Steelmakers demand cushion in adverse climate

Steelmakers have sought protection from the government to survive as they are in a deep crisis caused by the sharp devaluation of the taka against the dollar among others.

The association of steelmakers made the plea at a press conference on Monday at the ERF auditorium in the capital.

President of Bangladesh Steel Manufacturers Association (BSMA) Mohammed Jahangir Alam said steelmakers had been unable to import raw materials for opening letters of credit (L/Cs) amid the dollar crunch was difficult.

The recent hike in electricity price has come as another blow to the industry, according to the BSMA leaders.

As part of the protection package, they demanded that their short-term loans be extended for 12 years.

Moreover, they said the enhanced electricity price should be made effective from March instead of February.

They also demanded a reduction in source tax for the industry to 0.5 percent from existing 2 percent.

[email protected]