Taipei,Oct.9,2012(CENS)--Formosa Plastics Group's steel business will start soon as its stainless steel plant in Fujian,China,will come online in the first quarter of 2013,earlier than expected,with 720,000 tonnes in annual output initially and 900,000 tons maximum,generating NT$70 billion(US$2.33 billion)in annual production value.
W.Y.Wang,chairman of the firm,reportedly visited local governments in Fujian in late September,and was asked to also invest in ports and infrastructure in the province.
Formosa Plastics invested US$1.3 billion to build the stainless steel plant in Fujian initially to turn out 120,000 tonnes of hot-rolled stainless steel,600,000 tonnes of hot-rolled annealing and pickling stainless steel,targeting Taiwan and southeast coastal regions of China.
Formosa Plastics invested US$600 million to expand production of homogeneous powder,emulsification powder,acrylic acid(AA),acrylic ester(AE),superabsorbent polymers(SAP),and EVA(ethylene vinyl acetate),with the production lines expected to be completed by the end of 2013.
With Asia,ASEAN(Association of Southeast Asian Nations)and India becoming major markets of steel globally,Formosa Plasticsa??steel mill in Vietnam are under construction at a cost of US$10 billion,including port and wharf buildings.The first blast furnace's official start-up has been delayed from the end of 2014 to the second quarter of 2015.
