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CSC board approves USD 60 million for electrical steel projects in Bharuch
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Monday, 12 Aug 2013
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China Steel Corporation said that its board had approved injecting USD 60.06 million into a wholly owned unit in India and spending a total of TWD 3.92 billion to improve its emission controls over the next 4 years.

China Steel Corporation India Pvt Ltd, which is constructing an electrical steel sheet plant in the Bharuch district of India’s Gujarat state, will use the new funds to continue the project.

The India project, which started construction in September 2011 and is scheduled for starting a test run in October, is designed to produce 200,000 tonnes of non oriented electrical steel sheets per year at an investment of USD 66.58 million

The non oriented electrical steel sheets are used as the key material in the manufacturing of high-efficiency motors, which China Steel said would help it meet demand in India and expand its reach to other markets, such as the Middle East, Europe and North Africa.

Company officials had expected the project’s annual output to reach 1 million tonnes in 4 years, with an annual revenue contribution of about TWD 5 billion. The company reported revenue of TWD 207.19 billion last year.

Separately, China Steel’s board also approved a TWD 2.21 billion investment in new flue gas desulfurization and denitrification facilities for steel smelting plants between next month and August 2016.

In addition, the company is to invest TWD 1.71 billion in a heating furnace renovation project at one of the company’s HR production lines from next month through October 2016.

According to the statement, this renovation will improve the firm’s production of high-grade steel products with better emission controls, while helping cut manufacturing costs of TWD 252 million a year.

The statement said that the Greater Kaohsiung-based company will also spend TWD 870 million on land and building purchases in the city’s Siaogang District, where China Steel is headquartered.

Mr Tsou Jou-chi chairman of China Steel said that the firm would spend TWD 22 billion in capital expenditure and TWD 38.3 billion in overseas investment this year.

Meanwhile, because the company also plans to diversify its business portfolio into other sectors while coping with the government’s policy of promoting green energy, the board yesterday approved another plan to invest in wind power.

Source - www.taipeitimes.com

(www.steelguru.com)

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