China Steel Corp secures $265m loan for upstream ventures abroad

Taiwan’s China Steel Corp has secured a syndicated loan of C$278.34 million ($264.5 million) from 12 banks to finance its raw material projects overseas.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The funds will go to its iron ore or coking coal projects, CSC’s press liaison officer told Steel First without giving further details.

The Bank of Taiwan, Chinatrust Commercial Bank and Taipei Fubon Commercial Bank are the main lenders involved in the syndicated loan, he said.

CSC’s move in securing the loan for upstream investment is in line with its strategy to increase its raw material self-sufficiency rate to 30% by 2015, from the current 11.6% in iron ore and 2.9% in coal.

In late May 2013, a consortium led by CSC and South Korea’s Posco purchased a 15% stake in ArcelorMittal Mines Canada for $1.1 billion.

What to read next
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
Low supply, strong demand to spur scrap prices higher in Feb, market says
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.