China?s Wisco to team up with Sinar Mas to build giant steel plant
Thursday, March 20 2014 - 02:14 AM WIB
Wuhan Iron and Steel Corporation (Wisco), China?s fourth largest steel maker, plans to team up with Indonesia?s leading conglomerate the Sinar Mas Group to build the largest steel plant in Indonesia, with estimated investment of about US$5 billion.
Minister of Industry MS Hidayat said on Wednesday, following a meeting with visiting Wisco and Sinar Mas officials, that the Chinese company has dropped an earlier plan hatched in 2010 to team up with Indonesia?s largest private-owned steel maker Gunung Steel Group. ?They will enter with a new local partner, which is Sinar Mas,? he said
Hidayat added that the planned steel plant by Wisco would have an annual production capacity of 5 million tons, which would be the largest in the country. Its capacity could only be surpassed by PT Krakatau Posco if it could realize the construction of its second 3 million tons per annum plant. (*)