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New UserFuhai Group Invests $1.2b in Jambi Steel Mill
30 Oct 2014
The Fuhai Group, a Chinese conglomerate, is investing $1.2 billion in an industrial estate in Sumatra’s Jambi province to fill the steel supply gap in Indonesia.
The estate in Ujung Jabung district will include a steel mill, power plant, port and offices. Construction began last week and is expected to finish by the end of 2016, according to Lizhi Zhao, the Fuhai Group chairman.
“Indonesia is good,” Zhao said on Tuesday after a meeting in Jakarta with R. Sukhyar, the director general for minerals and coal at the Energy and Mineral Resources Ministry.
“There is development spirit supported by the government,” Zhao said. “The market in Indonesia is pretty big and Indonesia still lacks steel supplies.”
Sukhyar said the current national steel production of four million metric tons per year was outstripped by demand of 12 million tons. All the steel produced at Fuhai’s estate will be allocated for domestic market.
The steel mill will be fed by raw products, including pig iron and nickel, mined in Java and Sulawesi. Once up and running, it will have a production capacity of 1.75 million metric tons of steel per year, Zhao said.
Source: http://thejakartaglobe.beritasatu.com/