Japanese Mitsubishi Steel Corporation has announced that it will increase the capital in its Indonesian subsidiary Jatim Taman Steel. The company is planning a capacity expansion at the steel mill in order to meet the rapidly growing demand in the ASEAN market. The mill is already operating at full capacity, SteelOrbis understands.
Mitsubishi will raise its capital in the subsidiary by IDR 500 billion ($32.4 million) by the end of this month, increasing its shareholding from 66.54 percent to 74.98 percent.
According to the company, through this capital increase, Jatim will strengthen its financial base and further improve its production capacity, planning to work on renewable energy in its electric furnaces to produce green steel.