Top 30 Indonesian Stainless Steel Slabs Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Krakatau Steel (Persero) Tbk
PT Gunung Raja Paksi Tbk
PT Steel Pipe Industry of Indonesia Tbk
PT Gunawan Dianjaya Steel Tbk
PT Aneka Tambang Tbk
PT Vale Indonesia Tbk
PT Merdeka Copper Gold Tbk
PT Harum Energy Tbk
PT Timah Tbk
PT Central Omega Resources Tbk
PT Ifishdeco Tbk
PT Saranacentral Bajatama Tbk
PT Pelat Timah Nusantara Tbk
PT Lion Metal Works Tbk
PT Lionmesh Prima Tbk
PT Betonjaya Manunggal Tbk
PT Jakarta Kyoei Steel Works Tbk
PT Alumindo Light Metal Industry Tbk
PT Jaya Pari Steel Tbk
PT Indal Aluminium Industry Tbk
PT Citra Tubindo Tbk
PT Pelangi Indah Canindo Tbk
PT Sarana Menara Nusantara Tbk
PT Barito Pacific Tbk
PT Chandra Asri Pacific Tbk
PT AKR Corporindo Tbk
PT Astra International Tbk
PT United Tractors Tbk
PT Indo Tambangraya Megah Tbk
PT Bukit Asam Tbk
2) Revenue results of major public companies in Indonesia summarized (per company)
PT Aneka Tambang Tbk delivered one of the strongest performances among Indonesian metal producers during Q3 2025. Revenue reached approximately USD 4.45 billion (Rp72.03 trillion), while net profit surged to approximately USD 408 million (Rp6.61 trillion), representing roughly 197% year-over-year growth. The performance was driven by strong nickel and gold sales, operational efficiency improvements, and downstream processing initiatives.
PT Krakatau Steel (Persero) Tbk reported a significant turnaround in Q3 2025. Revenue increased to approximately USD 706.1 million, while the company recorded a net profit of approximately USD 22.2 million, compared with a loss of USD 185.2 million during the prior-year period. Steel products remained the largest contributor to revenue generation.
PT Vale Indonesia Tbk benefited from continued nickel demand from stainless steel and battery supply chains. The company generated approximately USD 52.4 million in Q3 2025 profit while maintaining stable nickel matte production and supporting Indonesia's downstream metal ecosystem.
PT Merdeka Copper Gold Tbk continued expanding its nickel processing and battery-material operations. The company reported approximately USD 1.30 billion revenue during the first nine months of 2025, supported by nickel-related business growth and expanding downstream investments.
PT Harum Energy Tbk nickel-focused investments contributed to earnings of approximately USD 37.3 million in Q3 2025. Management continued prioritizing high-grade nickel processing assets linked to stainless steel and EV supply chains.
PT Timah Tbk recorded approximately USD 36.1 million in profit during Q3 2025. While primarily a tin producer, the company benefited from stronger industrial metal demand and improving operational performance across its mining portfolio.
PT Gunung Raja Paksi Tbk remained one of Indonesia's largest privately owned steel manufacturers, supplying flat steel products used throughout construction and manufacturing sectors. The company focused on production efficiency and export opportunities amid fluctuating steel prices during Q3 2025.
PT Steel Pipe Industry of Indonesia Tbk maintained solid operating activity through its steel pipe manufacturing business, benefiting from infrastructure and energy-sector demand. The company continued strengthening utilization rates and improving operational efficiency in Q3 2025.
PT Gunawan Dianjaya Steel Tbk remained active in heavy plate steel production serving shipbuilding, construction, and industrial sectors. The company continued managing raw material costs and maintaining production competitiveness amid global steel market volatility.
PT Central Omega Resources Tbk continued to expand nickel mining and smelting activities supporting stainless steel slab production chains. Nickel ore demand from Indonesian smelters remained a key driver of business performance during Q3 2025.
3) Key trends & insights from Q3 2025
Indonesia continued to dominate global nickel supply, accounting for more than 60% of refined nickel production, reinforcing its importance in stainless steel manufacturing.
Stainless steel slab producers benefited from vertically integrated nickel-to-steel operations.
Nickel oversupply continued to pressure margins across stainless steel and NPI producers.
Chinese investment remained a major driver of stainless steel capacity expansion in Indonesia.
Integrated industrial parks such as IMIP remained central to global stainless steel production growth.
Domestic infrastructure spending supported demand for flat steel products, pipes, and construction-grade steel.
Several Indonesian steel manufacturers improved profitability through cost reductions and operational restructuring.
Stainless steel exports continued gaining market share in Asia, Europe, and the Middle East.
Nickel price volatility remained the most significant risk factor for sector earnings.
Environmental, ESG, and labor compliance issues became increasingly important for international customers and investors.
4) Outlook for Q4 2025 and beyond
Indonesian stainless steel slab production capacity is expected to continue expanding through 2026.
Demand from infrastructure, construction, and industrial manufacturing sectors should remain supportive.
Nickel market oversupply may continue limiting price recovery through 20262027.
Integrated producers with captive nickel supply are expected to outperform standalone steel manufacturers.
Export-oriented stainless steel producers are likely to benefit from Indonesia's cost advantages.
Continued downstream industrialization policies should attract additional foreign direct investment.
Battery materials and EV-related nickel demand will increasingly influence stainless steel sector economics.
Operational efficiency and energy management will become critical earnings drivers.
Consolidation among smaller steel and processing companies remains possible.
ESG compliance, carbon footprint reporting, and sustainable sourcing requirements will become increasingly important for global customers.
5) Conclusion
The Indonesian stainless steel slabs industry entered Q4 2025 from a position of structural strength despite a challenging global pricing environment. Companies such as PT Aneka Tambang Tbk, PT Krakatau Steel (Persero) Tbk, PT Vale Indonesia Tbk, and PT Merdeka Copper Gold Tbk demonstrated that integrated nickel and steel operations remain highly competitive. Indonesia's unique position as the world's dominant nickel supplier continues to support long-term stainless steel slab production growth, even as global markets face oversupply concerns and pricing pressure. Looking ahead, continued downstream investments, expanding smelting capacity, and growing industrial demand are expected to reinforce Indonesia's role as one of the most influential stainless steel production centers globally.

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