Formosa Hatinh Steel Corporation, one of the steel manufacturing complex of Taiwan's Formosa Plastic Group, its first blast furnace will start its official operation in 2015. In order to secure the iron ore supply chain to stay firmly for its blast furnace need, four of Formosa Plastic Group's company will invest NT$11.999 billion to its resource company. The porpose of this resource company is to get shares from Brazil, South Africa or Australia's iron ore mining companies. Formosa Plastic Group has signed the confidential agreement with those mining companies. The company is following with China Steel Corp.'s step to get its own iron ore source for future need.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64860&division=A9
