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South Korea’s leading steelmaker Posco and the Industrial Bank of Korea (IBK) have entered a partnership to rejuvenate the steel sector in Indonesia. This collaboration aims to fuel growth and fortify the overall industry with backing from local suppliers.
The Korea Times reported Wednesday, June 21, that Posco and IBK signed a business partnership agreement with the aim of strengthening Indonesia’s steel industry so it can spring back to life. The partners will seek growth with support from their Indonesian suppliers. This is also expected to give a boost to the overall steel industry in the country.
The Indonesian units of Posco and IBK - PT Krakatau Posco and PT Bank IBK Indonesia - gathered earlier this month to seal their business alliance. The contract signing ceremony was held in Jakarta with the presence of the local government officials and the company’s respective high-ranking executives.
It was mentioned that PT Krakatau Posco is a joint venture group formed by South Korea’s Posco and PT Katatau Steel, a state-run steel manufacturer in the country. The JV’s plant was completed in 2014 and sits in the industrial city of Cilegon. It has the capacity to yield around three million tons of steel sheets per year.
As stated in the contract, PT Krakatau Posco will put in funds to PT Bank IBK Indonesia then it will offer loans of up to $10 million to partner companies. The bank will also provide other financial benefits that will also be sourced from the accumulated funds.
Commenting on the project for the revitalization of the steelmaking business in Indonesia and their environmental, social and governance endeavors, Steel Radar quoted PT Krakatau Posco’s president, Kim Kwang Moo, as saying, “We have decided to carry out the program in Indonesia, taking a cue from the ESG fund at home. We will continue efforts for shared growth not just with our suppliers, but also with all the stakeholder groups within Indonesia’s steel industry.”
Photo by: POSCO Newsroom Image Gallery
