Raup Rp508.74 Billion In Four Months, Krakatau Steel 'Self-Confident' In Facing Imported Steel

President Director of Krakatau Steel Silmy Karim. (Photo: Doc. Antara)

JAKARTA - PT Krakatau Steel (Persero) Tbk (KRAS) or KS assesses that steel imports cannot be avoided. Even so, this state-owned steel producer believes that its products can compete with imported products.

"Now it's fine, because Krakatau Steel is increasingly able to compete and indeed imports are unavoidable," said KS President Director Silmy Karim as quoted by Antara, Friday, May 13.

According to Silmy, steel imports are not a problem as long as it is carried out without fraud. If fraud occurs, it will harm various parties, for example the state will be harmed in terms of state revenues.

In addition, continued Silmy, the industry will also be disadvantaged due to unfair business competition. Then, fraudulent business practices will also harm investors.

"Investors who enter Indonesia will not get a return and he can leave. Indonesia's image of investment will not be good, if the government does not maintain the investment that has entered Indonesia," said Silmy.

Then, the next aggrieved party is the consumer, because the consumer does not get the goods according to the standard.

"So, imports are allowed as long as they are not fraudulent, because they are detrimental to the state, industry, investors and consumers. We are guarding these four. So that we not only protect the industry, but also protect consumers," said Silmy.

On this occasion, Silmy said that Krakatau Steel again achieved a net profit of Rp.508.74 billion until April 2022.

Krakatau Steel's net profit until April 2022 increased by 271.69 percent compared to Krakatau Steel's net profit until April 2021 which was Rp. 137.22 billion. This is a positive signal for Krakatau Steel's future performance.

In terms of revenue until April 2022, Krakatau Steel also recorded an increase in revenue to Rp. 13.44 trillion, an increase of 39.24 percent from Krakatau Steel's revenue until April 2021 which amounted to Rp. 9.65 trillion.

Silmy added that there were several corporate actions of Krakatau Steel in 2022. One of them was the addition of Krakatau Steel's equity participation in PT Krakatau Posco.

With this additional investment, Krakatau Steel's share in PT Krakatau Posco has increased to 50 percent from only 30 percent.

This corporate action is part of Krakatau Steel's strategy to increase its capability to produce premium quality steel for the export market.