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Taiwan Formosa Plastic Group Starts Cooperation with China Baosteel
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2010-12-29

Taiwan Formosa Plastics Group confirmed that the subsidiary of China Baosteel will undertake management projects of Fujian and Vietnam stainless steel factories of Formosa Plastics Group such as computer information, production&marketing and so on, hoping to start the first cooperative step by seeking from China Baosteel the assistance of extensive operational experiences. Taiwan Formosa Plastics Group reveals that in addition to get Taiwan CSC’s investment and direct suggestions by jointing the board of Taiwan Formosa Plastics Group, the Vietnam steel factory of Taiwan Formosa Plastics Group also looks forward to proceeding joint-procurement of raw materials or overseas layouts and cultivating ASEAN market jointly with Taiwan CSC and China Baosteel in the future.

The Fujian stainless steel factory of Formosa Plastics Group has begun construction in April 2010, expected to be completed within 30 months, generating annual capacity of 0.72 million tons. The maximum operation capacity would achieve 0.9 million tons, and the estimated annual revenue is about NT$73.3 billion. Moreover, the Vietnam stainless steel factory of Formosa Plastics Group proposes total annual capacity to be 15 million tons, desiring to divide the courses into two steges, and the future annual earnings are roughly supposed to be NT$131.9 billion.

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