Indonesia-based steelmaker PT Krakatau Steel (Persero) Tbk (PT KS) has announced its financial results for 2016, reporting a net loss of $171.69 billion compared to a net loss of $320 million in 2015. In the given year, Krakatau Steel’s sales revenues increased by 1.73 percent year on year to $1.34 billion.
In 2016, Krakatau Steel’s sales volume increased by 15.25 percent year on year to 2.24 million mt, including 492,145 mt of hot rolled coil, 309,971 mt of cold rolled coil, 49,370 mt of wire rod and 96,249 mt of steel bars.
The company stated that to expand production capacity it is currently building the hot rolling plant No. 2 which will increase hot rolled coil production capacity by 1.5 million mt per year and will start operating in the third quarter of 2019.