Indonesia-based steelmaker PT Krakatau Steel and South Korean steel producer Pohang Iron and Steel Co. (POSCO) will invest $3.5 billion to build a new blast furnace and cold rolling mill at their Indonesian joint venture Krakatau POSCO. The investment will start next year.
The new blast furnace and cold rolling mill will expand the joint venture’s annual production capacity to 10 million mt of upstream and downstream products from the current three million mt, while the expansion will include the production of steel for the automotive sector to be used in the manufacturing of electric vehicles.
