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Quintain Steel Company to Enter Fastener Production for an Estimated Annual Revenue Between NTD 2 and 3 Billion
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2015-06-23
The shareholder meeting of Quintain Steel Co., Ltd held on June 22 reached an unanimous decision to cut investment capital by 15% and to enter the field of fastener production for business expansion. The company plans to produce 4 to 5 thousand tons of fasteners per month, which is expected to bring NTD 2 to 3 billion of annual revenue.
"Because of excessive supply in wire rod, galvanized steel wire, and spheroidized material markets as well as long term weak steel price, the company reports deficit for the last 3 consecutive years. The company will recover business by reducing investment capital," said the president in the shareholder meeting.
The company reported a total deficit of NTD 677 million for 2014. The investment capital, after 15% reduction, will be around NTD 3.271 billion with net asset value at NTD12. The shareholders agreed on this proposal and decided to invest on a fastener factory to tap into the fastener market and better complete its future business.
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