Increased investment in China Steel Corporation India (CSCI) and sustained infrastructure development were some of the key decisions taken in the second meeting of the fifteenth Board of Directors of China Steel Corporation (CSC) held in August.
CSCI is one of CSC’s wholly owned subsidiaries and is in first phase of constructing an electrical steel coil production line. Taking account of the future expansion and completeness of facilities, the phase-1 construction will include the required water and utilities of the phase-2 expansion project. Therefore, CSC will increase its investment in CSCI by USD 60.06M to meet these requirements.
CSC will add one set of equipment each for de-SOx and de-NOx at No.2 sinter plant. The total amount of investment will be USD 74M. The project will commence in September 2013 and is scheduled for completion in August 2017. CSC will also revamp Nos. 1 and 2 reheating furnaces of the No.1 Hot Strip Mill. The total investment for the project will be USD 57M. The project is scheduled to commence in September 2013 and is expected to end by August 2017 with the aim of raising the production capability of high-grade steel products and save production costs of about USD 8.5M per year on completion.
CSC will also invest USD 29M to buy up land and three buildings in the Siaogang District of Kaohsiung City.