Needs of national steel should be met immediately: President.
CILEGON -- President Susilo Bambang Yudhoyono has stated that the needs of national steel should be met immediately to support the nation's economic development.
The head of state made the statement while inaugurating the integrated steel factory of PT Krakatau Posco in Cilegon, Banten province on Monday.
"The inauguration of the steel factory is a concrete manifestation to increase the capacity of national steel, supplied by PT Krakatau Steel and others," stated the president.
PT Krakatau Posco is a joint venture between Posco and PT Krakatau Steel which own 70 percent and 30 percent stake respectively. This project, worth US$6 billion, is the biggest investment project in Indonesia.
He noted that strong cooperation between Krakatau Posco and Krakatau Steel is a long term investment to make Indonesia a strong industrial nation.
"Along with national industrial progress, the current steel supply is also lacking and thus the government continues to encourage Krakatau Steel to become a reliable sheet steel producer," pointed out the president.
He expressed hope that PT Krakatau Posco will increase the capacity of steel produce to meet the national demand of steel.
Developed in two phases, the project consists of six main plants, namely Sinter Plant, Coke Plant, Blast Furnance, Steel Making Plant, Continuous Casting Plant and Plate Mill.
Based on data from the University of Indonesia's LPEM in 2010, the first phase of the project will have impact on the Cilegon areas with an output value US$4.7 billion per annum and absorb 63,000 workers.
On a national scale, the project will have an output worth US$7 billion per annum with a manpower absorption capacity of 149,000 workers.
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