This is the first bulk cargo billet export from Bangladesh
GPH Ispat Limited, a publicly traded company has decided to enter into a contract for export of 25,000 metric tons MS billet to China, it is the first bulk cargo billet export from Bangladesh.
The company signed a contract with a Chinese company to export 25,000 tons billet worth $10,175,000, the company said through a web posting on the Dhaka Stock Exchange (DSE) on Tuesday.
Additional managing director of GPH Ispat Almas Shimul said: “We are in the phase of biggest shipment in the history of Bangladesh in terms of value. If policy support from the government is given like in other export sectors, we can continue in the future. This will become a new avenue in the export sector.”
“We produced pure steel and added the required chemical according to requirement. We are using German technology which is first in Asia and second in the world. We now have more than 1 million-ton production capacity at our plant,” he said.
The export will start in the first week of November, 2020.
GPH has been involved in the intelligent future of metal production which anticipates the future needs and challenges in the market. This technology is cutting edge, allows the highest level of efficiency with minimum wastage, is energy efficient and is environment friendly, the company said.
Currently, local ispat mills produce around 6m tons of billet annually, enough to manufacture 5.5m lakh tons of high-quality rods. Around 35 mills make billet by importing scrap.
Each share of the GPH, which was listed on the Dhaka bourse in 2012, closed at Tk26 each on Tuesday, gaining 3.16% over the previous day.
The company’s paid-up capital is Tk378 crore and authorized capital is Tk1,000 crore while total number of securities is Tk37.81 crore.