Maspion to produce steel

Maspion to produce steel

SURABAYA (JP): PT Maspion Stainless Indonesia plans to start
producing stainless steel this year to tap the growing domestic
market, one of the company's shareholders said yesterday.

Alim Satria, the managing director of PT ALMI, said from
Surabaya that Maspion would initially produce about 50,000 tons
or around 70 percent of annual domestic demand.

The new stainless steel company would supply about 13,000 tons
of stainless to its own business group which also produces
kitchenware, he said

"The rest will fill some of the domestic demand," he said
after signing the agreement establishing the new stainless steel
producer.

The joint venture, which will establish its plant in Gresik,
East Java, is 15 percent owned Kanematsu, 5 percent by Nippon
Yakin and 10 percent by Sumitomo -- all Japanese firms. PT ALMI
holds 70 percent of the new company. (26)