Taiwan's China Steel sees profit in April, to invest in SE Asia
TAIPEI, March 22
TAIPEI, March 22 (Reuters) - Taiwan's China Steel said on Thursday it will invest T$1.5 billion-T$2 billion ($50.7 million-$67.7 million) in Southeast Asia in the next five years to set up 10 steel cutting plants and expects to post a profit in the second quarter after a loss in the first.
The new president of Taiwan's top steelmaker, Jyh-Yuh Sung, told Reuters that orders in the second quarter will be 7-10 percent higher than the orders totalling 2.5 million tonnes in the first quarter.
Sung also said the new plants in Southeast Asia will be located in countries including Thailand, Indonesia, Malaysia and Vietnam.
The company said on Wednesday it would inject T$9.15 billion into its Australian subsidiary to invest in raw materials and development, its second investment in that country in a month.
On Thursday, China Steel shares closed 0.17 percent lower, underperforming the broader market's 0.98 percent rise.
($1 = 29.5605 Taiwan dollars) (Reporting by Miaojung Lin; Editing by Matt Driskill)