RFL Group</span> Bandladeshi conglomerate

PRAN-RFL Group is a Bangladeshi multinational conglomerate, based in Dhaka, Bangladesh. The company is known for its diversified business portfolio, including food and beverage, plastic products, and agricultural machinery. It is one of the largest conglomerates in Bangladesh, with a presence in more than 145 countries. Pran-RFL Group is headquartered in Dhaka, Bangladesh, and employs over 140,000 people worldwide. The group operates under several subsidiaries, including Pran Foods, RFL Plastics, Pran-RFL Healthcare, and many others.

<span class="mw-page-title-main">United Commercial Bank PLC</span> A private bank of Bangladesh

United Commercial Bank PLC (UCB) is a commercial bank in Bangladesh. It was established in 1983.

<span class="mw-page-title-main">South Bangla Agriculture and Commerce Bank Limited</span> 4th Generation Private commercial bank of Bangladesh

South Bangla Agriculture and Commerce Bank Limited(SBAC) is a private commercial bank headquartered in Dhaka, Bangladesh. It incorporated in 2013 as a banking company under Companies Act, 1994 and is regulated under the Banking Companies Act, 1991. The bank has network of 88 branches and 25 sub-branches around the country.

<span class="mw-page-title-main">GPH Ispat</span>

GPH Ispat Limited is a public limited steel manufacturing company based in Chittagong, Bangladesh.

<span class="mw-page-title-main">Miracle Industries Limited</span>

Miracle Industries Limited is a Bangladesh government owned company that manufactures plastic packaging.

Abul Khair Group is a Bangladeshi diversified conglomerate based in Chattogram. Abul Kashem is the chairperson and Abul Hashem is the managing director of Abul Khair Group. Abu Syed Chowdhury is the deputy managing director and Shah Shafiqul Islam is the group director. All four are sons of Abul Khair.

<span class="mw-page-title-main">Ratanpur Group</span>

Ratanpur Group is a Bangladeshi diversified conglomerate based in Chittagong. It mostly known for its flagship company, Ratanpur Steel Re-Rolling Mills Limited (RSRM).

References

  1. ↑ Report, TBS (July 12, 2023). "BSRM opens first LC in rupee in Ctg". The Business Standard. Retrieved September 22, 2023.
  2. ↑ "BSRM comes out of red in Jan-Mar, riding on high demand, increased product prices". The Financial Express. September 22, 2023. Retrieved September 22, 2023.
  3. ↑ "History of BSRM". Archived from the original on 2013-06-27. Retrieved 2013-06-09.
  4. ↑ "A night to recognise business luminaries". The Daily Star. 26 June 2011. Archived from the original on 4 March 2016. Retrieved 11 January 2017.
  5. ↑ "Prospectus of BSRM Steels Limited" (PDF). Bangladesh Securities and Exchange Commission. Retrieved 27 May 2021.
  6. ↑ Raihan, Selim; Eusuf, Abu (2008). "Growth of Private Business Houses in Dhaka after 1971". In Hassan, Delwar (ed.). Commercial History of Dhaka. Dhaka Chamber of Commerce and Industry. p. 136.
  7. ↑ Akter, Sayeda (5 July 2011). "Steely nerves". The Daily Star.
  8. ↑ "BSRMSTEEL". Chittagong Stock Exchange. Retrieved 27 May 2021.
  9. ↑ "Merger between BSRML and BSRM Steel Mills in the offing". The Financial Express. Dhaka. 18 September 2019.
  10. ↑ "BSRM to set up subsidiary company in Hong Kong". The Financial Express. Dhaka. 10 June 2018. Retrieved 22 November 2020.
  11. ↑ "BSRM draws Tk110cr thru 'false' claims". The Independent. Retrieved 2019-10-07.
  12. ↑ প্রতিবেদক, জ্যেষ্ঠ. "তদন্তের পর ভ্যাট বাবদ সোয়া ১৩ কোটি টাকা জমা দিল বিএসআরএম". bdnews24 (in Bengali). Retrieved 2024-02-18.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.