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Bangladeshi media reported that Chittagong based Mostafa Hakim Group has launched a new steel production facility of HM Steel and Industries at Karnaphuli upazila in Chattogram in Bangladesh to expand its annual production capacity by 400,000 tonnes by investing BDT 1,000 crore. HM Steel has the capacity to produce 400,000 tonnes of billet to produce rebar, angles, square bars, flat bars and channels.
Mostafa-Hakim Family of Chittagong started the family business as construction firm in the sixties founded by late Hakim. His sons carried out this dream and started of as a ship breaker in the early eighties. Now the company deals with diverse range of product and services. Mostafa Hakim Group stepped into the steel industry in 1984 with a manual rod production plant named Golden Iron. It then set up a semi automated mill called Golden Steel in 1987. But after a long gap, the group established Golden Ispat in 2017. Golden Ispat has the capacity to produce 200,000 tonnes annually.
There are over 140 steel factories currently in operation in Bangladesh with annual production capacity of 8 million tonnes. Bangladesh Steel Re-Rolling Mills with a capacity of 1.6 million tonnes leads the market, followed by Abul Khair Steel with 1.3 million tonnes, GPH with 0.9 million tonnes and KSRM with 0.6 million tonnes.