JAKARTA. PT Krakatau Steel (Persero) Tbk (KRAS) had paid off its debts to Commerzbank, completing the payment worth a total of USD 216.02 million, or equivalent to IDR 3.3 trillion, on October 12, 2022.
Silmy Karim, President Director of Krakatau Steel, confirmed that all of the company’s outstanding debts had been paid to Commerzbank AG. “It is a part of our strategy to reinforce our core business in the future,” Karim said in the official disclosure yesterday (13/10).
According to Karim, KRAS has settled total debts of USD 487.7 million or IDR 7.4 trillion within the past 2.5 years from the moment when the restructuring process commenced. From 2020 to 2022, KRAS had paid off tranche A facility of USD 27.7 million, tranche B facility of USD 200 million, an another facility owed to Commerzbank AG worth USD 260 million. Commerzbank AG, the second largest bank in Germany, is listed as the creditor that helps KRAS to build its second Hot Strip Mill manufacturing plant.
Furthermore, Karim revealed that since 2020, Krakatau Steel has shown consistent improvement in its performance. “Krakatau Steel will maintain this consistency by honing its competitiveness and boosting sales through optimising existing potentials and capabilities,” he further mentioned. (AM/ZH)