[SMM News Flash] SMM reported on November 12 that the board of directors of Walsin has resolved to increase the capital of its Singapore subsidiary, Walsin Singapore Pte. Ltd. (WLS), by approximately USD 9.15 million for PT. Walsin Everising Specialty Steel Indonesia (Walsin Everising) to plan and build a stainless steel wire rod plant in Indonesia. This move aims to enhance cost competitiveness and leverage the company's brand value synergy. This capital increase will raise the shareholding to 51%, with a total cumulative investment of approximately USD 15.3 million.
WLS and Mimosa International Limited have jointly established Walsin Everising in the Morowali Industrial Park in Indonesia to construct a stainless steel wire rod plant, producing 300-series stainless steel basic wire rods with an estimated annual production of 300,000 mt. The future target markets will be Southeast Asia and South Asia, with the plant expected to be completed in Q2 2026 and officially commence mass production in H1 2027.
At the end of 2019, Walsin Lihwa established Walsin Nickel Industry Indonesia in the Morowali Industrial Park to develop upstream raw material NPI for stainless steel, ensuring a stable supply of upstream raw materials for stainless steel. Now, further expanding its business through planned investment cooperation, Walsin aims to consolidate its leading position in the global stainless steel market.
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