PRESS DIGEST-Indonesian Business News - May 21

Following are the leading business stories in the main Indonesian newspapers on May 21.

Reuters has not verified these stories and does not vouch for their accuracy. Telephone: Editorial: +62-21-384-6364. Fax: +62-21-344-8404 or Help Desk: +803-061-2124 (toll free).

- - - -

JAKARTA POST

- GOVT LOWERS INDUSTRIAL GROWTH TARGET FURTHER TO 5 PCT

Indonesia's industry ministry has revised down the government's industry growth forecast for the third time to five percent for 2008 because of the plan to hike subsidised fuel prices.

BISNIS INDONESIA

- ARCELORMITTAL IS THE MOST SUITABLE PARTNER FOR KRAKATAU- MINISTER

ArcelorMittal SA (ISPA.AS), the world's largest steel-maker, is the most suitable partner for Indonesia's state-owned steelmaker, Krakatau Steel, as the government tries to find strategic partner for the Indonesian firm, the state enterprises minister said.

- PEMBANGUNAN PERUMAHAN EYES 1.5 TRLN RPH FROM IPO

Indonesian state owned construction company PT Pembangunan Perumahan plans to raise 1.5 trillion rupiah by offering 30 percent of its shares in an initial public offering this year.

- - - - ($1 = 9,275 rupiah)