Krakatau Posco to Build US$3.7 Billion New Plant

By Editorial Team 04/04/2022
Kawasan industri
Summary

The City Government of Cilegon, Banten, is targeting an investment of Rp 52.6 trillion or US$3.7 billion (Rp 14,300 per US$) from the follow-up project of PT Krakatau Steel Tbk (KRAS) with a South Korean company, Pohang Iron and Steel Company (Posco). Cilegon Mayor Helldy Agustin said the two companies would build a new steel factory. "We hope this investment can reduce the unemployment rate," he said on April 1.

Previously, Krakatau Steel President Director Silmy Karim said the new facility will increase Krakatau Posco's steel production capacity to 10 million tons by 2025. Meanwhile, President Joko Widodo targets the steel industry cluster in Cilegon to suppress imports and increase national economic growth. He also ordered the ministers to support Krakatau Steel and Posco.

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