<p>Indonesian steel maker PT Krakatau Steel plans to raise its stake in its Krakatau Posco joint venture to 50% from 30% at a cost of about USD 265 million. With the increased stake, its joint-venture partner South Korea's POSCO will see its shareholding fall from 70% to 50%. The additional capital was carried out to optimize the Hot Strip Mill 2 production facility. This is based on an agreement on 12 May 2016, 06 August 2020 and a Memorandum of In-Kind Transaction Procedure Agreement on 31 December 2021. Krakatau Steel and POSCO plan to increase cooperation in order to create the 'Cilegon 10 million tonne Steel Cluster Road Map through the Hot Strip Mill Production Facility Optimization Cooperation Plan</p><p>Krakatau Posco operates an integrated steel mill at Cilegon in Banten in Indonesia with a production capacity of 3 million tonnes per year. The venture has plans to increase production to 6 million tonnes year under a phase two project.</p>
<p>Indonesian steel maker PT Krakatau Steel plans to raise its stake in its Krakatau Posco joint venture to 50% from 30% at a cost of about USD 265 million. With the increased stake, its joint-venture partner South Korea's POSCO will see its shareholding fall from 70% to 50%. The additional capital was carried out to optimize the Hot Strip Mill 2 production facility. This is based on an agreement on 12 May 2016, 06 August 2020 and a Memorandum of In-Kind Transaction Procedure Agreement on 31 December 2021. Krakatau Steel and POSCO plan to increase cooperation in order to create the 'Cilegon 10 million tonne Steel Cluster Road Map through the Hot Strip Mill Production Facility Optimization Cooperation Plan</p><p>Krakatau Posco operates an integrated steel mill at Cilegon in Banten in Indonesia with a production capacity of 3 million tonnes per year. The venture has plans to increase production to 6 million tonnes year under a phase two project.</p>
