Tempo Interactive, Wednesday, 04 August, 2010 | 15:34 WIB
TEMPO Interactive, Jakarta: President Director of Krakatau Steel Fazwar Bujang and POSCO CEO Chung JY finally signed a joint venture agreement between the two companies to build a new steel plant in Krakatau Steels facility in Cilegon with a capacity of six million tonnes after over a year of delays due to tough negotiation on stock portion.
The signings took place at the State Enterprises Department today (4/8) attanded by Industry Minister MS Hidayat, Director of the Investment Coordinating Board Gita Wirjawan, ambassadors of both nations and State Enterprises Minister Mustafa Abubakar.
The construction stage at which POSCO will control 70 percent of the share is expected to be completed within three years, and Krakatau Stell will have its stake raised by 15 percent to 45 percent at the operational stage.
ASWIDITIYO NEDWIKA
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