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Krakatau Steel cuts back after slowdowns

Written by Meenaa on Wednesday, November 19th, 2008

Krakatau Steel cuts back after slowdowns

State-owned steel producer PT Krakatau Steel plans to ask most employees to stay home and to keep only one factory operational as part of its efforts to deal with the declining steel prices and demand.

State Minister for State-owned Enterprises Sofjan Djalil told reporters Wednesday the company would keep on issuing salaries but not provide full monthly wages to all employees.

“The employees will not receive bonuses or allowances since they are not working,” he said, adding he had yet to decide how long the cutbacks might last.

The company, he said, had to cut back its operations because it already had an abundance of steel stock.

Aside from laying off workers, he said, the country must coordinate its efforts to quell the local trade in illegal steel. (ewd)

The Jakarta Post   |  Wed, 11/19/2008 3:53 PM  |  Business

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News Topics : Abundance, Illegal Steel, Jakarta Post, Pt Krakatau Steel, Salaries, State Minister, State Owned Enterprises, Steel Prices, Steel Producer, Steel Stock, Wages