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.It undertook several cost-slashing measures to...