Meeting of BoD of China Steel Corporation Held
OREANDA-NEWS. August 21, 2013. The 2nd meeting of the 15th Board of Directors of China Steel Corporation (CSC) was held. Major items of the agenda adopted were:
1. Increase of Investment in China Steel Corporation India Pvt. Ltd.
China Steel Corporation India Pvt. Ltd (CSCI) is one of CSC’s wholly owned subsidiaries. Currently, CSCI’s phase-1 construction of electrical steel coil production line is in progress. Taking account of the future expansion and completeness of facilities, the phase-1 construction has to include the needed water and utilities of the phase-2 expansion project. Therefore, CSC will increase its investment in CSCI by USD60.06 million to meet the said increase of budget.
2. Investment of Equipment for de-Sulfurization (de-SOx) and de-Nitrification (de-NOx) at No.2 Sinter Plant
CSC will add one set of equipment each for de-SOx and de-NOx at No.2 sinter plant. Total amount of investment will be NTD2,216 million. The project will commence in September 2013 and is scheduled for completion in August 2017. After the project is finished, it assures that each emission concentration of SOx and NOx will be decreased to below 100ppm which meets the emission standard of new rules and regulations and enables CSC to improve the quality of environment effectively.
3. Revamp of Nos. 1 and 2 Reheating Furnaces for No.1 Hot Strip Mill
Total amount of investment for the project will be NTD 1,705 million. The project will commence on September 1, 2013 and is scheduled for completion on August 31, 2017. After the project is finished, it will be able to raise the production capability of high-grade steel products and save production cost about NTD 252 million per year. Moreover, this project will also enable CSC to reduce the emission of nitrogen oxide (NOx), sulfur oxide (SOx), particulate and carbon dioxide (CO2) by about 9.37 metric tons, 6.37 metric tons, 0.051 metric tons and 30,530 metric tons respectively per year since the project will adopt the best way of burning control to increase burning efficiency.
4. Purchase of Land
CSC will invest NTD 870 million to buy out a land and three buildings on the land located at land No.1103-1, Jhonglinzih Section, Siaogang District, Kaohsiung City.
5. Approval of Members of Corporate Governance Committee of the 15th Board of Directors
Directors Shen-Yi Lee, Jyh-Yuh Sung, and Chao-Chin Wei were elected in the meeting as members of Corporate Governance Committee of the 15th Board of Directors. Director Shen-Yi Lee was also designated as the convener for the committee.
6. Approval of Members of Compensation Committee of the 15th Board of Directors
Independent Directors Ting-Peng Liang, Shen-Yi Lee, and Juu-En Chang were elected in the meeting as members of Compensation Committee of the 15th Board of Directors. Director Ting-Peng Liang was also designated as the convener for the committee.
7. Establishment of Preparatory Office for Wind Farm Development Company
In order to grasp the potentially enormous business opportunity of offshore wind farm business, and integrate CSC Group’s accumulative experience and technology in various areas over the years to create a new business area, CSC established the “Preparatory Committee for Wind Farm Business” internally in February 2013. The purpose of committee is to evaluate, investigate and research the market and business of wind farm industry. Furthermore, CSC decided to establish the “Preparatory Office for Wind Farm Development Company” in order to strive for offshore wind farm related businesses and plan for the investment schedules according to the progress of government’s impetus to the development of wind power energy. Major tasks in the preparatory stage include:
(1) To plan the operation of the new company
(2) To discuss on joint venture with possible shareholders of the new company
(3) To coordinate with related government authorities proactively to draw up beneficial policies for the development of offshore wind farm industry
(4) To select the optimum technology sources
(5) To exchange views and discuss on future cooperation with domestic potential supply-chain firms in the wind turbine generator manufacturing
(6) To select domestic and foreign professional consulting firms as consultants for the investment of offshore wind farm business
(7) To establish a complete plan for the finance and risk hedge of the offshore wind farm engineering project.