BSRM
{{Short description|Bangladeshi steel manufacturing company}}
{{Infobox company
| name = BSRM Steels Limited
| logo = Logo of BSRM.svg
| logo_size =
| logo_alt =
| image =
| image_size =
| image_caption =
| traded_as = {{Dse|BSRMSTEEL}}
{{Chittagong Stock Exchange|BSRMSTEEL}}
| type = Public
| industry = Steel engineering
| foundation = {{start date and age|1952}}
| predecessor =
| 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 = 1.6 million MT
| production_year = 2019
| revenue = {{increase }}{{BDTConvert|10000|c}}
| revenue_year = 2021
| assets = {{increase }}Tk 13,466 Crore
(US$1.6 billion) (2018)
| owner =
| parent =
| num_employees =
| subsid = BSRM (Hong Kong)
| homepage =
| footnotes =
| accessdate =
| location = Sadarghat Road
| hq_location_city = Chittagong
| hq_location_country = Bangladesh
}}
The Bangladesh Steel Re-Rolling Mills, Tradename: BSRM Steels Limited, commonly known as BSRM, is a Bangladeshi steel manufacturing company based in Chittagong. It is the largest construction steel manufacturer company in Bangladesh.{{cite web | last=Report | first=TBS | title=BSRM opens first LC in rupee in Ctg | website=The Business Standard | date=July 12, 2023 | url=https://www.tbsnews.net/economy/corporates/first-inr-based-lc-chattogram-opened-bsrm-664306 | access-date=September 22, 2023}}{{cite web | title=BSRM comes out of red in Jan-Mar, riding on high demand, increased product prices | website=The Financial Express | date=September 22, 2023 | url=https://thefinancialexpress.com.bd/stock/bangladesh/bsrm-comes-out-of-red-in-jan-mar-riding-on-high-demand-increased-product-prices | access-date=September 22, 2023}}
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.{{Cite web |url=http://www.bsrm.com/history.php |title=History of BSRM |access-date=2013-06-09 |archive-url=https://web.archive.org/web/20130627032518/http://www.bsrm.com/history.php |archive-date=2013-06-27 |url-status=dead }}{{cite news|url=http://archive.thedailystar.net/newDesign/news-details.php?nid=191618|title=A night to recognise business luminaries|date=26 June 2011|work=The Daily Star|access-date=11 January 2017|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304080857/http://archive.thedailystar.net/newDesign/news-details.php?nid=191618|url-status=dead}} 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.{{cite web |title=Prospectus of BSRM Steels Limited |url=https://www.sec.gov.bd/ipoprospectus/Prospectus_BSRMS1.pdf |website=Bangladesh Securities and Exchange Commission |access-date=27 May 2021}} Construction of the plant began in 2005{{cite book |last1=Raihan |first1=Selim |last2=Eusuf |first2=Abu |chapter=Growth of Private Business Houses in Dhaka after 1971 |editor-last=Hassan |editor-first=Delwar |year=2008 |title=Commercial History of Dhaka |publisher=Dhaka Chamber of Commerce and Industry |page=136}} 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.{{cite news |last1=Akter |first1=Sayeda |title=Steely nerves |url=http://archive.thedailystar.net/suppliments/2011/business_awards2010/index.html |work=The Daily Star |date=5 July 2011}} On 18 January 2009, BSRM Steels Ltd was listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.{{cite web |title=BSRMSTEEL |url=https://www.cse.com.bd/company/companydetails/BSRMSTEEL |website=Chittagong Stock Exchange |access-date=27 May 2021}} As of 2019, holding company BSRM Ltd retained about 45% of the shares in BSRM Steels Ltd.{{cite news |title=Merger between BSRML and BSRM Steel Mills in the offing |url=https://www.thefinancialexpress.com.bd/stock/bangladesh/merger-between-bsrml-and-bsrm-steel-mills-in-the-offing-1568782078 |work=The Financial Express |location=Dhaka |date=18 September 2019}}
BSRM has a subsidiary in Hong Kong named BSRM (Hong Kong) Limited.{{cite news |title=BSRM to set up subsidiary company in Hong Kong |url=https://www.thefinancialexpress.com.bd/stock/bsrm-to-set-up-subsidiary-co-in-hong-kong-1528614824|access-date=22 November 2020|work=The Financial Express|location=Dhaka|date=10 June 2018}}
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.{{Cite web |last= |first= |date= |title=BSRM draws Tk110cr thru 'false' claims |url=http://www.theindependentbd.com/post/198339 |archive-url=https://web.archive.org/web/20230612081106/https://www.theindependentbd.com/post/198339 |archive-date=12 June 2023 |access-date=2019-10-07 |website=The Independent}}
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.{{Cite web |last=প্রতিবেদক |first=জ্যেষ্ঠ |title=তদন্তের পর ভ্যাট বাবদ সোয়া ১৩ কোটি টাকা জমা দিল বিএসআরএম |url=https://bangla.bdnews24.com/business/article1992529.bdnews |access-date=2024-02-18 |website=bdnews24 |language=bn}}
Between 2017 and 2018, BSRM was fined {{BDT|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.{{cite news |last1=Yousuf |first1=Mostafa |title=Razing Hills in Ctg: Fines don't deter big businesses |url=https://www.thedailystar.net/backpage/news/razing-hills-ctg-fines-dont-deter-big-businesses-1847038 |access-date=9 October 2024 |work=The Daily Star |date=30 December 2019 |language=en}}
See also
References
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