OREANDA-NEWS. December 29, 2011. The 10th meeting of the 14th Board of Directors of China Steel Corporation (CSC) was held on December 28, 2011. Major items of the agenda adopted were:

1. To subscribe for 1.6 billion shares of Dragon Steel Corporation (DSC) through the private offering of capital increase
 A resolution of capital increase through private offering was made by DSC’s board meeting on December 23, 2011 for the funding of DSC’s expansion project. DSC will issue 1.6 billion common shares with the share price of NTD 10 (par value NTD 10) to raise NTD 16 billion. CSC, the sole shareholder with 100% ownership of DSC, will subscribe for the total amounts.

2. To issue domestic corporate bonds amounted to NTD 20,000 million
 In order to replenish working capital, CSC will issue domestic corporate bonds at suitable time before the end of 2012. Total amount of issuance will not exceed NTD 20,000 million.

3. Vice President of Production Mr. Jyh-Yuh Sung will be promoted as President
 The current President Mr. Ou Chaw-Hwa will retire on February 2012. Vice President of Production Mr. Jyh-Yuh Sung will be promoted to succeed Mr. Ou.

4. To change part of management positions

 (1) Vice President of Engineering Mr. Tsung-Ren Jeng will be transferred to the new position as Vice President of Production. Former General Manager of Plant Engineering and Maintenance Department, currently President of China Steel Machinery Corporation, Mr. Wen-Du Hsu will be promoted as Vice President of Engineering. The change will be effective on February 1, 2012.

 (2) Vice President of Technology Mr. Yu-Soong Chen will leave his office to act as the Chairman of Chung Hung Steel Corporation. Assistant Vice President of Technology Mr. Shyi-Chin Wang will be promoted as Vice President of Technology. This change will be effective on January 1, 2012.