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JAKARTA (rambuenergy.com) – South Korean steel maker Pohang Iron and Steel Company or Posco, plans to build its second steel plant in Indonesia. The plan will be built through PT Krakatau Posco, a joint venture firm with PT Krakatau Steel Tbk [KRAS.IJ].
The proposed second steel plant will produce steel products to be used by automotive sector, electronics as well as steel products used by oil and gas offshore platforms.
“We projects the second plant will be operational three years after its construction (2020),” Krakatau Posco’s Corporate Secretary Christiawati Ferania Keseger was quoted by Kontan daily as saying.
The company plans to invest US$3-US$3.3 million to build the second steel plant, which will be located in Cilegon, Banten province.
Posco holds 70 percent stakes in the JV firm, while Krakatau Steel holds the remaining 30 percent. (*)
