BSRM

Bangladesh Steel Re-Rolling Mills Ltd.
Company typePublic
DSE: BSRMSTEEL
CSE: BSRMSTEEL
IndustrySteel engineering
GenreSteel
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)
ProductsSteel, long steel products, structural steel, wire products, steel casing pipes, household goods
Production output
1.6 million MT (2019)
RevenueIncrease৳10000 crore (US$840 million) (2021)
Total assetsIncreaseTk 13,466 Crore
(US$1.6 billion) (2018)
SubsidiariesBSRM (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]

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]

In an investigation led by a team from the VAT intelligence unit of the NBR, it was found that two institutions of BSRM dodged VAT amounting to BDT 6.62 crore from July 2016 to June 2019. BSRM later paid the VAT, including interest, to the NBR in December 2021.[12]

Between 2017 and 2018, BSRM was fined ৳5.2 millions by Department of Environment for destroying 1,05,000 square feet of hills in Mirsarai to make way for a power plant named Chittagong Power Company Limited.[13]

See also

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. Archived from the original on 12 June 2023. 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.
  13. ^ Yousuf, Mostafa (30 December 2019). "Razing Hills in Ctg: Fines don't deter big businesses". The Daily Star. Retrieved 9 October 2024.