Taiwan's largest steelmaker China Steel Corporation (CSC) reported a net income of NTD 1.9 billion ($63.4 million) and the company's revenues amounted to NTD 110.67 billion ($3.7 billion) in the first half of the current year, during its board of directors meeting held on August 27.
During the meeting, CSC announced that it will set up a steel service center in Qingdao City, Shangdong Province, China, with Rechi Precision Co., Ltd. and China Steel Global Trading Corporation, in order to explore sales channels and establish a sales office in northern China. The planned capital will be $20 million, in which CSC will invest $12 million for a 60 percent shareholding.
The steelmaker will revamp its continuous annealing line No. 2 to develop high-grade and high-strength new steel products. The project is expected to reduce production costs, as well as decrease CO2 emissions by about 562.4 mt per year. The revamping will commence in September 2012 and is scheduled to be completed in April 2015.
Additionally, the amount of investment to be made in Formosa Ha Tinh Steel Corporation is to be increased by $40 million so that CSC can keep its five percent stake in the company for which it paid $135 million in 2010.