Nippon Steel seeks tax holiday
Monday, March 23 2015 - 02:06 AM WIB
Nippon Steel & Sumitomo Metal Corp (NSSMC) is seeking for a tax holiday facility as it plans to invest US$500 million to produce automotive and special construction steel products in Indonesia, Bisnis Indonesia reported on Monday.
The paper quoted NSSMC Executive Kazuhiro Egawa as saying that the company will set up joint ventures with IDX-listed PT Krakatau Steel Tbk.
A new joint venture called PT Krakatau Osak Steel will build a plant dedicated to produce automotive steel with production capacity of 500,000 tons per year. Construction is expected to start in May of this year, and completion in 2016.
Another joint venture called PT Krakatu Nippon Steel Sumikin will produce automotive steel with annual production capacity of 500,000 tons. Construction is scheduled in July of this year, to be completed in 2017. (*)