The impact of steel in human lives is unimaginable. The usage of steel is everywhere from construction of roads railways to building airports and bridges. An advancement of an economy is directly correlated to the steel industry and the metal itself. Steel is by far the most imperative, multi-functional and most malleable of materials. The advance of mankind would have been impossible but for steel. The backbone of developed economies was laid on the strength and intrinsic uses of steel.
Steel industry in Bangladesh has the potential to grow 8 percent per annum keeping in mind the growth of the economy. Bangladesh has achieved a 6 percent GDP growth rate in the last consecutive two years and with the vision of becoming a middle income country by 2021 it needs the real-estate, ship-building and other infrastructure developments to flourish at a very rapid pace. In order to keep up with the pace the rolling and re-rolling mills are investing and expanding at a rapid rate with BSRM Steel Mills leading the market share. A good number of small and medium mills are also contributing to this ever growing sector. Due to vast market demand more and more companies are trying to obtain a share of the pie.
Ship-building industry in Bangladesh is playing a major role in the supply of steel to local companies and it helps to develop the expertise of the labor at home market leading to less dependency on imports. It has also helped to grow the steel and rod sector as almost 80% of steel come from there. The local industries are capable enough to meet the demand of the country. There are few constraints regarding efficient human capital, energy and new technologies. Regardless of such constraints Bangladesh is moving ahead boldly with automated steel industries and greener fume-efficient plants.
The total number ofsteel companies in Bangladesh is increasing day by day with advancement of technology and human labor. Bangladesh Steel Rolling Mills Limited (BSRM) is the first steel re-rolling mill in Bangladesh. It has also the largest billet making company in Bangladesh.