Taiwan's largest steelmaker China Steel Corporation (
CSC) has issued updates on certain investment projects following the board of directors meeting held on August 9.
Accordingly,
CSC will increase its investment in its wholly-owned subsidiary China Steel Corporation India Pvt. Ltd. (CSCI) by $60.06 million, since CSCI needs to increase the budget for the Phase 1 construction of the electrical steel coil production line.
Additionally,
CSC will revamp the reheating furnaces No. 1 and 2 at its hot strip mill No. 1 starting on September 1, with the project scheduled to be completed on August 31, 2017. Total amount of investment for the project will be NTD 1.7 billion ($57 million). After the project is finished,
CSC will be able to raise its production capability of high-grade steel products and save about NTD 252 million ($8.4 million) per year on production costs.