Krakatau Osaka begins construction of steel plant
Thursday, May 21 2015 - 01:17 AM WIB
PT Krakatau Osaka Steel, a joint venture between IDX-listed steel maker PT Krakatau Steel Tbk and Japan?s Osaka Steel Co Ltd, has started construction of a planned 500,000-ton per annum capacity steel plant in Cilegon, Banten, with a groundbreaking ceremony on Wednesday.
Located at the Krakatau Industrial Estate Cilegon, the US$220 million steel plant will produce steel products for the construction sector, said Krakatau Steel President Director Sukandar.
About 95 percent of the output will be dedicated to the domestic market, with the remainder for export.
Osaka holds 80 percent stake in the joint venture company, while Krakatau Steel 20 percent. (*)