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Indonesia’s biggest steel plant inaugurated

Indonesia President Susilo Bambang Yudhoyono on December 23 inaugurated PT Krakatau Posco steel complex, the country’s biggest investment project worth 6 billion USD.
Indonesia President Susilo Bambang Yudhoyono on December 23 inauguratedPT Krakatau Posco steel complex, the country’s biggest investmentproject worth 6 billion USD.

The plant is ajoint venture between the Posco Group from the Republic of Korea and PTKrakatau Steel which respectively own 55 percent and 45 percent stake.

PT Krakatau Steel President Director IrvanK. Hakim said the first phase will enable a production capacity of 3million tonnes of steel per year, which will increase to 6 milliontonnes per year once the second phase is completed.

The operation of the new complex will meet cater the increasingdemand for special steel materials in the country, which is expected torise 8-9 percent a year
he added.

Covering a total area of 388 hectares, the complex consists of six main factories.

The project’s first phase is expected to create an output value of 4.7 billion USD per annum and absorb 63,000 workers.

On national scale, the project is designed to have output worth 7billion USD per year with a manpower absorption capacity of 149,000workers.-VNA
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