BSRM Ltd, Bangladesh's leading steel manufacturer, is boosting its wire production with a Tk 200 crore investment in its subsidiary, BSRM Wires Limited.

The company's board approved the investment yesterday, aiming to strengthen the production of high-quality wires used in construction, power transmission, and fencing.

The investment will support the manufacturing of LRPC wires (steel wires used to reinforce concrete railway sleepers), ACSR core wires (steel-core wires that strengthen aluminum power cables), electrodes, and chain-link fences, according to a disclosure on the Dhaka Stock Exchange website.

BSRM's plans also include a large wire rod pickling station and a state-of-the-art fasteners plant for bolts and nuts.

Furthermore, the BSRM board decided to provide a 50 percent cash dividend for the year that ended on June 30, 2025, depending on the company's record profits. In the previous year, it provided a cash dividend of 35 percent.

Its profits surged 42 percent year-on-year to Tk 614 crore in the last fiscal year. The steel company reported that its consolidated earnings per share were Tk 20.6, up from Tk 14.5 in the previous year.

Its stocks rose around 4 percent to Tk 87.20 yesterday at the DSE.

In the broader cable sector, BBS Cables, one of the leading cable producers in Bangladesh, said in its 2023-24 report that Bangladesh's cable market is expected to grow rapidly, driven by technological progress and a shift away from imported products.