Japanese steelmaker JFE Steel Corporation has announced that, together with Japanese steelmaker Marubeni-Itochu Steel Inc. (MISI), it has acquired a combined 2.21 percent of the outstanding shares in PT. Steel Pipe Industry Indonesia, Tbk (SPINDO), a major pipe manufacturer and steel processer in Indonesia. JFE Steel has acquired a 1.48 percent share and MISI a 0.73 percent share.
With the sale of the shares, SPINDO expects to increase sales and market share in Indonesia, as well as to expand its access to stable supplies of steel, while JFE Steel and MISI expect to gain a stable channel in a growing market to develop sales of JFE Steel-branded products.
According to JFE Steel, the Indonesian market, one of the most promising markets for steel in the ASEAN region, is forecast to continue expanding.