GPH Ispat, one of the leading steel manufacturers in Bangladesh, is going to export billets, a small bar of metal used as raw material for ms rod, to China, according to the company officials.
The company has signed a contract with a Chinese company to export 25,000 tonnes billet worth Tk86.48 crore.
Almas Shimul, additional managing director of GPH Ispat told The Business Standard, "This is the first bulk cargo billet export to China from Bangladesh. This agreement will help increase our business in the international market."
Meanwhile, after the news was revealed, GPH Ispat's share price jumped by 3.16% to Tk26.10 at Dhaka Stock Exchange (DSE) on Tuesday.
The company is scheduled to start production at full capacity at its new factory at Sitakunda upazila in Chattogram from December next.
The Tk2,500 crore new plant – built using quantum technology, the first in Asia and the second in the world – is producing and selling products in the local market on a trial basis from 7 September this year.
The annual production capacity of this expanded plant is 840,000 tonnes of billets and 640,000 tonnes of rods and medium section products like steel BIM, angle, channel, flat bar, etc.
After starting the full commercial production of the plant, the annual production capacity of the company will become 1,008,000 tonnes of billets and 760,000 tonnes of rod and medium section products.
The company has been listed with DSE since 2012.
It paid 5% cash and 5 % stock dividends for its shareholders for 2018-19 financial year.