Wednesday, 29th May 2013, in the basement floor of Krakatau Steel Building Jakarta, PT Krakatau Steel (Persero) Tbk through its subsidiary PT Krakatau Wajatama signed a Joint Venture Agreement (JVA) with Natsteel Asia (S) Pte. Ltd. and PT Marubeni-Itochu Steel Indonesia to set up a joint venture company, namely, PT Krakatau Natsteel Construction Solution.
Establishment of this joint venture was a part of the development plan of PT Krakatau Wajatama, to meet the needs of national downstream steel products and services. Mainly related to infrastructure development in Indonesia that was growing rapidly, one of which was Mass Rapid Transport. The joint venture would be the pioneer that provided a total solution to the demand of downstream steel products and services in Indonesia with a production capacity of 70,000 tons per year.
The first investment phase of the authorized capital of the joint venture amounted to US $ 2.2 million, the issued and fully paid of the company amounted to US$ 550 thousand. For the initial stage, the shareholding of the parties involved was the Krakatau Wajatama by 45%, Natsteel Asia (S) Pte. Ltd.. By 45% and PT. Marubeni Itochu Steel Indonesia by 10%. "The joint venture is expected to be the pioneer of downstream steel products and services in Indonesia, a pioneer of the product diversification, and also an additional access to state of the art technology and know-how," said President Director of PT Krakatau Steel (Persero) Tbk., Irvan Kamal Hakim.
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