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Taiwan's China Steel to invest US$270 m. to raise iron self-sufficiency.

Taipei, Dec. 28, 2012 (CENS) -- China Steel Corp., Taiwan's largest steelmaker by output, has recently approved an investment exceeding US$300 million, US$270 million of which to raise capital of its CSC Steel Australia Holdings Pty Ltd., to boost its self-supply of iron to 12% from the current 7.5%, according to the firm.

Citing foreign researchers, China Steel's directors indicated that international prices of iron ore have recently surged compared to the past two years, which bodes well for the global steelmaking industry in the coming year.

If the global economic recovery accelerates, the directors added, demand for steel will surely skyrocket to benefit China Steel in the short term, especially when China is stepping up public constructions after having nominated a new leadership mid-November, hence motivating Taiwanese steelmakers to enhance investment in acquiring additional supply of iron and iron ore.

CSC aims to boost self-supply of coal and iron both to 30% by 2015, compared to the current 7.5% in iron supply and merely 2% in coal.

Upgrading an electric control system for the hot-rolling process at its steel rolling mill No.2 is part of China Steel's grand investment project, which is estimated to cost NT$227 million and help the firm to improve production efficiency and achieve a 3,000-ton cut in carbon emission when the upgrading is completed.

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Steel's Recent Investments in Mining

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 BN

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Source: China Steel Corp.
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Title Annotation:China Steel Corp.
Author:Chuang, Steve
Publication:The Taiwan Economic News
Date:Dec 28, 2012
Words:857
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