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View all search resultsKrakatau Posco project to start in July
JAKARTA: PT Krakatau Posco, a joint venture between state-owned steel firm PT Krakatau Steel and Korean steel giant Posco, will start construction of a US$6 billion steel plant in Cilegon, Banten, in July
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AKARTA: PT Krakatau Posco, a joint venture between state-owned steel firm PT Krakatau Steel and Korean steel giant Posco, will start construction of a US$6 billion steel plant in Cilegon, Banten, in July.
President director Kim Dong-ho said Tuesday the construction would be held in two phases, with the second phase expected to kick off in 2013. He said the firm was preparing for the project, such as through the improvement of access roads to the site.
“As far as I know the Indonesian government is supporting us by preparing regulations. I believe before production starts, it can be managed and finished by the Indonesian government,” he said when asked about tax incentives for the project.
He said that incentives were necessary for steel industry projects, which require a huge amount of investment. — JP
