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Biz News Korea(Eng)
Posco’s Indonesian steel mill posts first profit in 4 years
- Collected
- 2018.01.16
- Distributed
- 2018.01.16
- Source
- Go Direct
According to the company, PT Krakatau Posco, a joint venture between Indonesia’s state-owned steel maker PT Krakatau Steel and Posco, earned $12 million in operating income last year after posting losses for three years in a row since its operation began in December 2013.
PT Krakatau Posco, which is capable of producing 3 million tons of steel per year, is the first integrated steel mill in Southeast Asia invested 70 percent by Posco and 30 percent by Krakatau Steel. It is also the first overseas steel mill built and operated by Posco based on its own technology and funds.
Following four years of operation, PT Krakatau Posco has successfully expanded its local customer base, too. According to Posco, PT Bukaka Teknik Utama Tbk, an Indonesian manufacturer of steel-frame structures, purchased 120,000 tons of thick steel plates from PT Krakatau Posco and is expected to build the first all-steel frame skyway in the Southeast Asian country. PT Kenertec Power System, a manufacturer of wind towers, has also been exporting wind power generators and towers made with materials from Posco to the United States and Europe.
By Moon Ji-woong and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]