JAKARTA (Yosefardi) – Growth Steel Group (GSG) plans to invest US$960 million to fund expansion of steel plants. GSG plans to build grinding ball plant in China this year and to build stainless steel plant next year.
PT Growth Asia, unit of GSG, will partner with Jiangsu Suzhou Steel Group (Sugang) in building grindling ball plant in China with capacity of 600,000 tons per year. This project will cost US$10 million.
While PT Indoferro, also unit of GSG, will build stainless steel in Cilegon, Banten with capacity of 2 million tons per year and investment cost of US$950 million.