Restrukturisasi Korporasi dan Pemulihan Kinerja PT Krakatau Steel (Persero) Tbk: Evaluasi Multidimensi Periode 2019-2025

Abstract

This study evaluates the restructuring process and outcomes of PT Krakatau Steel (Persero) Tbk from 2019 to 2025, distinguishing between balance sheet recovery and operational recovery. It employs a descriptive case study approach involving document analysis of annual reports, audited consolidated financial statements, material information disclosures, and corporate publications. The analysis covers four dimensions: financial restructuring, asset portfolio realignment, operational improvements, and the strengthening of organization and governance. The results indicate that the restructuring successfully improved the debt maturity profile, reduced short-term liability pressures, and strengthened equity. By 2025, current liabilities had decreased by 63.85%, the current ratio rose from 28.97% to approximately 73.19%, and the debt-to-equity ratio improved from 5.65 times to 2.81 times. However, revenue grew by only 0.55%, gross profit fell by 52.55%, and the company recorded an operating loss of USD 82.71 million. The net profit of USD 339.64 million was primarily driven by financial income and gains from debt settlement, meaning it did not yet reflect a recovery in core profitability. The findings confirm that PT Krakatau Steel’s restructuring achieved substantial progress regarding liquidity and solvency; however, the turnaround remains incomplete, as operating cash flow, asset utilization, and operating margins remain weak. Managerial implications point to the need for a subsequent phase focusing on commercial discipline, capacity utilization, cost efficiency, partnership governance, and the segregation of recurring and non-recurring profit indicators.