China Steel Corp (中鋼), Taiwan’s largest steel maker, said yesterday that if steel products were included on an “early harvest” list under a proposed trade pact with China, the company would have a better chance of entering the Chinese auto-making supply chain.
China Steel president Tsou Juo-chi (鄒若齊) said the company would take advantage of the preferential status that the list is expected to offer in a bid to seek Chinese partners.
The early harvest list from Taiwan will contain items subject to tariff waivers and easier market access in China under the planned economic cooperation framework agreement (ECFA).
The government has said an ECFA would stimulate the local economy by boosting economic exchanges across the Taiwan Strait.
Taiwan and China are expected to exchange early harvest lists today as representatives of both sides meet in Taipei to discuss the details of a fifth round of semi-official cross-strait talks.
After the company’s annual general meeting, Tsou told reporters he expected that Taiwanese steel products would be very competitive in China, but that Taiwanese steel firms needed to build partnerships with their Chinese counterparts if they want to penetrate the huge Chinese market.
China Steel would lay down marketing strategies for the Chinese market once it knows what steel products will be included in the early harvest list.
He said that as far as he knew, plate and coil steel products such as stainless steel and carbon steel would be included in the list, while bar steel, H-beam steel and steel billets would be excluded.
Meanwhile, China Steel chairman Chang Chia-juch (張家祝) said steel prices in the region were expected to stabilize in the fourth quarter of this year after months of declines because China has canceled tax refunds on steel product exports to boost prices.
Chang said rising demand for steel products also served as a factor to stabilize pricing.
He said he was “optimistic” about China Steel’s earnings outlook this year.
However, Chang announced at the meeting that he would step down amid criticism of his reforms at the company. He said he did his best to protect shareholders’ rights and ensure fairness at the company.
A board meeting has approved a proposal for Tsou to succeed Chang, a company spokesman said. Ou Chaur-hwa (歐朝華), chairman of the company’s unit Dragon Steel Corp (中龍), will become president of China Steel, the spokesman said.
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