Bangladesh Steel Re-Rolling Mills (BSRM) group has decided to merge with its sister concern company, BSRM Steel Mills Ltd.
With this move, BSRM has acquired BSRM Steel Mills Ltd which was holding a 44.97pc stake in the sister company.
Sales and financials
In FY2020 BSRM’s product sales hit BDT45.77bn and posted profits of BDT920mn in the same period. In the quarter that ended in December, BSRM logged in a profit of BDT1.089bn against BDT139mn from the prior year.
In the first half of FY2021, (July-December 2020), it recorded sales of BDT23.44bn, up 4.3pc from a year prior. Profits were at BDT152mn, up more than three times from a year earlier.
The boosted financial performance helped the steel mill to lower losses and focus on acquisitions and mergers.