China Steel Corp wins nod to issue up to NTD 20 bln bonds

China Steel Corp (CSC), the largest steelmaker in Taiwan by revenue, announced on Tuesday it has won approval from its board of directors to issue unsecured corporate bonds worth up to NTD 20 billion to boost its working capital, sources reported.

The steelmaker said in a statement that maturities of the bonds will range from three to seven years, and coupon rates will not exceed 3.50%.

An unnamed executive from CSC revealed that proceeds from the bond issue will be used to fund some projects, including the construction of a cold-rolled steel mill.

In October, CSC had floated NTD 9.6 billion worth of bonds, the first issue of the company in 2008.