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Delong Holdings sets up Indonesian steel joint venture

Steel News - Published on Tue, 14 Nov 2017

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Reuters reported that Chinese steelmaker Delong Holdings has set up a steel manufacturing joint venture in Indonesia with Indonesia Morowali Industrial Park and Shanghai Decent Investment Group.

The venture, named Dexin Steel Indonesia, will have registered share capital of USD 150 million, said Delong, which flagged its intention to set up the business in June. The move marks a first foray into Indonesia for Delong, which has steelmaking facilities in China and Thailand, as well as trading operations in Singapore.

The Indonesian venture will principally be engaged in the business of manufacture and sale of steel bar, wire and slab. It added that total initial investment would be about USD 950 million, 70% of which would be funded through bank financing.

Delong's subsidiary, Delong Steel Singapore Projects, will have a 45% stake in the venture, with Shanghai Decent owning 43% and Morowali 12%, according to a Delong statement issued on Friday.

It added that the establishment of the business is not expected to have any material impact on Delong Holdings' tangible assets or earnings this calendar year.

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Posted By : Rabi Wangkhem on Tue, 14 Nov 2017
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