Posted on 12 Mar 2015
Krakatau Posco, a joint venture between Indonesia’s Krakatau Steel and South Korea’s Posco, posted a loss of $200 million for 2014 as a result of a production disruption due to damage in its factory.
“For almost three months, the company has not been able to manufacture steel due to a leak incident at one main facility,” Krakatau Posco secretary Christiawaty Ferania Keseger said on Tuesday. “This added to the unprofitable condition in the steel industry.”
Steel manufacturers in 2014 struggled with weak prices and suppressed demand from China, while a weakening rupiah, high energy price and labor wages pushed costs up.
