China Steel Corp. (CSC), recognized as Taiwan's largest steelmaker by size, started up on January 12 its new factory of electromagnetic steel sheets owned by its affiliate, China Steel Corporation India Pvt. Ltd., in India's western state of Gujarat, being ready to explore considerable business opportunities in the emerging market.
At the opening ceremony held on January 12, CSC's chairman, J.C. Tsou, noted that the NT$7.1 billion (US$225.39 million) plant, spread over 60 hectares, has annual capacity of 200,000 tonnes or so of electromagnetic steel sheets, to mainly target Indian makers of motors and transformers ranging from the low to high end.
The chairman confirmed then that CSC will step up assessing the feasibility of budgeting about NT$25.6 billion (US$812.69 million) to set up another plant of cold-rolled and galvanized steel coils with planned annual output of 1 million tonnes in the country, as soon as the Indian government agrees to cut or lift duties on imported raw materials.
Construction having begun in September 2012, the new electromagnetic steel sheet plant finished trial production last June, and outsources materials, mainly hot- and cold-rolled steels, from CSC and Dragon Steel Corp., CSC's subsidiary headquartered in Taiwan's southern metropolis of Kaohsiung. CSC's directors said that the plant will consider also buying materials from China Steel Sumikin Vietnam Joint Stock Company (CSVC) in the near term.
With paid-in capital of US$1.148 billion, CSVC was founded in October 2009 by several firms from Taiwan and Japan, including CSC and Nippon Steel & Sumitomo Metal Corporation. CSC commands 51 percent share of the joint venture, with Nippon Steel & Sumitomo and Formosa Ha Tinh Steel Corporation, a Vietnamese steel firm affiliated with Taiwan's Formosa Plastics Group, controlling 30 percent and 5 percent, respectively.
As its business plans aimed to set up production overseas and explore emerging markets in South and Southeast Asia gradually picking up speed, CSC expects to realize new growth for the years to come.
|Overview of CSC's Overseas Production in South and Southeast Asia|
| Company Set Up
|| Investment Value
|| Stake Held
|| Products and Annual Capacity
|| Date of Starting Production
| China Steel Corporation India Pvt. Ltd.
|| NT$7.1 Bn.
|| 200,000 tonnes of Electromagnetic steel sheets
|| Q1, 2015
| China Steel Precision Materials Corporation
|| NT$1.0 Bn.
|| 2,000 tonnes of titanium alloy
1,000 tonnes of nickel alloy
3,000 tonnes of tool and die steel
| July 1, 2011
| China Steel Sumikin Vietnam Joint Stock Company
|| NT$35 Bn.
|| 1.2 million tonnes of cold-rolled, hot-dip and galvanized electromagnetic steel sheets and cold-rolled, pickled steels
|| Oct. 14, 2013
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