Top 30 Indonesian Steel Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Krakatau Steel Tbk
PT Steel Pipe Industry of Indonesia Tbk
PT Gunung Raja Paksi Tbk
PT Gunawan Dianjaya Steel Tbk
PT Betonjaya Manunggal Tbk
PT Pelat Timah Nusantara Tbk
PT Saranacentral Bajatama Tbk
PT Lionmesh Prima Tbk
PT Super Iron & Steel Tbk
PT Indo Kordsa Tbk
PT Surya Esa Perkasa Tbk
PT Indah Kiat Pulp & Paper (steel fittings)
PT KRAH Grand Kartech Tbk
PT Keyprint Tbk
PT Singaraja Putra Tbk
PT Prima Alloy Steel Tbk
PT Akebono Brake Astra Indonesia
PT Megah Surya Metal Tbk
PT Delta Steel & Engineering
PT Prima Steel Tubular Industries
PT Kapuas Prima Coal (steel subsidiary)
PT Astra International (heavy-steel exposure)
PT Indocement (steel subsidiary)
PT Krakatau POSCO
PT Krakatau Nitrogen & Steel
PT Cakra Multi Steel
PT BISI International (steel materials division)
PT KMI Wire & Cable (steel wires)
PT Daya Steel Pipe
PT Jakarana Tama Tbk
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Krakatau Steel Tbk (KRAS) - Net Profit: US $22.17 million, a turnaround from a loss in the prior year. Revenue: ~US $706.08 million through Q3 2025. Achieved profitability partly through operational efficiency and debt restructuring relief.
2. PT Steel Pipe Industry of Indonesia Tbk (ISSP) - Net Profit Q3 2025: Rp 369.26 billion (~USD 22 million+) Revenue: Rp 4,163 billion (~flat to slightly down YoY). Strong balance sheet and profitability improvements despite slight revenue contraction.
3. PT Gunung Raja Paksi Tbk (GGRP) - Net Loss Q3 2025: Rp 581.8 billion (≈ USD ~34.9 million loss) Revenue: Rp 2,209 billion. Reversed from profit in the prior year due to weaker steel demand and pricing.
4. PT Gunawan Dianjaya Steel Tbk (GDST) - Net Profit Q3 2025: Rp 65.0 billion (≈ ~USD 4 million) Revenue: Rp 1,788 billion. Profit squeezed vs prior year but remained in the black at the bottom line.
5. PT Pelat Timah Nusantara Tbk (NIKL) - Net Profit Q3 2025: Rp 356.7 million (≈ ~USD 24 k) - a small profit, reversing prior losses. Revenue (9M): ~Rp 1,580.5 billion. Represents early signs of recovery at this tin-plate/steel producer.
6. PT Betonjaya Manunggal Tbk - steel-and-concrete product
7. PT Saranacentral Bajatama Tbk - Operating in steel and construction product markets; earnings likely modest based on sector trends.
8. PT Lionmesh Prima Tbk - Part of smaller steel components and fabrication supply chains; typical performance follows slower domestic demand.
9. PT Super Iron & Steel Tbk - small to mid-cap segment performance is historically volatile influenced by commodity pricing and fabrication demand.
10. PT Prima Alloy Steel Tbk - one of niche steel producers.
3) Key trends & insights from Q3 2025
Operational Recovery in Core Steel Producers
Krakatau Steels return to positive net income reflects improved pricing and volume after several loss-making quarters.
Demand Variability
Domestic steel demand remains muted, applying pressure on margins for plate and commodity steel producers.
Mid-Cap Stability in Steel Pipes
Steel pipe and specialty segments (ISSP) showed stable cash flows and consistent inventory management, supported by both domestic projects and infrastructure spending.
Market Valuation Divergence
Smaller steel stocks command lower valuations vs peers, reflecting capital intensity and cyclicality risk.
4) Outlook for Q4 2025 and beyond
Moderate Growth Expected
Industry analysts forecast earnings growth in the Indonesian steel segment over the next year (e.g., ~19% annual growth forecast base).
Infrastructure & Construction Linkage
Indonesias infrastructure investments and housing demand support steady steel demand, especially for pipes and structural products.
Cost & Commodity Volatility
Steel feedstock and raw material pricing remain volatile, requiring efficient cost/re-engineering for sustained margins.
Strategic Moves
Investment in downstream and value-added steel applications (e.g., automotive and construction alloys) could bolster future EBITDA performance.
5) Conclusion
Q3 2025 was a turnaround quarter for key Indonesian steel producers after cyclical and pricing headwinds. While Krakatau Steel returned to profit and ISSP sustained operational strength, mid and smaller players faced uneven results due to demand weakness and competitive pressure. Going into Q4 and 2026, moderate growth is expected as infrastructure demand firms up and commodity prices stabilize benefiting integrated producers and niche steel manufacturers.

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