Chinese metallurgical company Tsingshan Group, the world’s largest stainless steel producer, and Indian stainless steel market leader Jindal Stainless (JSL) have started construction of a joint venture in the Morowali Industrial Park (IMIP) on the Indonesian island of Sulawesi.
According to the Indonesian press, the parties have been discussing this project since 2019. For the Indian company, this is the first such significant investment abroad. In addition, Indian and Chinese metallurgists have never before established production joint ventures.
The investment is estimated at $180 million. The capacity of the PT Glory Metal Indonesia (GMI) plant will be 1.2 million tons of stainless steel per year. The plant will have two 150-ton converters, a 150-ton ladle furnace, a rotary kiln furnace (RKEF) and a CCM. Production start-up is scheduled for November 2025.
The IMIP industrial zone is already home to two stainless steel plants of Tsingshan and Dexin Steel, as well as numerous nickel pig iron plants. They will supply the new Glory Metal plant with these raw materials.