Chinese stainless JV

Mr Lee Chih-tsun, chairman of Formosa Plastics Corp., said that Formosa Plastics group may obtain government approval before the presidential elections to establish a stainless steel joint venture in China. Formosa Plastics Corp. plans to invest USD 100 million in the joint venture in the SE Chinese province of Fujian. The facility has designed annual capacity of 750,000mt of stainless steel. Separately, Formosa Plastics Corp. is studying the feasibility of a proposed Formosa Heavy Industries Corp. joint venture in Vietnam with annual capacity of 7.5 million tonnes of steel.
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