Sinosteel Corp, China’s largest state-owned steel trading firm, will open a representative office in Taipei, Reuters reported. State-owned Sinosteel will invest US$606,000 in the initial stage and later increase its investment to US$1 million, president Huang Tianwen said during a visit to E-United, a major Taiwanese steel maker. Huang is scheduled to meet executives of China Steel, Taiwan’s top steel maker, today. Trade ties across the Taiwan strait have improved since President Ma Ying-jeou was elected last year, with deals fuelling a rally in Taiwan’s stock market over the past month.
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