It is reported that Indonesia’s Krakatau Steel has announced a long products joint venture with Japanese Osaka Steel. It’s learned that the two companies has already signed a joint venture agreement on December 26th, 2012 to set up new formation as PT Krakatau Osaka Steel which will be able to engage an investment vehicle for building a production base for light sections and reinforcing bar to serve the fast-growing construction industry in Indonesia. Krakatau Steel will hold 49% of the JV and Osaka Steel, a subsidiary of Nippon Steel & Sumitomo Metal (NSSM) will take the majority 51% share. Meanwhile, the new company will help to improve and strengthen Krakatau Steel’s position in the domestic market, especially in the production of rebar and sections.