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China Steel sells NT$9.6 bil. in bonds to fund expansion

Written by Writer on Thursday, October 16th, 2008

China Steel sells NT$9.6 bil. in bonds to fund expansion

Bloomberg
Thursday, October 16, 2008

TAIPEI, Taiwan –– China Steel Corp., Taiwan’s largest steelmaker, said it auctioned NT$9.6 billion of five-year bonds to help pay for building plants. The debt will pay an annual interest of 2.42 percent, the Kaohsiung-based company said in an e-mail today. Proceeds will help fund a subsidiary’s mill and a cold-rolled steel plant, Executive Vice President Chung Le-min said by telephone yesterday.

“We think there’s still room” for new plants on the island, Chung said. Taiwan’s annual production of about 25 million metric tons of steel isn’t enough to meet local demand, he said.

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News Topics : Bil, Bloomberg, Bonds, China Steel, China Taiwan, Cold Rolled Steel, Cold Steel, E Mail, Executive Vice, Million Metric Tons, Plants, Proceeds, Steel Corp, Steel Plant, Steelmaker, Subsidiary, Taipei Taiwan, Taiwan China, Tons Of Steel, Vice President