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China Steel to issue NT$20 bln in bonds

May. 31, 2012 (China Knowledge) - China Steel Corp (CSC), the largest steel maker in Taiwan by revenue, yesterday raised NT$20 billion through a bond offering, said sources close to the matter.

The sources said that the steel maker issued NT$5 billion in seven-year bonds with a coupon rate of 1.37% and NT$15 billion in ten-year bonds with a coupon rate of 1.50%.

China Steel said earlier that it suffered a loss of NT$712.2 million in the first quarter of this year, whereas it booked a net profit of NT$6.68 billion in the same period of last year.

The company's revenue was NT$53.61 billion in the quarter, down 5.1% from NT$56.51 billion in the corresponding period of 2011.

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