Photo: Collected

DHAKA, Feb 1, 2025 (BSS) - An environment friendly steel plant of Bangladesh Steel Re-Rolling Mills (BSRM) Limited was built in Chattogram under the Private Sector Investment Finance (PSIF) scheme of Japan International Cooperation Agency (JICA). 

The new plant, located at Mirsharai, supported by a US 50 million dollars loan signed in October 2023, represents JICA's 8th PSIF transaction,  inaugurated today, said a JICA press release here.   

The plant will add 500,000 metric tons per annum (MTPA) of rebars, 100,000 MTPA of wire rods, and expand billet production by 250,000 MTPA, it added. 

By reducing dependency on imported steel, JICA said, the facility will help stabilize the country's trade balance while generating more than 500 new employment opportunities and supporting the development of local industries.

Industries adviser Adilur Rahman Khan, Italian Ambassador to Bangladesh Antonio Alessandro, Chattogram City Corporation Mayor Dr Shahadat Hossain, JICA Chief Representative in Bangladesh Ichiguchi Tomohide and BSRM Chairman Ali Hussain Akber Ali attended the inauguration ceremony. 

The ceremony marked a significant milestone for JICA supporting Bangladesh's private sector as the Japanese international aid agency recognizes that a strong domestic steel industry is crucial for infrastructure development and economic resilience, said the release. 

"We hope that the inauguration of this new plant will serve as a symbolic milestone to develop Bangladesh's industries further, attracting increased foreign investment to Bangladesh," said JICA's Chief Representative. 

He said that this project exemplified JICA's dedication to partnering with leading companies like BSRM to drive industrial advancement in Bangladesh. 

JICA said that the BSRM plant incorporated cutting-edge environmental technologies, including an advanced Air Pollution Control (APC) system to ensure clean air emissions and a water treatment and recycling facility that achieved 100 percent process water reuse. 

Through the integration of rooftop solar power plants and energy-efficient production methods, the factory will mitigate climate change by reducing greenhouse gas (GHG) emissions by 10,000 tons (CO2 equivalent) per year. 

Additionally, the plant promotes a circular economy by repurposing slag from steel production for construction use. 

These initiatives contribute to Sustainable Development Goals (SDGs) 7 (Affordable and Clean Energy), 9 (Industry, Innovation, and Infrastructure), and 13 (Climate Action), reinforcing JICA's commitment to environmental stewardship. 

JICA remains committed to fostering a sustainable industrial ecosystem in Bangladesh, said the release.