Jakarta –
It only took Silmy Karim two years to turn PT Krakatau Steel (KS) from a company with a minus cash flow and then record hundreds of billions of profits. When first asked by SOE Minister Rini Soemarno to lead KS in November 2018, she admitted that she did not know that her debt was more than Rp. 30 trillion.
“When it comes to debt, I’m not too surprised, the problem is that the cash flow is negative. As a result, I pay my debts using debt, I pay my salaries using debt. At the beginning, I calculated that the debt increased from interest alone, Rp. 7 billion every day,” said Silmy Karim to the team. Detik.com bluntly, Monday (27/9/2021).
To overcome this, debt restructuring is the main thing he takes. The former CEO of Pindad visited the directors of 10 credit-giving banks one by one. After going through tough negotiations, an agreement was reached a year later, January 12, 2020.
While negotiating debt restructuring, Silmy Karim tried to streamline the fat KS organization. Also streamlining 60 subsidiaries, not extending outsourcing company contracts, and offering employees accelerated pensions.
In terms of marketing, Silmy Karim completely changed the company culture which is still used to waiting for buyers by coming directly to them. It also provides an understanding that using KS products that meet the needs will be more efficient than imports.
“Until the beginning of the reform, Krakatau Steel held a trade system (monopoly), so it was still in tune with customers. Now I go directly to the field to visit potential customers,” said Silmy.
When many overseas factories closed due to the pandemic, he actually made an opportunity to flood the market with KS’s best products. Before there was a work from home policy, Silmy Karim had already implemented it. “When it comes to quality, KS products are excellent. They are used in Europe and Australia,” he said proudly.
In another part, a man born on November 19, 1974 reveals various tricks of steel importers to avoid taxes. He also explained his reasons for studying at NATO and US NAVAL, and the three main activities he usually does to maintain a balance in life. For more details, watch the program Blak-blakan detik.com.
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