Taiwan's largest steelmaker China Steel Corporation (CSC) has issued updates on certain investment projects following the board of directors meeting held on August 9.
Accordingly, CSC will increase its investment in its wholly-owned subsidiary China Steel Corporation India Pvt. Ltd. (CSCI) by $60.06 million, since CSCI needs to increase the budget for the Phase 1 construction of the electrical steel coil production line.
Additionally, CSC will revamp the reheating furnaces No. 1 and 2 at its hot strip mill No. 1 starting on September 1, with the project scheduled to be completed on August 31, 2017. Total amount of investment for the project will be NTD 1.7 billion ($57 million). After the project is finished, CSC will be able to raise its production capability of high-grade steel products and save about NTD 252 million ($8.4 million) per year on production costs.