Indonesia says Krakatau Steel, S Korea's Posco plan $3.5 billion investment
FILE PHOTO: The logo of POSCO is seen at the company's headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji/File Photo
JAKARTA : Indonesia's Krakatau Steel and South Korea's Posco have signed an agreement to invest $3.5 billion starting next year to expand their production capacity in the Southeast Asian country, Indonesia's investment ministry said on Thursday.
The expansion will also include the production of automotive steel for electric vehicles, the ministry said in a statement.
Krakatau Steel did not immediately respond to a request for comment. Posco could not be immediately reached for comment.
Source: Reuters
