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PT Krakatau Steel and Baowu Group to build long steel plant in Indonesia

Monday, 23 October 2023 12:00:56 (GMT+3)   |   Istanbul
       

Indonesian steelmaker PT Krakatau Steel has signed a memorandum of understanding with Zhongnan Iron and Steel Company, a subsidiary of China-based Baowu Group, to strengthen cooperation on steelmaking, according to media reports.

The parties will build a new steel plant with an annual production capacity of two million mt of long steel in Indonesia, with a further increase to an annual four million mt. In addition, a wire rod mill will be upgraded, and a new basic oxygen furnace and billet casting facility will be built at Krakatau Steel’s plant.

The project is expected to cost $1.2 billion.


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