Bangladesh Steel Re-rolling Mills Ltd (BSRM) has announced plans to open a new steel plant in Kenya with a production capacity of 400 mt of steel daily. BSRM will make an equity investment of US $4.7 million, or 18 percent, in BMS Steel. Other investment partners include Mauritius, United Arab Emirates (UAE) investors and Kenyan investors.
BMS Steel Ltd, BSRM’s local venture, is planning to make an investment of US $64 million to produce 0.40 million mt annually of bars and sections for the domestic market.
BSRM along with other local Bangladesh firms were permitted to invest abroad by the central bank in mid-2017 with stipulations on bringing back the interest earned to improve domestic investments.
Local steel manufacturers in Kenya include Devki Group, Kilifi-based Jumbo Steel Mills, Nairobi based Tononoka Steel, Apex Steel Mill Corporation, Steel Makers Ltd and Prime Steel Ltd.