Steel manufacturer GPH Ispat started billet export to China yesterday with the first shipment of 25,000 tonnes worth $10.17 million through bulk cargoes.
"It is the biggest ever shipment of raw materials for the rod by any Bangladeshi company," said Md Alamgir Kabir, chairman of GPH Ispat Group.
"After fulfilling our country's demand, we are now exporting billets in large volumes."
The government has taken several initiatives to give a boost to the sector that can ensure easy access of the entrepreneurs in the global market, Industries Minister Nurul Majid Mahmud Humayun said at the virtual inauguration ceremony as the chief guest.
The minister also urged the entrepreneurs of the steel industry to make an effective contribution to the national economy by increasing the production of MS Billet and its export to the world market.
The government is trying to give an incentive to the steel entrepreneurs to encourage steel and billet exports, Commerce Minister Tipu Munshi said.
The steel-maker's disclosure came a month after it expanded its annual billet production capacity from 2.1 lakh tonnes in 2018 to more than 10 lakh tonnes this year.
The company also increased its rod production capacity from 1.50 lakh tonnes in 2018 to 7.60 lakh tonnes in this year.
Having started its journey in 2006, GPH began commercial production in August 2008 with an annual capacity to produce 84,000 tonnes of billet and 120,000 tonnes of rod.
Currently, 35 factories of around 400 mills of the sector make billet by importing scrap and scrap ships.
Bangladesh Trade and Tariff Commission Chairman Munshi Shahabuddin Ahmed, Chattogram Port Authority Chairman Rear Admiral SM Abul Kalam Azad and Chattogram Chamber of Commerce and Industry President Mahbubul Alam were also present.