Posted on 14 Jan 2015
China Steel Corp., the largest steel supplier in Taiwan, said Wednesday
that it has set its sights on providing better service to its clients in
the South Asian market after completing construction of a plant in
India.
China Steel said the addition of a new factory and sales
office in India was part of its plan to extend its production and
marketing network to South Asia and intensify its efforts to penetrate
the market there.
The company spoke of its vision for the market
after announcing on Monday the completion of construction of its US$237
million cold-rolled steel mill in a Gujarat Industrial Development
Corporation industrial park in Dahej in western India.
Described
as the first stage of China Steel's investment in India, the project was
launched in July 2012 and construction started in August 2013.
The
new plant, featuring an annealing and coating line, launched commercial
production Monday and will roll out 200,000 tons a year of electrical
steel, a type of cold-rolled steel.
The new plant had been
engaged in trial production since the end of September 2013. Electrical
steel is used for the production of a wide range of products, such as
electric motors and compressors.
China Steel Chairman Tsou Jo-chi
said the new Indian plant is expected to shorten lead times and provide
more timely service in the South Asian market, and he hoped it would
allow China Steel to grow together with its customers.
Tsou met
with Indian Prime Minister Narendra Modi at the Vibrant Gujurat Summit
held earlier this week to thank India for its support of the investment
to date and appeal for continued support in the future, including
providing a fair competitive environment with Japanese and Korean steel
makers.
Details of China Steel's second stage investment project
have yet to be finalized and the scale and timeframe of the investment
will depend on market conditions, the company said.
In addition
to the new production site in India, China Steel also has production
facilities in Vietnam and Malaysia and sales offices in Thailand and
Singapore.
