JAKARTA -- Krakatau Steel, Indonesia's largest steelmaker, plans to reduce its core workforce by roughly 30% in line with Indonesian President Joko Widodo's modernization push.
Krakatau reported a net loss of $77.2 million for 2018 on revenue of $1.7 billion. The listed company, which is 80%-owned by the state, also reported $2.4 billion in liabilities as of March 31, largely in loans.
