HM Steel and Industry Limited, the second unit of Golden Ispat's steel plant, officially started its production on Saturday.
Land Minister Saifuzzaman Chowdhury Jabed inaugurated the factory, built in Dangarchar, Chattogram, as chief guest at 12pm.
This new $95 million venture of Chattogram-based business conglomerate Mostafa Hakim Group has the capacity to produce 1,200 tonnes of steel products, every day, and has created job opportunities directly for over 1,500 people.
Saifuzzaman Chowdhury Jabed said, "Mostafa Hakim Group has been producing and marketing quality steel for decades. HM Steel will contribute to the development of strong infrastructure in the country by producing quality steel."
He hopes that HM Steel will be recognised as the best steel company in the country and wishes for the company's success.
He further said that Mostafa Hakim Group has been playing a strong role in the socio-economic development of the country for generations. "The company is famous for its welfare activities; they do a lot for the welfare of the country and people," the land minister said.
Former Chattogram City Corporation (CCC) mayor M Manjur Alam, also the chairman of HM Steel, presided over the inaugural ceremony. He said, "The help of the Awami League government encourages us to establish the industry. From the factory, the government will annually earn more than Tk400 crore as income tax and duty of goods. He hopes that the organisation will play a leading role in implementing Vision 2041, adopted by the government.
Didarul Alam, lawmaker from Chattogram 4 constituency and director of Mostafa Hakim Group, United Commercial Bank Limited Managing Director Mohammed Shawkat Jamil and Deputy Managing Director Habibur Rahman attended the event as special guests.
HM Steel Managing Director Nizamul Alam; directors Mohammad Sarwar Alam, Mohammad Faruk Azam, Mohammad Saiful Alam and Mohammad Shaidur Alam; Mostafa Hakim Group General Manager Nipur Chowdhury; and Karnaphuli Upazila Chairman Faruk Ahmed, among others, were also present at the inaugural ceremony.
The factory has the capacity to produce: 500-550W, 400/60 grade rods, angles, square bars, flat bars, and channels.
With an aim to expand its MS bar and billets manufacturing business, Golden Ispat undertook the project to set up a new manufacturing unit on 12 acres of land, following the success of its first unit set up at Kumira in the port city in early 2019.
Golden Ispat and HM Steel now jointly have an annual production capacity of 600,000 tonnes for steel products.
Mostafa Hakim Group – whose businesses include: ship-breaking, cement, auto bricks, oxygen, real estate, liquefied petroleum gas, textiles, jute, import, and distribution – has been in the steel manufacturing business since 1984.
The company established its first steel plant, Golden Iron Works Limited, in 1984; later another plant named Golden Steel Alloy Works Limited was set up in 1987. Both are semi-automatic mills.
Under the brand name Golden Ispat, the group's first plant in Kumira, Chattogram manufactures 800 metric tonnes of MS bar daily. HM Steel, financed by UCBL, is the fourth steel plant of Mostafa Hakim Group.
The company has been able to secure a good market share in the country's steel market, supplying premium quality products to consumers.
The company is supplying its products to mega projects in Bangladesh as well as supplying products to various government organisations.