On Delong’s US$950 Million Steel Project in Sulawesi

Minority shareholders of SGX-listed Delong Holdings demanded the Company to suspend the US$950 million steel mill project in the so-called Indonesia Morowali Industrial Park (IMIP), Sulawesi Island, pointing to the company’s unsuccessful attempt in geographical diversification (outside China, especially Thailand). The board of Delong, however, insisted to proceed, expecting commercial operation in the coming months.

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Bright Spot of The Economy: Metal-to-Steel

Indonesia exported US$533 million worth of iron and steel products last month, jumped 65% from February. In the first three months of 2018, Indonesia’s export skyrocketed 125% to US$1.25 billion, cutting significantly down its deficit in the sector. At the same time, export of mineral ores soared 193% to US$1.36 billion.

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