In response to challenging market conditions in Indonesia, the company's board of directors has approved exploring options to sell, liquidate or divest its stake in PTJSI. PTJSI is unable to operate with a capacity utilisation rate as low as 15% due to trade protection measures for stainless steel products in key markets such as the US and the European Union.
Jindal Steel announces the closure of its plant in Indonesia
Jindal Stainless Limited (JSL), India's largest stainless steel producer, announced that it will close its Indonesian cold rolling mill PT Jindal Stainless Indonesia (PTJSI) in Surabaya, Indonesia.
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