ID :
92769
Wed, 12/02/2009 - 16:57
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https://www.oananews.org//node/92769
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POSCO, KRAKATAU STEEL TO BUILD STEEL PLANT IN INDONESIA
POSCO, KRAKATAU STEEL TO BUILD STEEL PLANT IN INDONESIA
Seoul, Dec. 2 (Yonhap) - POSCO, South Korea's biggest steelmaker, said Wednesday that it will build an integrated steel mill in Indonesia along with PT Krakatau Steel to meet growing demand in Southeast Asia.
The two companies will complete the first stage of the mill, which will be able to churn out 3 million tons annually, by 2013. POSCO, however, did not reveal the value of the project.
"POSCO will study ways of cooperating in infrastructure projects, as well as energy and other sectors in Indonesia," POSCO Chief Executive Officer Chung Joon-yang said.
POSCO expects to secure a footing in the Southeast Asian market, whose annual steel demand amounts to over 30 million tons.
PT Krakatau Steel, established in 1970, meets 60 percent of steel sheet demand in Indonesia, and has an annual capacity of 2.4 million tons of steel.
Krakatau will provide land for the plant, according to the South Korean steelmaker.
Indonesia's steel consumption is predicted to rise some 8 to 10 percent to 6.43 million tons in 2010.
Seoul, Dec. 2 (Yonhap) - POSCO, South Korea's biggest steelmaker, said Wednesday that it will build an integrated steel mill in Indonesia along with PT Krakatau Steel to meet growing demand in Southeast Asia.
The two companies will complete the first stage of the mill, which will be able to churn out 3 million tons annually, by 2013. POSCO, however, did not reveal the value of the project.
"POSCO will study ways of cooperating in infrastructure projects, as well as energy and other sectors in Indonesia," POSCO Chief Executive Officer Chung Joon-yang said.
POSCO expects to secure a footing in the Southeast Asian market, whose annual steel demand amounts to over 30 million tons.
PT Krakatau Steel, established in 1970, meets 60 percent of steel sheet demand in Indonesia, and has an annual capacity of 2.4 million tons of steel.
Krakatau will provide land for the plant, according to the South Korean steelmaker.
Indonesia's steel consumption is predicted to rise some 8 to 10 percent to 6.43 million tons in 2010.
