Hanil Cement Co, a South Korean cement manufacturer, said Wednesday it has sold its Indonesian steelmaking subsidiary to a Chinese company for US$3m.   

Hanil Cement didn’t disclose the name of the buyer, but said it is a Chinese company operating in the Southeast Asian country.   

Established in 1974, Hanil Jaya has been struggling to survive since a financial crisis swept through Asia in 1997-98, Hanil Cement said.    Hanil Cement, which has an annual capacity of 7.15Mt, posted 617 billion won (US$586m) in sales last year. It has six affiliates, including ready mixed concrete maker Hanil Industrial Co.