Summary
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]
| Company type | Public |
|---|---|
| DSE: BSRMSTEEL CSE: BSRMSTEEL | |
| Industry | Steel engineering |
| Genre | Steel Iron |
| Founded | 1952 |
| Headquarters | Sadarghat Road, , |
Area served | Worldwide |
Key people | Alihussain Akberali (Chairman) Aameir Alihussain
(Managing Director) |
| Products | Steel, long steel products, structural steel, wire products, steel casing pipes, household goods |
Production output | 1.6 million MT (2019) |
| Revenue |  ৳10000 crore (US$930 million) (2021) |
| Total assets | Tk 13,466 Crore (US$1.6 billion) (2018) |
| Subsidiaries | BSRM (Hong Kong) |
History edit
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 edit
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. It was a confusion with definition of export. 100% export oriented firms can buy local materials with foreign currency like they buy from abroad without paying duty. It was going for long time and no one raised question. However, after new explanation came it was stopped. Still EPZ companies buy local materials with foreign currency enjoying duty free benefits and selling companies consider it export and enjoy export benefits. [11] Later, they paid the VAT amount including interest to NBR in December 2021. In Bangladesh, no firm can deny paying money to NBR as they can lock the BIN to stop all transactions. How logical or illogical business houses have to obey NBR orders. Legal remedies are open and it normally takes few years to have final verdict.[12]
See also edit
References edit
- ^ Report, TBS (July 12, 2023). "BSRM opens first LC in rupee in Ctg". The Business Standard. Retrieved September 22, 2023.
- ^ "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.
- ^ "History of BSRM". Archived from the original on 2013-06-27. Retrieved 2013-06-09.
- ^ "A night to recognise business luminaries". The Daily Star. 26 June 2011. Archived from the original on 4 March 2016. Retrieved 11 January 2017.
- ^ "Prospectus of BSRM Steels Limited" (PDF). Bangladesh Securities and Exchange Commission. Retrieved 27 May 2021.
- ^ 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.
- ^ Akter, Sayeda (5 July 2011). "Steely nerves". The Daily Star.
- ^ "BSRMSTEEL". Chittagong Stock Exchange. Retrieved 27 May 2021.
- ^ "Merger between BSRML and BSRM Steel Mills in the offing". The Financial Express. Dhaka. 18 September 2019.
- ^ "BSRM to set up subsidiary company in Hong Kong". The Financial Express. Dhaka. 10 June 2018. Retrieved 22 November 2020.
- ^ "BSRM draws Tk110cr thru 'false' claims". The Independent. Retrieved 2019-10-07.
- ^ প্রতিবেদক, জ্যেষ্ঠ. "তদন্তের পর ভ্যাট বাবদ সোয়া ১৩ কোটি টাকা জমা দিল বিএসআরএম". bdnews24 (in Bengali). Retrieved 2024-02-18.
External links edit
- Official website