CENS reported that to facilitate production expansion and upgrade operations, China Steel Corporation will issue USD 20 billion of corporate bonds in 2012.

Despite the economic doldrums, CSC's major subsidiary Dragon Steel Corporation will expand blast furnace facilities, financing such move by raising paid in capital by TWD 16 billion via a private equity placement, with CSC to fully subscribe the 1.6 billion common shares to be issued.

Dragon will invest TWD 120 billion and TWD 80 billion in building the No 1 and No 2 blast furnaces, respectively, each of which will have annual capacity of 2.5 million tonnes of steel products. In addition to domestic investments, CSC is also evaluating the feasibility of investing in Southeast Asia.

Also CSC's board of directors has recently approved to have vice president Mr CY Sung replace incumbent president Mr CH Ou, who will retire on February 1st 2012.

CSC chairman Mr JC Tsou noted Mr Sung has played a major role to help Dragon expand blast furnace facilities that will definitely be instrumental for CSC to raise international competitiveness.

(Sourced from www.cens.com)