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Krakatau Steel forms construction supplies subholding
The state-owned steelmaker hopes the establishment of Krakatau Baja Konstruksi will improve competitiveness in the construction segment.
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Wire rods produced by state-owned steelmaker Krakatau Steel are pictured in an undated photo. (Courtesy of/www.krakatausteel.com)
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tate-owned steelmaker PT Krakatau Steel has established a subholding to improve its efficiency and competitiveness in the construction supplies segment.
Established on Aug. 31, Krakatau Baja Konstruksi will manage four of the steelmaker’s subsidiaries: PT Krakatau Wajatama, PT KHI Pipe Industries, PT Krakatau National Resources and PT Krakatau Niaga Indonesia.
Krakatau Steel president director Silmy Karim said the subholding, which specializes in steel supplies, is expected to optimize the company’s performance in several ways, including implementing efficiency measures, refining the business model and strengthening its market share in the downstream segment.
“The [establishment of] Krakatau Baja Konstruksi will contribute positively to Krakatau Steel’s performance,” Krakatau Steel president director Silmy Karim said in a statement on Monday.
Read also: Restructuring plan aims to make SOEs profitable, competitive
Over the last eight months, the State-Owned Enterprises (SOE) Ministry has ordered structural reforms at SOEs as part of a wider program to make the state firms stronger and more competitive by 2023.
Most of the transformations were carried out at energy company Pertamina, with six subholdings inaugurated on Friday, SOE Minister Erick Thohir said in a press release.
