SAIL And Indonesian Steelmaker PT Krakatau Steel Announce Signing Of MoU To Explore Joint Venture For Stainless Steel Slab Manufacturing In Indonesia
Jakarta, July 9, 2026: he largest public sector Maharatna steelmaker, Steel Authority of India Limited (SAIL), has announced the signing of a Memorandum of Understanding (MoU) with PT Krakatau Steel (Persero) Tbk., Indonesia, to explore the possibility of setting up a Joint Venture for manufacturing stainless steel slabs in Indonesia. The historic agreement was announced during high-level engagements between the Governments of India and Indonesia, taking place as part of Prime Minister Shri Narendra Modi’s official visit to Indonesia from July 6 to July 8, 2026, SAIL said in a press release.
The proposed collaboration brings together the complementary strengths of the two major steel companies. While Indonesia offers strategic access to one of the world’s richest reserves of nickel—an essential raw material required for stainless steel production—SAIL brings over five decades of deep expertise in steelmaking, project execution, and operating large-scale integrated steel plants. This MoU marks an important step forward in the growing industrial partnership between India and Indonesia, reflecting a shared vision of both nations to build stronger and more resilient regional manufacturing value chains.
The proposed Joint Venture is widely expected to support the increasing demand for stainless steel in India and the broader ASEAN region, while simultaneously promoting value addition to Indonesia’s rich mineral resources. It also opens new avenues for technology exchange, industrial collaboration, skill development, and sustainable economic growth for both participating countries. Further details regarding the proposed joint venture, including project capacity, investment structure, implementation schedules, and specific technology configurations, will be finalized following the completion of detailed feasibility studies and the receipt of necessary approvals from both organizations and their respective governments.
This international collaboration stands as another major milestone in SAIL’s journey toward becoming a globally competitive steel company with a highly diversified product portfolio and a stronger international presence.
Commenting on the development, Chairman & Managing Director of SAIL, Dr. Ashok Kumar Panda, said, “This partnership reflects SAIL’s commitment to looking beyond conventional boundaries and building capabilities for the future. As demand for stainless steel continues to grow across sectors such as infrastructure, mobility, renewable energy and manufacturing, access to reliable raw materials and strategic partnerships becomes increasingly important. We believe this collaboration with PT Krakatau Steel has the potential to create long-term value for both companies while strengthening the economic partnership between India and Indonesia.”
He further added, “For SAIL, this initiative is not only about expanding into the stainless steel value chain. It is about building resilient supply chains, enhancing resource security and supporting India’s vision of becoming a globally competitive under the Atmanirbhar Bharat initiative.”
