The Daily Star reported that Bangladesh’s largest steel manufacturer Bangladesh Steel Re-Rolling Mills Limited has reported a more than 52% YoY decline in profit in the first half of the ongoing financial year owing to the higher cost of production amid tighter market conditions. BSRM made a profit of BDT 54.34 crore in October-December quarter of 2022-23, down from BDT 114.06 crore in October-December of 2021-22. BSRM incurred a loss of BDT 110.18 crore for July-December, as compared to BDT 242.15 crore profits in the first half of FY22. BSRM said that “The economic situation at home and abroad was volatile during the period. The foreign currency conversion rate sharply increased which raised the import and production costs. Moreover, there was a shortage in power supply which forced to cut production. As a result, the cost of production increased. On the other hand, the market of steel products was under severe pressure. But for the sake of the greater interest of the country and to keep the development projects progressing, it was not possible to increase the selling price of steel products keeping pace with the cost of production.”
The Daily Star reported that Bangladesh’s largest steel manufacturer Bangladesh Steel Re-Rolling Mills Limited has reported a more than 52% YoY decline in profit in the first half of the ongoing financial year owing to the higher cost of production amid tighter market conditions. BSRM made a profit of BDT 54.34 crore in October-December quarter of 2022-23, down from BDT 114.06 crore in October-December of 2021-22. BSRM incurred a loss of BDT 110.18 crore for July-December, as compared to BDT 242.15 crore profits in the first half of FY22. BSRM said that “The economic situation at home and abroad was volatile during the period. The foreign currency conversion rate sharply increased which raised the import and production costs. Moreover, there was a shortage in power supply which forced to cut production. As a result, the cost of production increased. On the other hand, the market of steel products was under severe pressure. But for the sake of the greater interest of the country and to keep the development projects progressing, it was not possible to increase the selling price of steel products keeping pace with the cost of production.”
