Jakarta - PT Krakatau Steel (Persero) Tbk paid off its debt to Commerzbank after making payments on October 12, 2022, totaling US$216.02 million or equivalent to around Rp3.3 trillion.

President Director of Krakatau Steel Silmy Karim said that the repayment of all outstanding loans to Commerzbank AG is part of the company's strategy to strengthen its core business.

"The company has paid a total of US$487.7 million or Rp7.4 trillion in the last 2.5 years since the start of the restructuring process," in an official statement in Jakarta on Friday (10/14).

Meanwhile, the details of Krakatau Steel's debt payments that have been paid from 2020-2022 consisting of debt tranche A of US$27.7 million, tranche B of US$200 million, and loans to Commerzbank AG of US$260 million.

Commerzbank AG is the second largest bank in Germany, a creditor of Krakatau Steel, in building the 2nd Hot Strip Mill (HSM2) plant.

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