Posted on 29 Mar 2022
Bangladeshi construction major Mir Akhter Hossain aims to set up a steel subsidiary – Mir Steel Mills – to feed steel to its construction business, Kallanish notes.
“The Board of Directors of the company has decided to form a subsidiary company, namely Mir Steel Mills, and will operate the business subject to necessary approval of the regulatory organisations,” Mir Akhter Hossain informs in an exchange filing. “Mir Akhter Hossain will hold the majority shares of the company.”
The company expects to earn more profit by reducing the cost of raw materials through this setup. “The company buys a huge amount of rod from steel manufacturers every year and now it has become one of the country's biggest consumers,” Mir Akhter Hossain company secretary Masbauhs Sunnah informed local media. “So, the board decided to manufacture steel through its own plant.”
The exact details of the plant, including production capacity and technology, are yet to be released.
Source:Kallanish
