Krakatau Steel Logs Export Growth amid Russia-Ukraine War

TEMPO.CO, Jakarta - State-owned steel maker Krakatau Steel recorded a growth in steel exports in the midst of the Russia-Ukrainian war. The firm’s president director Silmy Karim said his side managed to take advantage of the opportunity to expand the market during the conflict.

“I always see that when there is a problem, there is an opportunity. We make benefits of that opportunity, so our exports perform well,” said Silmy as quoted from Bisnis.com on Monday, May 16, 2022.

Silmy said that many European companies supply steel from Russia and Ukraine-based firms. When the war broke out and a number of countries imposed sanctions such as banning imports of goods from Russia, European companies sought to source raw materials from around the world, including Indonesia.

“We have started exporting [steel] to Europe since last year. So automatically, we already exist. That's why exports in the first quarter were above 200,000 tons by taking advantage of the geopolitical situation,” Silmy explained.

In March 2022, Krakatau Steel's steel exports reached 116,406 tons. This figure was declared as the highest monthly export achievement by far.

Throughout 2021, Krakatau Steel recorded export sales of 262,715 tons, an increase of 104 percent compared to 2020 which was 128,342 tons. The figure contributed 14.6 percent to Krakatau Steel's total sales in 2021 which amounted to 1,791,000 tons or Rp 30.9 trillion.

Read: Krakatau Steel, Posco South Korea to Realize Rp53tn Investment Next Year

BISNIS.COM

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