05
Feb
11:54
Antam quits defunct steel JV
Indonesian miner and nickel major Aneka Tambang (Antam) has decided to pull out of a steel joint venture with Krakatau Steel. Meratus Jaya Iron and Steel has incurred consecutive losses since 2013, Kallanish notes.
Antam noted that the plant was located too far from the mining site and too far from the coast, resulting in high logistics costs. "Technically, the company (Meratus) has no future. Our choices were to cut our losses or continue to…
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Very good overview of the weekly steel market.
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