TheJakartaPost
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The company booked US$74.1 million in profit in the first quarter this year, a major switch from the $62.3 million loss it suffered in the same period last year, as its cost of revenue and administrative expenses dropped 39.8 percent and 41.5 percent respectively.
IISIA executive director Yerry Idroes said the increase in steel imports had not only occurred in upstream products such as hot rolled coil/plate, cold rolled coil and wire rod, but also in downstream products such as coated sheet.
Despite huge challenges due to global oversupply, stated-owned steel producer Krakatau Steel and joint venture firm Krakatau Posco aim to continue increasing steel production by completing the Cilegon steel cluster to fulfill domestic demand.
The Indonesia Zinc Aluminum Steel Industry Association (IZASI) has expressed appreciation for the government's move to protect certain iron and steel products, in a policy set to be implemented on Oct. 3, which will be effective for the next two years.
“Even now with import restrictions still in place, imports already control about 55 to 60 percent of our annual steel consumption of around 12 million tons, while our own steel industry operates only at 40 percent of its capacity,” says Hidayat Triseputro, the executive director of the Indonesian Iron and Steel Industry Association.
