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Bangladesh’s steel industry is facing one of its toughest downturns in recent years as demand and production both decline sharply.
Industry data shows annual steel demand has fallen by nearly 17%, dropping from over 6 million tonnes to around 5 million tonnes. According to the World Steel Association, the country’s crude steel output decreased from 5 million tonnes in 2023 to 4.5 million tonnes in 2024.
The sector comprises about 200 mills, including 40 large-scale producers, but almost 40% of them have suspended operations due to weak demand and a shortage of working capital. Many smaller mills have already shut down production, while larger ones in Dhaka and Chattogram are continuing at reduced capacity.
Steelmakers cite sluggish public-sector construction, political uncertainty, rising energy costs, and tighter bank financing as key reasons behind the slowdown. Contractors have delayed projects, leading to a collapse in sales. Mills are now selling below production cost, cutting prices by Tk 6,000–6,500 per tonne to keep operations running.
The depreciation of the taka against the dollar and high interest rates have worsened the crisis, leaving many producers struggling to meet salary payments and loan obligations.
Despite these challenges, mill owners hope for a rebound in demand if economic and political stability returns, alongside renewed government infrastructure spending.
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