GPH Ispat Limited is set to launch its new plant, comprising of state of the art machinery, by next month to produce high quality steel products.
The new plant will help the company to increase its production capacity to around 1.0 million tonnes annually from 0.15 million tonnes as well as to create new employment.
The plant will use Quantum Electric Arc Furnace (EAF) technology that will also substantially reduce negative impact on environment.
After a Mexican company, GPH Group is adopting the technology as the second one in the world.
These were disclosed by GPH Ispat top officials during a recent view exchange meeting with newsmen at its facility in Chattogram's Sitakunda area beside Dhaka-Chittagong Highway.
Managing Director (MD) of the company Mohammed Jahangir Alam, Additional MD Md Almas Shimul, and head of the project Dr Sayeed Shuman were present in the meeting.
Mentioning various aspects of the latest technology, Dr Shuman said the plant will produce the 'cleanest' steel for the country's infrastructure development.
"Quantum EAF is a new technology to produce the cleanest steel, as it leaves off impurities and ensures environmental safety."
The new industrial unit will help the country enhance its reputation as a steel manufacturer, since many developed countries are yet to adopt the technology, he noted.
Austria-based Primetals Technologies developed the new technology. So far Mexico has adopted it, while some other countries are preparing for it.
"It is incredible for many, but GPH Ispat is all set to start steel manufacturing by using the technology," he added.
Sources said Quantum EAF technology can ensure impurities below 1.0 per cent in steel after melting scrap metal, while traditional induction furnace can ensure impurities below 6-10 per cent.
The new plant will produce various steel products, including 500W TMT bar, section, angle, channel, H-beam, and I-beam etc.
It is capable of producing 0.84 million tonnes of billet and different parts of prefabricated building materials each year.
The new technology will emit carbon as low as 10 microgram in per thousand cubic feet air, whereas the World Bank has set the benchmark at 50 microgram for heavy industries like steel manufacturing units.
Besides, it has zero water discharge, as the system recycles water again and again for its production, they added.
Responding to queries, GPH Ispat MD Jahangir Alam said they have invested Tk 24 billion for the integrated steel plant.
Twelve local and foreign financial institutions provided 70 percent of the total fund. The rest came from issuing right share and the company's reserve fund.
The plant will create around 10,000 direct and indirect employments, said Mr Alam, also the GPH Group chairman.
"GPH Group believes in employment generation through ensuring quality production," he added.
The annual turnover of GPH Group, the parent company of GPH Ispat, is above Tk 80 billion.
The figure is expected to increase by more than Tk 50 billion within next three years following operations of the new plant.
Additional MD Almas Shimul said construction work of the new factory started in 2017 under close monitoring of experts concerned.
"We started the venture, considering the growing demand for quality steel products in the country amid large-scale infrastructure development."
The per capita steel consumption in Bangladesh is around 40 kg only, while it is 500 kg in China, he added.