OREANDA-NEWS. PT KRAKATAU NIPPON STEEL SUMIKIN ("KNSS") held a cornerstone laying ceremony at the site for a new plant in the Krakatau Industrial Estate Cilegon, Banten Province, the Republic of Indonesia, on August 25, 2015. KNSS is a joint venture of Nippon Steel & Sumitomo Metal Corporation and PT Krakatau Steel (Persero) Tbk ("PTKS") to manufacture and sell automotive flat steel products. Around 180 people attended the ceremony including the Mayor of Cilegon City, the officials from the Indonesian Government, the officials from the Japanese Embassy in Indonesia, Krakatau's President Cmmissioner Ahmad Sofjan Ruky, NSSMC's Representative Director and Executive Vice President Katsuhiko Ota, and others.

As the Indonesian automotive market is expected further growth over the medium to long term, automakers' needs for anti-corrosion steel and high-strength steel are anticipated to grow. KNSS will build a Galvanizing, Annealing and Processing Line ("GAPL"), integrating the functions of a Continuous Annealing Line and a Continuous Galvanizing Line, to manufacture high-grade, high-quality cold-rolled, hot-dip galvanized, and galvannealed steel sheets to Indonesian automakers.

NSSMC and PTKS intend to contribute to the further development of the Indonesian automotive industry through KNSS.