The Bangladesh Iron and Steel Manufacturers Association said that from March to April, the industry faced a loss of 30 billion Taka, but the manufacturer had to pay employee salaries and bear other expenses. As many as 90% of the raw materials in the steel industry are imported from the United States, Canada, Italy, the United Kingdom and Australia, but since early March these countries have entered a partial or complete blockade.
If this situation continues until December, the loss of the Bangladesh steel industry will reach 150 billion Taka. The Bangladesh Iron and Steel industry called on the Bangladesh government to provide a 12-year, 6-year grace period low-interest loan to reduce the company tax from the current 35% to 10%, and to abolish the 5% prepayment of income tax in the next fiscal year import phase.
At present, there are about 40 active steel manufacturers in Bangladesh, with a total output value of 50 billion taka and an annual steel output of 9 million tons. Among them, the total annual output of Abul Khair Steel, GPH Steel, BSRM and KSRM is 8 million tons, which can meet more than half of Bangladesh's annual steel demand.
