Indonesia's Krakatau Steel posts first profit since 2008, but Covid-19 jitters remain

Indonesian state-owned steel producer PT Krakatau Steel recorded its first profit in over a decade in the first quarter of 2020, aided by considerable cost cutting, the company announced.

$74.1-million net profit for Q1 2020 (vs $62.3-million net loss in Q1 2019)Operating costs fell 31% year on year to $46.8 million.$130 million of spending cuts (cost reductions in energy, consumables and utilities.Employee productivity up 43% year on year due to workforce optimization scheme.
Krakatau Steel, Indonesia's largest mill, had not been performing well financially in recent years, particularly with steel sales and revenue both dropping in 2019. It last turned a profit in 2008, it said.

It undertook several cost-slashing measures to...

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