A substantial holding in Indonesia's only steel mill, state-owned PT Krakatau Steel, will be offered to a strategic investor later this year following the launch of an initial public offering (IPO) - possibly as soon as the second quarter of this year. According to State Minister for State Enterprises, Sofyan Djalil, the government plans to divest 40% of the equity and is hoping to raise a total of between $160-200 million - to be ploughed back into the company.