Mittal will Acquire 40% KS Shares

Mittal will Acquire 40% KS Shares

Arcellor Mittal, The world largest steel producer, had a plan to build integrated steel plant in Indonesia with 5 million ton annual production capacity, with cost USD 5 billion and will start the production in 2010.

Lakshmi Mittal, CEO Arcelor Mittal on Thursday met President Yudhoyono to discuss about the investment plan in Presidential Palace Jakarta.

Ansari Bukhari, Director General of Metal, Machine, Textile and Various Industries of the Industry Ministry (04/10) said Arcelor Mittal choose Indonesia because Indonesia had biggest iron ore deposit and energy resource.

On the meeting with President Yudhoyono, Lakshmi Mittal express three option. first, Mittal will self-build the mining projects to back up its steel industry. Second, Mittal offers themself as a strategic partners with Krakatau Steel. Third, Mittal will set up joint company with Krakatau Steel and also with Aneka Tambang to supply basic material.

After the meeting, President Yudhoyono order Economic Coordinating Minister to formulate in detail on stimulus package that could be offer.

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