Steel, cement output falls by a third for multiple challenges

The output at the country's steel and cement factories has fallen almost by a third due to the power and gas crisis, a hike in raw material prices in the global market, and the US dollar shortage, manufacturers said yesterday. 

The lower production has made it difficult for them to pay back bank loans, a situation that may turn them defaulters, they warned.

So, manufacturers called on the government to come up with support to sustain the steel, rod, and cement industries. Otherwise, it would be difficult for them to survive, they said in a press release of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

The call came at a meeting of the standing committee of the FBCCI on iron, carbon steel, stainless steel, and re-rolling industries at the office of the federation in the capital.

Speaking at the meeting, FBCCI President Md Jashim Uddin said it was very important for the steel and cement sectors to make a turnaround to maintain the country's development journey.