Saturday, 1 April, 2023

Businessmen called for government's support to sustain steel industry

The businessmen of the steel and rod manufacturing sector sought the government's support on an urgent basis to deal with the crisis surrounding the industry amid the price hike of raw materials in international market.

They said in such situation amid shortage of power and energy in the factories, the steel, rod and cement industries of the country are suffering from crisis. 

They made the call and observations at the 2nd meeting of the FBCCI Standing Committee on Iron, Carbon Steel, Stainless Steel and Re-rolling Industries held at the FBCCI office on Monday.

The traders in the meeting said that the prices of raw materials including steel, rods and cement have increased in the world market.
Meanwhile, due to the shortage of electricity and gas in the factories, production has also decreased. 

They said low production has made it difficult to repay bank loans, creating a risk of default. In this situation, businessmen in these sectors called for government's support to sustain the steel, rod and cement industries of the country, said a press release.

FBCCI President Md. Jashim Uddin said that the steel sector is directly involved in the development of the country. It is very important to continue the industrialization and other development progress of the country.

He demanded for setting up a dollar fund for the import of raw materials along with uninterrupted electricity and gas supply to the factories. Besides, the FBCCI chief also urged the banks to cooperate in opening up of LCs. 

FBCCI vice president MA Momen echoed with the businessmen and said that the crisis in the steel sector is clear. He advised the businessmen to use the upcoming Bangladesh Business Summit 2023 as a platform for branding the steel sector.

The meeting was presided over by the chairman of the committee and chairman of the Bangladesh Steel Manufacturers Association Manwar Hossain. He demanded for creating a dollar fund to sustain the steel sector.

The director in charge of the committee said that it is very important to take initiatives to reduce the price of construction materials to continue the government's development stride.

FBCCI former first vice president Mohammad Ali, director SM Jahangir Alam (Manik), committee co chairmen Md. Shahidullah, Dr. Sumon Chowdhury, Engr. Shafiqul Haque Talukder, Engr. Bimal Chandra Roy and other members were present, among others, at the meeting.