The Indonesia Today, Thursday, 03 November 2011 19:53
Theindonesiatoday.com - State-owned steel giant PT Krakatau Steel (KRAS) Tbk, Nippon Steel Trading Co Ltd, and two local partners agree to establish a joint venture for the production of steel sheets for automotive components.
The new JV will have an initial investment of Rp100 billion and installed capacity of 10,000 tons per month. The plant will be built in Mitrakarang Industrial Eastate, Karawang, West Java, Kontan.co.id, online publication of Kontan business paper, reported.
The new company named PT IndoJapan Steel Center will be controlled by Nippon Steel (30%), PT Adyanwinsa Dinamika (30%), PT Dwijaya Sentosa Abadi (30%), and PT Krakatau Steel Tbk (10%).
Domestic demand for automotive steel is about 560,000 tons per annum. The new plant is scheduled to start commercial production in January 2013, with all output will be dedicated to domestic customers. (Theindonesiatoday.com)
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