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The investment decision for the project, which will start in October this year and be completed in June 2018, was taken during a board meeting on Wednesday August 12.
The ladle furnace will be the third in the company’s No1 basic oxygen furnace (BOF) plant.
“Reasons for investing in this project are to move steel production toward various items at small volumes, and continuing to increase the percentage of high-grade steel products,” the company said.
“More liquid steel must pass through the refining compound process, so the current two ladle furnaces have insufficient capacity,” it added.
CSC produced 9.61 million tonnes of crude steel in 2014, up from 9.07 million tonnes in the previous year.
Together with fully owned subsidiary Dragon Steel, it produced 15.40 million tonnes of crude steel last year, ranking at No23 in Steel First/Metal Bulletin’s list of Top Steelmakers 2015.