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Top Indonesian steelmaker to downsize staff by 30%

Years of losses at Krakatau force radical restructuring

Indonesia's Krakatau Steel will let go of about 1,800 workers as a result of years of red ink.   © Reuters

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.

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