GPH Ispat begins billet export to China

Industries Minister Nurul Majid Mahmud Humayun has called upon the local steel producers to manufacture more export-quality MS billet and contribute to the country’s economic development by multiplying the steel export.

He made the remarks while inaugurating the shipment of 25,000 tonnes of MS billet to China in a virtual programme on Wednesday, says a press release.

GPH Ispat, one of the country's leading steel makers, is exporting the billet to China for $10.17 million.

However, the country’s steel manufacturing industry is yet to utilise its full potential, observed the minister.

He advised the local steel manufacturers to produce more MS billet by following the footstep of the GPH Ispat and explore new markets for exporting those.

Referring to the Bangladesh’s economic progression, industries minister said Bangladesh had reported 5.24% GDP (gross domestic product) growth in FY2019-20 during the Covid-19 pandemic, while developed countries experienced negative growth.

The minister appreciated the private sector entrepreneurs for their role behind this economic prosperity.

There was no steel factory owned by Bangalees before the Liberation War, but there are now 400 steel factories running in the country, with a production capacity of around 8 million tonnes per year. The domestic consumption of steel amounts to 7.5 million tonnes a year, according to the press release.

During the programme, the industries minister also said his ministry has been sincerely working to remove barriers that hinder the growth of steel industry in the country.

The ministry has already declared shipbreaking activities an industry, said the minister, adding that the government had developed shipbreaking industrial zone at Sitakunda in Chattogram.

The government enacted “Ship Recycling Act, 2018” with a view to making the shipbreaking industry in Sitakunda environment-friendly, said the minister.

The Act establishes a Board that is to oversee the recycling of ships and ensure that the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 is being applied.

Commerce Minister Tipu Munshi, Chittagong Chamber of Commerce and Industry President Mahbubul Alam, GPH Ispat Ltd Chairman Md Alamgir Kabir, GPH Group Chairman Mohammad Jahangir Alam, Additional Managing Director of GPH Ispat Almas Shimul, among others, spoke on the virtual event.