Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Indonesia's largest steel maker gets 38.7 mln euro loan
+ -
17:25, August 26, 2009

 Comment  Tell A Friend
 Print Format  Save Article
PT Krakatau Steel (KS), Indonesia's largest steel producer, signed a loan agreement worth 38.7 million euro (about 55.39 million U.S. dollars) with KFW IPEX Bank and HVBBank, the private news portal detikcom reported on Wednesday.

"The loan will be used to finance revitalization of a hot strip coil factory," said the company's president director Fazwar Bujang after the signing ceremony here.

Fazwar said that with the loan, its hot strip coil production could be increased.

"With the revitalization, the factory is expected to operate in November 2010," he said.

According to Fazwar, KS is also exploring a new loan worth 145million dollars to modernize the company which total budget amounts 200 million dollars.

"Before the year's end, we would get 145 million dollars loan," said Fazwar.

He said that the company would submit tender to western European banks on September or October.

He said that the company is planning to increase its production on upstream iron making, midstream steel making and downstream hot roll coils in its factory in Cilegon of West Java province.

"The iron making production will be increased from 1.5 million tons currently to 1.8 million tons, the steel making production will be increased to 2 million tons from currently 1.5 million tons per year while hot roll coils production to be increased to 2.4 million tons from 2 million tons," he said.

More than 87 percent of KS's production is sold to the local market, mainly to construction companies, state shipyard PT PAL, and to gas stove and gas cylinder producers. The remainder is exported to Australia, India, Japan, Malaysia, New Zealand, Singapore and Spain.

Source:Xinhua



  Your Message:   Most Commented:
Being African among the curious Chinese
Australia's permission for Rebiya's visit chills bilateral ties
Three Beijingers jailed in US. Spies again?
What does China contribute to the world?
Top five lake monsters in China

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90863/6740358.pdf