CSC-Yieh Loong-Sumitomo joint venture about to be finalised

CSC-Yieh Loong-Sumitomo joint venture about to be finalised

As previously reported by SteelOrbis, Taiwanese China Steel Corporation (CSC), Yieh Loong and Japanese steelmaker Sumitomo joint venture is currently under discussion. Such joint venture will be established with the aim of supplying slabs ex Wakayama plant of Sumitomo. According to the recent reports to SteelOrbis, Sumitomo, CSC and Yieh Loong are soon to reach mutual agreement for the subject joint venture and the announcement of the joint venture company to be established is expected to take place in May 2003. SteelOrbis understands that the price for slabs to be supplied will be based on the hot rolled coil price in Asia from which the rolling cost will be deducted. The cost of rolling by Yieh Loong is estimated to be around $50-60/mt.