The 14th meeting of the board of directors of China Steel Corporation was held on June 15th 2012. Major items of the agenda adopted were:

1. Addition of waste gas desulphurization system for No 3 sinter plant
This project will commence in July 2012 and is scheduled for completion in October 2014. After completion, the sulfur oxides emission can be not only lowered to less than the emission standard of 100ppm, but also diminished by 4,325 kilograms per day, which will improve the environmental quality effectively.

2. Budget increase and completion -date extension for the revamp of No 4 Blast Furnace 1st Campaign
This revamping project, approved in the board meeting on July 16th 2010 totaling TWD 5 billion, commenced in August 8th 2010 and planned to complete in July 31st 2013. Original project will adopt the cooling copper stave to revamp at the middle and bottom of the blast furnace and the cooling cast iron stave at other portion. However, CSC has recently learnt that some overseas blast furnaces with copper staves have encountered malfunctions. Therefore, for stabilizing the production and preventing the potential costs of future maintenance and suspension, the design of the cooling stave will be changed to use the same cooling plates as the current campaign uses. The budget will be increased by TWD 373 million and the completion date will be extended to November 30th 2014.

In addition, the board meeting on February 21st 2012 approved the investment of 10% of shares of MCG Coal Holdings' MDL162 mine via China Steel Australia Holdings Pty Limited, amounting to AUD 50 million and in addition to the future capital expenditures of construction and development according to the shareholding rate. However, because Peabody, the major shareholder of MDL162, determined to execute its pre emptive right, the transaction has been failed. Since CSC hasn't paid the sums, the board meeting therefore approved to cancel the transaction.

Source – China Steel Corporation

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