South Korean steel maker POSCO has signed a Memorandum of Understanding with Indonesian state owned steel maker Krakatau Steel to build a 3 million tonne blast furnace and cold rolling complex in Steel City Cilegon in North Western Java in Indonesia with investments of USD 3.5 billion over the next five years. The expansion will also include the production of automotive steel for electric vehicles.Established in 2010, PT Krakatau POSCO is a joint venture company with 3 million blast furnace and plate mill at Cilegon with investments of USD 3.7 billion. The construction of the new blast furnace will raise Krakatau POSCO capacity to 6 million tonnes.POSCO is also involved in a USD 9.8 billion project to create an EV supply chain in Indonesia, to make use of the country's rich nickel reserves, led by another South Korean company, LG Energy Solution.
South Korean steel maker POSCO has signed a Memorandum of Understanding with Indonesian state owned steel maker Krakatau Steel to build a 3 million tonne blast furnace and cold rolling complex in Steel City Cilegon in North Western Java in Indonesia with investments of USD 3.5 billion over the next five years. The expansion will also include the production of automotive steel for electric vehicles.Established in 2010, PT Krakatau POSCO is a joint venture company with 3 million blast furnace and plate mill at Cilegon with investments of USD 3.7 billion. The construction of the new blast furnace will raise Krakatau POSCO capacity to 6 million tonnes.POSCO is also involved in a USD 9.8 billion project to create an EV supply chain in Indonesia, to make use of the country's rich nickel reserves, led by another South Korean company, LG Energy Solution.
