WISCO to build JV steel plant in Indonesia

Indonesia's Ministry of Industry has announced that Chinese steel producer Wuhan Iron and Steel Corp. (WISCO) will invest more than $5 billion to build an integrated steel plant in Indonesia.
 
WISCO will form a joint venture with Indonesia-based conglomerate Sinar Mas for the steel project which will have an annual steel production capacity of 5 million mt. The output is expected to substitute Indonesia's steel imports.