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.

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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.

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