GPH Ispat struck a deal with Primetals Technologies Austria GmbH for large scale expansion with ultra-modern long steel technology.
The expansion would help increase its annual MS Billet production to 10,08,000 metric tons while Rebars and Sections to 760,000 metric tons each year.
Besides, this project will create employment opportunity of about 9,000 Bangladeshi workforce, of whose 1,000 people will work directly, and about 8,000 will work indirectly.
To this end, Managing Director of GPH Ispat Mohammed Jahangir Alam and Chief executive of Primetals Technologies Austria Dr Heiner R(tm)HRL signed the contract on behalf of their respective organisations in hotel Westin Dhaka on Tuesday, said a GPH Ispat press release on Wednesday.
Primetals Technologies Austria is also a joint venture of Siemens, Mitsubishi Heavy Industries and Partners.
The ultra modern long steel technology that GPH Ispat will use in the project will be the first of its kind in Bangladesh as well as in Asia region. The state-of-the-art technology will ensure world-class supreme quality products.
Using this technology, carbon emission will be 90 percent less than the World Bank's prescribed limit and 96 per cent less than the Bangladesh Standards recommended limit. It will also reduce Suspended Particulate Materials (SPM) of flue Gases by 60 per cent against Bangladesh Standards.