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PT Krakatau POSCO to start building steel plant in July
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Thursday, 26 May 2011
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The Jakarta Post reported that PT Krakatau POSCO, a JV between state owned steel firm PT Krakatau Steel and Korean steel giant POSCO, will start construction of a USD 6 billion steel plant in Cilegon in July 2011.

Mr Kim Dong ho president director of PT Krakatau POSCO said that the construction would be held in two phases, with the second phase expected to kick off in 2013. He said the firm was preparing for the project, such as through the improvement of access roads to the site.

He added that "As far as I know the Indonesian government is supporting us by preparing regulations. I believe before production starts, it can be managed and finished by the Indonesian government."

He said that incentives were necessary for steel industry projects, which require a huge amount of investment.

(Sourced from thejakartapost.com)

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