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AnisJ
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KS: Mittal Doesn't Own Reliable Steel Technology
06-MAY-08

JAKARTA:

The management of PT Krakatau Steel (KS)

-the largest steel maker in Indonesia-states Arcelor-Mittal is not a steel maker that has reliable technology.
Therefore, the management of KS will strongly reject the wish of Lakshmi Mittal, Chief Executive Officer of Arcelor-Mittal, to acquire up to a 40% stake in KS.

President Commissioner of PT KS Taufiequrrachman Ruki said Arcelor-Mittal, Essar Steel, Tata Steel, and BlueScope are only operators in the steel industry, not technology owners.

"All steel technologies are owned by the machinery industry. All steel operators buy from the industry, including KS that plans to bring the latest steel machinery from a German machinery company SMS Demag," Ruki informed Bisnis yesterday.

One source in the bureaucracy confirmed Ruki's statement, saying Mittal only controlled 30% of its technology and bought the rest.

"If we examine it carefully, Lakshmi Mittal is not more than a fund investor, not a person with a character of industrialist," added the source. Therefore, he continued, Lakshmi was only eyeing shares of world's largest steel makers to be acquired without intention to improve technology, environment, and labor's welfare.

"Mittal;s maneuver will not last long. Arcelor, which is a syndication of several big companies in Europe, such as Arcelaria [Spain] and Usinor [France], has been appalled at Mittal's actions, which may later spell the end of the Arcelor-Mittal alliance. Arcelor may ask to separate from Mittal," analyzed the source.

Ruki added there had been a systematic effort from a technical department to intervene with the privatization of KS by inviting foreign parties to acquire KS.

Reminded

A member of the advisory team at the Center for People Economy Study, Gadjah Mada University, Ichsanuddin Noorsy reminded the government not to undertake a strategic sale scheme in privatizing PT Krakatau Steel.

"The option [strategic sale] will be inconsistent with the promise made by Susilo Bambang Yudoyono and Jusuf Kalla during their presidential campaign," he said.

In their campaign, he recalled, SBY/JK promised not to carelessly sell shares of state-owned enterprises to foreign parties. If such option had to be taken, he said, it could only be realized under a tight selection process. (Bisnis/yuw)

Source:www.bisnis.com/servlet/page?_p(...)Y-2008&inw_id=597209



  • " ..... should Krakatau Steel be sold to Mittal Steel ......."



  • " .... or should Krakatau Steel actually be kept Indonesian .... ???"






  • 'Ahu kura ahia, mansia nia'

    monyet
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    Prachtig. Er is nog iemand met principes op deze aardbol.


    From Dayeuhkolot with love

    Jeroen
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    Please keep this topic in English.



    sidia
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    Joint Venture , KS 51% (minimum) .

    "Namun (but) , jangan besar-besar(not to much) , antara (between) 15-20% saja,"


    Bisa dicek mas . http://omsid.multiply.com/


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