New Bashundhara EAF steel plant to raise Bangladesh scrap demand

Bangladeshi conglomerate Bashundhara Group has decided to build a large steelmaking furnace that will boost the country’s demand for imports of scrap steel over the coming years, sources have told Fastmarkets.

Bashundhara will start work in January 2021 on a three-factory steelmaking complex to be located in a new economic zone in Mirsarai, Chattogram, according to a Bangladeshi steelmaker source.
The Chattogram region is home to factories owned by the country’s four largest steelmakers and benefits from close proximity to a large deep-sea port, into which Bangladesh’s bulk scrap cargoes are shipped.
Bashundhara’s plant will feature an electric-arc furnace (EAF) with capacity for around 1.3 million tonnes per year of steel, the source told Fastmarkets.
The group will invest 43.5 billion taka ($504 million) in building the plant, according to local media reports.

Fastmarkets understands that Bashundhara has signed a contract with a major European equipment...

Published

Lee Allen

September 30, 2020

14:42 GMT

Singapore