During late 80s & 90s, there’s “overcapacity” in steel industry as CIS & E. Europe countries join the world trade, thus steel price is depressed below US$250/MT
With reformations underway during 90s, the world economy enter a high growth period for the past decade, with China leading world steel production with China producing more than 500 million ton p.a. today (40% of total world production)
Starting from 2004, under international pressure & environmental issues, China has change its commodity export policy, thus reversing 13% tax rebate into export tax (15% for finished products; 25% for semi-finished products)
China’s export that peaks at 65 million tons in 2007 & has drop to below 10 million tons in 2009 (annualized to date)
As South East Asia region is a net importer of steel, more iron-making & steel-making facilities are needed in the next decades to meet the region’s demand as the economy grows at 6% annually in the region
The Growth Steel Group is a collective of corporations that mainly focuses on foundry and steel manufacturing. And our group has been around for over 42 years.
We are very fortunate geographically to be located in Indonesia, a country that is rich in minerals such as Iron ore, Nickel ore, Manganese, Limestone, and Coking Coal. Consequently, we strive to be a stainless steel producing country. And based on this very reason, Growth Steel Group comes up with PT. INDOFERRO.
PT. INDOFERRO is brought forth to serve as a stainless steel manufacturer. It will be the first Stainless Steel producer in the country that is set up to handle all of the workflows of stainless steel making from the upstream to the downstream.
PT. INDOFERRO will start its production of Nickel Pig Iron (NPI) in the first trimester of 2012, with a rate of 250,000 tons per year, utilizing a Blast Furnace and 400,000 tons of coke with Stamp Charged Recovery Type Oven.