China Steel Corp (
The two companies are evaluating building a plant in China to make steel plates used in automobiles, a Chinese-language newspaper reported yesterday in Taipei. The two may invest more than NT$5 billion (US$148 million) in the mill with an annual production capacity of at least 300,000 tonnes, the report said.
"We have cooperated rather well and we have all along been looking at ways to extend that partnership,'' said China Steel executive vice president Chen Yuan-cheng (
"We haven't ruled out investing in China," he said.
Chen declined to elaborate and said the companies have no timetable for a venture.
China Steel last year paid 10 billion yen (US$91 million) for a one-third stake in a unit of Sumitomo, becoming the first overseas partner in a Japanese crude-steel plant. The tie-up helped the Taiwanese steelmaker secure a source of steel slab supply.
The steelmaker may raise its official profit forecast for this year, which would require approval at the company's June 25 board meeting, Chen said, without giving specific figures.
China Steel may post a pretax profit for this year of as much as NT$60 billion (US$1.8 billion), higher than the company's earlier forecast, a Chinese-language newspaper said on Thursday, citing chairman Lin Wen-yuan (林文淵).
The steelmaker in December forecast a pretax profit of NT$42 billion for this year and net income of NT$33 billion.
"Based on the current demand outlook, there is a potential to raise prices again in the fourth quarter," Chen said. "The increases in product prices exceed the gains in raw material costs expected earlier."
China Steel shares closed unchanged at NT$30.10 yesterday. The stock rose 6.7 percent this year, compared with a 5.5 percent decline in the main TAIEX.
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