TOKYO, May 12 (Pulse News Wire) – Osaka Steel CO.,LTD. (5449.T) announced today that its board of directors has decided to dissolve its Indonesian subsidiary, PT.
Krakatau Osaka Steel (KOS). The decision follows the company's January 23 statement indicating plans to withdraw from its Indonesian operations and cease KOS’s activities. Discussions with joint venture partner PT. Krakatau Steel (Persero) Tbk led to the resolution to proceed with dissolution through voluntary liquidation. KOS, established in December 28, 2012, operates steel manufacturing and sales in Cilegon, Banten, Indonesia.
Osaka Steel holds a 51% stake in KOS, with two employees serving as directors and another as an auditor. Additionally, two Osaka Steel staff members are seconded to KOS. Financially, KOS reported negative net assets of ¥7.181 billion in 2024 and ¥3.074 billion in net losses for the fiscal year ending December 2025. In connection with the dissolution, Osaka Steel recorded special losses amounting to ¥148.9 billion in consolidated results and ¥128.9 billion individually for the March 2026 fiscal period. Details of these figures are included in the company's interim report released today.
The dissolution process is scheduled for December 2026, contingent upon local legal procedures being completed.
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