Indonesian state-controlled steel maker PT Krakatau Steel will cut its 2015 capital expenditure from an earlier target of $275 million to $350 million to increase efficiency, the Kontan newspaper reported, quoting Corporate Secretary Iip Budiman.

Budiman did not say how much the firm was now planning to spend. Krakatau will prioritise plans to complete two projects worth more than 10 trillion rupiah ($790.5 million), he added, including a blast furnace that is expected to be fully operational in September.

Source:http://www.dailymail.co.uk/