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Kunming Steel to set up a JV integrated steel plant in Bangladesh

Steel News - Published on Fri, 17 Aug 2018

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The Daily Star reported that a consortium of 17 local companies and a Chinese steelmaker is set to invest USD 3.5 billion to establish a Bangladesh-China joint venture integrated steel plant in Moheshkhali. Of the sum, Kunming Iron and Steel Holding Company a leading steelmaker from China, will foot USD 2.4 billion. The rest will be provided by Star Infrastructure Development Consortium a combination of 17 business groups including BRSM, Crown Cement, Nitol Niloy and Unique Group. More than 20 lakh tonnes of steel products would be manufactured at the plant, according to the business proposal submitted to the Bangladesh Economic Zone Authority.

Mr Abdul Matlub Ahmad, chairman of Nitol Niloy Group said that “We have a plan to build a plant that would provide all kinds of steel products.”

Mr Ashraful Haq Chowdhury, managing director of SIDC said that “This plant will be an import substitute, and it would save foreign exchange, adding that the plant will create employment for 20,000 directly.” He added that the construction of the plant would not start for another year.

Mr Manwar Hossain, managing director of Anwar Group of Industries that owns Anwar Ispat, said foreign direct investment is always welcome. He added that “But we have to keep in mind that the foreign investments do not hurt the local players, especially small ones.”

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Posted By : Ratan Singh on Fri, 17 Aug 2018
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