Indonesian state-owned steelmaker Krakatau Steel has officially increased its share ownership in Krakatau POSCO by 20% to increase total stake to 50%. Krakatau Steel President Director Mr Silmy Karim said "This process began in 2016 when the Minutes of Agreement between Krakatau Steel and Krakatau POSCO was signed. With bigger ownership in Krakatau POSCO, Krakatau Steel can improve performance, especially in the production process.”Krakatau POSCO is a joint venture between Krakatau Steel and POSCO Holdings. Krakatau POSCO has a production capacity of 3.2 million tonnes. The steel factories owned by Krakatau POSCO are integrated with an Iron and Steel Making Plant, a Plate Rolling Mill and a Hot Rolling Plant. In 2021, the company booked USD 415 million in profits and posted revenue of USD 2.35 billion.