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Posco Breaks Ground for Indonesian Steel Mill
11/08/2010 - Posco is constructing its first overseas integrated steel mill in Indonesia, recently breaking ground for the mill in the city of Cilegon, located 100 km west of Jakarta. Posco will lay the ground work across 400 ha of land, with joint investment from Krakatau Steel.
Posco is constructing its first overseas integrated steel mill in Indonesia, recently breaking ground for the mill in the city of Cilegon, located 100 km west of Jakarta.
Posco will lay the ground work across 400 ha of land, with joint investment from Krakatau Steel. Posco plans to complete a steel mill with an annual production capacity of 3 million tonnes in the first phase until 2013; an additional investment in the second phase is expected to bring the total capacity to 6 million tonnes.
Posco and Krakatau Steel established Krakatau Posco last September, a joint venture between the two companies investing 70 and 30% of the shares, respectively.
This integrated steel mill project is a brown-field investment where existing infrastructure such as roads, railroads, ports, power, and industrial water supply is utilized, reducing initial investment costs and quickly bringing the project to regular operation.
Posco expects this joint integrated steel mill project to serve as an opportunity in helping secure cost competitiveness of both companies with plans to jointly develop steel materials in Indonesia as well.
Posco will lay the ground work across 400 ha of land, with joint investment from Krakatau Steel. Posco plans to complete a steel mill with an annual production capacity of 3 million tonnes in the first phase until 2013; an additional investment in the second phase is expected to bring the total capacity to 6 million tonnes.
Posco and Krakatau Steel established Krakatau Posco last September, a joint venture between the two companies investing 70 and 30% of the shares, respectively.
This integrated steel mill project is a brown-field investment where existing infrastructure such as roads, railroads, ports, power, and industrial water supply is utilized, reducing initial investment costs and quickly bringing the project to regular operation.
Posco expects this joint integrated steel mill project to serve as an opportunity in helping secure cost competitiveness of both companies with plans to jointly develop steel materials in Indonesia as well.
At the groundbreaking ceremony, 350 related personnel and guests attended including Indonesian Parliament Speaker Marzuki Ali, Minister Gamawan Fauzi of Home Affairs, Minister Mustafa Abubakar for State Enterprises, CEO Fazwar Bujang of Krakatau Steel, Ambassador Ho-young Kim to Indonesia, Minister Tae-hee Woo of the Ministry of Knowledge Economy, and Posco Chairman Joonyang Chung.
