Taiwan and India joins hands to widen the market reach in steel production

Wednesday, 22 April 2015 07:42 administrator
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Logo China SteelChina Steel Group contributes to India’s ‘Make in India’ project in steel market.

 

Mumbai. China Steel Group, Taiwan’s biggest steel player, recently initiated The 2015 Taiwan steel and Metal Technology forum at the Bombay Exhibition center, Goregaon, along with China Steel Corporation India (CSCI), C.S Aluminium Corporation(CSAC) and China Ecotek Corporation(CEC) as its subsidiaries.

The forum aims at providing a glimpse of Taiwan’s aspirations and expectations with regards to Indian steel and aluminium market as India and Taiwan joins hands strengthening the bilateral trade relations and commercial links between the two countries. The forum provides a platform to showcase the increasing faith in the Indian market and economy by the Chinese. China Steel Group being one of the largest steel producers in the world strategically planned the collaboration with India boosting the government’s ‘Make in India’ initiative. This will highly benefit the Indian steel market and small businesses of both the countries. Also due to India’s strategic location the western ports serve as a gateway to South East Asia, Europe and Africa.

Amongst the three subsidiaries, China Steel Corporation (CSC)’s biggest investment in India is China Steel Corporation India (CSCI) which produces electrical steel in Bharuch district of Gujarat. With $2.37mn investment, the production line annually produces 200,000 tonne of non-grain oriented electrical steel.  CSC will be investing in India extensively.

Chung-Yi Lin, Vice President of China Steel Corporation, said, “The strong Indian base and its strategic connectivity with the European markets will prove beneficial for China Steel in their plans to services Europe as well as African markets. We see the Indian steel market growing and we would like to play a major role in it through the Governments initiatives."

The forum has set its focus on sharing of technology and strategies between India and China. This will be beneficial to Indian steel market in its subsequent growth and development.