Feb22, 2012
TAIPEI (Reuters) - China Steel, Taiwan's top steel maker, said on Tuesday it will pay T$3.06 billion ($104 million) to invest in a coal mine in Australia and take rights to 10 percent of the future output, in a move to counter the impact of higher coal prices.
About half the amount will be used to buy the share of output rights at the MDL 162 site in the northern state of Queensland, while the rest will go on building facilities and on future development, China Steel said in a statement.
The investment will secure annual output of 600,000 tons of metallurgical coal for China Steel once completed in 2016, raising its owned coal supply to 7 percent from 3 percent of total supply, a spokesman said separately.
Falling demand for steel amid a global slowdown but higher prices of raw materials like coal have prompted China Steel and global rivals to try and seek their own supplies.
In December China Steel agreed to a 23 percent cut in iron ore prices and had earlier said it was seeking to delay some raw material deliveries.
Shares of China Steel ended flat before the announcement, versus a 0.42 percent slide of the broader market.
(sourced Reuters)
Showing posts with label China Steel Corp. Show all posts
Showing posts with label China Steel Corp. Show all posts
Wednesday, February 22, 2012
Saturday, August 27, 2011
Taiwan’s CSC to sell bonds to fund new plant investment in India
August27, 2011
Taiwan-based integrated steelmaker China Steel Corporation (CSC) plans to invest $66.58 million in a new plant to manufacture electrical steel in the Bharuch district of the state of Gujarat in western India.
CSC will have a 37.4 percent stake in the project in which total investment amounts to $178 million along with the funds coming from other investors. CSC plans to sell as much as NTD 20 billion (US$689.9 million) in bonds in Taiwan this year to help finance the investment.
According to CSC's statement, the investment will allow the company to meet the high demand for electrical steel sheets in India and will help it to enter other markets such as the Middle East, Europe and North Africa.
The production line will annually produce 200,000 mt of non-grain oriented electrical steel. Construction work on the project will start in September this year and test runs are scheduled in October 2013.
(sourced steelorbis)
Taiwan-based integrated steelmaker China Steel Corporation (CSC) plans to invest $66.58 million in a new plant to manufacture electrical steel in the Bharuch district of the state of Gujarat in western India.
CSC will have a 37.4 percent stake in the project in which total investment amounts to $178 million along with the funds coming from other investors. CSC plans to sell as much as NTD 20 billion (US$689.9 million) in bonds in Taiwan this year to help finance the investment.
According to CSC's statement, the investment will allow the company to meet the high demand for electrical steel sheets in India and will help it to enter other markets such as the Middle East, Europe and North Africa.
The production line will annually produce 200,000 mt of non-grain oriented electrical steel. Construction work on the project will start in September this year and test runs are scheduled in October 2013.
(sourced steelorbis)
Saturday, February 19, 2011
E. Asian mills' offer prices for coils soar, buyers wary
Saturday, Feb19, 2011
Offer prices of cold rolled coil from Taiwanese, Korean and Chinese mills have risen sharply by $50-70/tonne compared to end-January levels. Offers from Taiwan, ahead of the new offer prices from China Steel Corp, have risen to $870/t fob for 1mm base full-hard CRC, for annealed base CRC at $890/t fob and for hot-dip galvanized $1,050/t fob. Read More on this…
Offer prices of cold rolled coil from Taiwanese, Korean and Chinese mills have risen sharply by $50-70/tonne compared to end-January levels. Offers from Taiwan, ahead of the new offer prices from China Steel Corp, have risen to $870/t fob for 1mm base full-hard CRC, for annealed base CRC at $890/t fob and for hot-dip galvanized $1,050/t fob. Read More on this…
Subscribe to:
Posts (Atom)
Posts
