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Posco Starts Construction on Integrated Steel Mill in Indonesia
08/03/2011 - Posco has started construction of the main facilities on a new integrated steel mill planned for Cilegon, Indonesia. The project is being executed by a 70:30 joint venture between Posco and Indonesia’s state-run steelmaker, Krakatau Steel.
Posco has started construction of the main facilities on a new integrated steel mill planned for Cilegon, Indonesia. This project – construction of the first integrated steel mill in Indonesia - is being executed by a 70:30 joint venture between Posco and Indonesia’s state-run steelmaker, Krakatau Steel.
Construction on the new 3 million tonnes/year facility was begun in late July with the driving of piles into the ground where the main facilities will be built. Posco also held a safety ceremony and invited steel specialists for an information session.
Indonesia has approximately 2.2 billion tons of iron ore and 93.4 billion tons of coal reserves. Steel demand in Southeast Asia and Indonesia is increasing, suggesting a positive market prospective. With the start of this integrated steel mill project, Posco will also jointly develop steel materials for Indonesia, which is expected to help secure cost competitiveness.
Posco plans to carry out proactive social responsibility management and localization policies by fully utilizing local companies and manpower for construction and operation of the integrated steel mill. The local company will also prepare contribution activities for local residents including scholarships, home improvement projects, sister relationship activities and Korean language classes.
Posco plans to carry out proactive social responsibility management and localization policies by fully utilizing local companies and manpower for construction and operation of the integrated steel mill. The local company will also prepare contribution activities for local residents including scholarships, home improvement projects, sister relationship activities and Korean language classes.
The first phase of construction for the new integrated mill, scheduled for completion in 2013, will be followed by a second phase of construction that will expand the production scale to 6 million tonnes.
