Nippon steel & Sumitomo Metal Corp said during Monday, they had made a joint venture agreement with Indonesia’s largest steelmaker PT Krakatau Steel to manufacture automotive flat steel in Indonesia.
For the project, the two steel companies will make an investment of about $300 million. The plant will have the production capacity of about 480,000 tonnes of high end steel per annum. The project will be completed in mid 2017.
The world’s second biggest steelmaker by output-Nippon Steel and PT Krakatau Steel have been in discussions since December 2012 about the steel project in Indonesia.