Posted on 15 Aug 2024
China's Tsingshan Holding Group (Tsingshan), the world's leading stainless-steel producer headquartered in East China's Zhejiang province and its Indian partner, stainless steel major Jindal Stainless Limited (JSL), have broken ground on their new stainless steel joint venture in Indonesia, Tsingshan has announced.
To cost an estimated $180 million, the new plant will be located within the Morowali Industrial Park (IMIP) in Indonesia and is expected to produce 1.2 million tonnes of stainless steel per year, according to the release. The plant will be managed by the two companies' JV, PT Glory Metal Indonesia.
Among the equipment being installed at the plant will be two 150-tonne argon oxygen decarburization converters, one 150-t ladle furnace, one rotary kiln-electric-furnace, and a 1,600mm continuous caster.
Scheduled to be operational in November 2025, the new plant will use ferronickel sourced from local producers in the IMIP area, optimising heat recovery and production efficiency, the release noted. The groundbreaking ceremony was held on August 9.
Indonesian media reports say that Jindal Stainless and Tsingshan Group began discussions in 2019 about business opportunities in India and abroad and say the venture is the first overseas alliance on a large scale for the Indian stainless maker.
Tsingshan Park in Morowali in Indonesia's Central Sulawesi province currently hosts stainless facilities belonging to Tsingshan Group and nickel pig iron smelting facilities, Mysteel Global notes. Morowali also hosts PT. Dexin Steel Indonesia, a Chinese-invested greenfield integrated steelworks.
Source:Mysteel Global
