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NEWS UPDATES 28 September 2010

China's steel company to relocate plant

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China's state-owned steel company Guo Feng Iron Steel plans to relocate in the near future its production plant in Tang Shan, China, to Indonesia with a total investment of US$1 billion, according to an Indonesian government spokesman.

Industry Ministry Director General for Metal, Machinery, Textile and Miscellaneous Industries Ansari Bukhari said that the company came to the industry ministry to directly discuss with Minister M.S. Hidayat Indonesia's foreign investments, particularly in the steel industry.

"Basically, the minister fully supports the relocation plan. The minister will back up the company in obtaining business permits, looking for lands and ensuring energy supply for its production activities," he said.

The relocated plant will have a capacity of producing 3 million tons of steel per year using the blast furnace technology. The plant is estimated to consume more than 2 million tons of coal per year.

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