Posco to Build Steel Plant in Indonesia
A joint venture between South Korea's Pohang Iron and Steel Company (Posco) and Indonesia's PT Krakatau Steel (KS) will begin in November with the construction of a steel plant in Cilegon, Banten. The construction project is divided into two phases, with a capacity of 2.5 million tons in each phase. The total investment for the joint venture is estimated at around $5 billion. The new plant, which is scheduled to be completed by 2014, will produce slabs and billets for the Indonesian market. Indonesia had to import more than 2 million tons of billets and slab in 2008.