CSC to raise capital of its Australian subsidiary

At its board of directors meeting held on December 27, Taiwan's largest steelmaker China Steel Corporation (CSC) announced that it has decided to increase the capitalization of its wholly-owned subsidiary CSC Steel Australia Holdings Pty Ltd by $270 million to allow it to proceed with investments in mineral assets.
 
The steelmaker will also spend NTD 2.27 billion ($78.32 million) to revamp the pre-programmed automatic and electrical control system for its hot strip mill No. 2 from January 2013 to December 2017.
 
The revamping will reduce the risk of breakdown of equipment, as well as promote the processing capacity of the production line to develop new steel grades. It will also cut CO2 emissions by total of 2,988 metric tons per year through power saving and low-temperature rolling.