SteelOrbis has been informed that Taiwan's only integrated steelmaker and slab producer China Steel Corporation (CSC) is planning to set up an electrical steel processing center in northern Italy with an international trading partner, with the aim of increasing its market shares in southern Europe.
The new steel processing center will manufacture electrical steel parts used in electrical equipment such as motor cores and transformers.
Meanwhile, China Steel Global Trading Corporation (CSGT), a CSC subsidiary, will be responsible for CSC's plan to explore global market. CSC has not yet officially confirmed the details of this plan.
On the other hand, CSC last week announced its operating results for the first half of FY 2009. As per its report, in the period in question CSC's revenue came to NT$73,277 million, its loss before income tax was NT$8,796 million and its net loss was NT$6,451 million.
In addition, in early August CSC signed an annual cooperation agreement with Chinese state-owned raw materials processing company Sinosteel Sinosteel Corp. (Sinosteel) in Kaohsiung, Taiwan. According to this agreement, CSC has pledged to purchase steel manufacturing-related raw materials, indirect materials, refractories, rollers and manufacturing equipment from the subsidiaries of Sinosteel, while Sinosteel will purchase steel-related products from CSC.