JAKARTA. The management of PT Krakatau Steel Tbk (KRAS) is optimistic that the company will be able to gain profit in Q1 2020 despite the 50% decline of steel prices, due to its efforts to restructure its debt and improve efficiency.
"The results of our efforts are already visible. The most important thing is that [our performance in] Q1-2020 has not been affected too much by COVID-19," said Silmy Karim, Managing Director of KRAS.
Silmy revealed that KRAS is still running production, despite the pandemic which has been going on for more than two months. However, market demand for steel is declining. "It dropped by about 50%. Demand for steel fell due to the economy," he said.
Silmy asserted that with the reopening which is planned for 25 May 2020, his party will maintain the downstream industry and the user industry so that the supply chain can continue to run. (AM/AR)