China Steel Corp (
The
"We are not in talks with Formosa Plastics to invest in a steel mill," said Wang Mao-ping (
China Steel shares fell NT$1.42, or 8.9 percent, to NT$14.60, on the announcement, marking an all-time low for this year.
China Steel Chairman Kuo Yen-tu (
Kuo was appointed chairman of state-run China Steel in June by Taiwan's Ministry of Economic Affairs, replacing Wang Chung-yu (
The economic affairs ministry owns 40.5 percent of China Steel and traditionally chooses the company's chairman.
"It's no secret that Chairman Kuo wants to build a second steel mill at the [proposed] Pinnan [Industrial Complex], but it's premature to say which company we want to invest in this project," said China Steel's spokesman Wang.
Kuo has been pushing to build a steel mill in Pinnan Industrial Complex (濱南工業區) in southern Taiwan, although the plan has been opposed by environmentalists there.
China Steel is still evaluating plans for the mill, Wang said.
China Steel said last week it will ask Japan's five largest steelmakers to invest US$200 billion in the mill, which will double China Steel's production capacity. Kuo and other China Steel executives plan to visit Japan after July 20.
Meanwhile in related news, Tung Ho Steel Enterprise and Kuei-Yi Enterprise, the two Taiwan steelmakers named in a US anti-dumping case, announced yesterday that they have confidence in being cleared from the list of suspected violators.
US steelmakers charge that Tung Ho dumped its steel products at 40.28 percent below fair market value and that Kuei-Yi sold its products at 69.61 percent below fair market value.
However, Tung Ho and Kuei-Yi both claim that their products were sold at fair market value prices, with Tung Ho exporting only 20,000 tonnes at NT$10,500 (US$350) per ton and Kuei-Yi exporting approximately 30,000 tonnes at US$300 per ton.
The US International Trade Commission (ITC) determined Monday that there is "a reasonable indication" that the US steel industry has been "materially injured or threatened with material injury" by imports from Taiwan, China, Germany, Italy, Luxembourg, Russia, South Africa and Spain.
The ITC's determination moves the case forward to the US Department of Commerce, which is charged with continuing investigations into the alleged dumping of structural steel products.
Taiwan’s Lee Chia-hao (李佳豪) on Sunday won a silver medal at the All England Open Badminton Championships in Birmingham, England, a career best. Lee, 25, took silver in the final of the men’s singles against world No. 1 Shi Yuqi (石宇奇) of China, who won 21-17, 21-19 in a tough match that lasted 51 minutes. After the match, the Taiwanese player, who ranks No. 22 in the world, said it felt unreal to be challenging an opponent of Shi’s caliber. “I had to be in peak form, and constantly switch my rhythm and tactics in order to score points effectively,” he said. Lee got
EMBRACING TAIWAN: US lawmakers have introduced an act aiming to replace the use of ‘Chinese Taipei’ with ‘Taiwan’ across all Washington’s federal agencies A group of US House of Representatives lawmakers has introduced legislation to replace the term “Chinese Taipei” with “Taiwan” across all federal agencies. US Representative Byron Donalds announced the introduction of the “America supports Taiwan act,” which would mandate federal agencies adopt “Taiwan” in place of “Chinese Taipei,” a news release on his page on the US House of Representatives’ Web site said. US representatives Mike Collins, Barry Moore and Tom Tiffany are cosponsors of the legislation, US political newspaper The Hill reported yesterday. “The legislation is a push to normalize the position of Taiwan as an autonomous country, although the official US
CHANGE OF TONE: G7 foreign ministers dropped past reassurances that there is no change in the position of the G7 members on Taiwan, including ‘one China’ policies G7 foreign ministers on Friday took a tough stance on China, stepping up their language on Taiwan and omitting some conciliatory references from past statements, including to “one China” policies. A statement by ministers meeting in Canada mirrored last month’s Japan-US statement in condemning “coercion” toward Taiwan. Compared with a G7 foreign ministers’ statement in November last year, the statement added members’ concerns over China’s nuclear buildup, although it omitted references to their concerns about Beijing’s human rights abuses in Xinjiang, Tibet and Hong Kong. Also missing were references stressing the desire for “constructive and stable relations with China” and
Foreign ministers of leading Western democracies sought to show a united front in Canada yesterday after seven weeks of rising tensions between US allies and US President Donald Trump over his upending of foreign policy on Ukraine and imposing of tariffs. The G7 ministers from the UK, Canada, France, Germany, Italy, Japan and the US, along with the EU, convened in the remote tourist town of La Malbaie, nestled in the Quebec hills, for two days of meetings that in the past have broadly been consensual on the issues they face. Top of the agenda for Washington’s partners would be getting a
RSS