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Nippon Steel & Sumitomo Metal and McDonald Steel form JV in Bangladesh

Steel News - Published on Mon, 24 Sep 2018

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The Daily Star reported that Japan's Nippon Steel and Sumitomo Metal has formed a joint venture company with Bangladesh's McDonald Steel Building Products Ltd to set up an import substitute plant in the Mirsarai Economic Zone in Chattogram. Initially, the two companies have agreed to invest USD 59.19 million, or nearly Tk 500 crore, to establish the plant. Bangladesh Economic Zones Authority (Beza) has signed an agreement with the joint venture to lease out 100 acres of land in the economic zone for the plant. JV will start the development work of the project in December 2018 and it will be completed within 730 days. The venture plans to sell USD 13.67 million-worth steel products in the local market every year. Some 20% of the total output will be exported to South Asian countries.

Mohammad Sarwar Kamal, MD of McDonald Steel, said “We will manufacture basic steel products like galvanised steel, steel sheets and pre-fabricated steel,” said

McDonald Steel produces pre-fabricated structural steel. It imports quality products from Japan, Luxembourg, China and India.

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Posted By : Ratan Singh on Mon, 24 Sep 2018
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