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China Steel Company Plan to Build Carbon Steel Mill with 3.5 mil. Tons Annual Output in Indonesia

China Steel Company Plan to Build Carbon Steel Mill with 3.5 mil. Tons Annual Output in Indonesia

Indonesia's Minister of Industry, Hadatto, said at a press conference that Chinese steel companies will support Indonesia's development in the province of Sulawesi Morrowi Industrial Park, the Castle Peak Group and the Ministry of Industry, Delong Group and Indonesia's Morrowi Industrial Park Development Corporation signed a memorandum of understanding that invest 1.63 billion US dollars to develop together industrial zone, invest about 980 million US dollars to build a carbon steel mills with annual output 3.5 million tons, and cooperate with Indonesia eight stars Group and Morrowy Industrial Park Company to build 700,000 kilowatts of power plant, the investment amount of about 650 million US dollars.

Hadatto said the cooperation is to follow up and promote President Sako and President Xi Jinping in Beijing in May "One Belt and One Road" summit during the bilateral meeting on strengthening the economic and trade cooperation in Indonesia. Indonesia appreciates this kind of commercial-commercial cooperation model, which can deepen the structural reform of Indonesia and enhance the industrial competitiveness. Indonesian Ministry of Industry data show that China is the third largest source of industrial investment in Indonesia, 2016 investment projects 594, a total investment of 2 billion US dollars, an increase of 839% over 2015. During the period from 2014 to 2016, China's investment in manufacturing in Indonesia was mainly in the fields of metal industry, machinery and electronics, non-metallic minerals, chemicals, pharmaceuticals and food.

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