According to Taiwan Business Times on March 6, 2024, Formosa Plastics stated that it will invest in Fujian Fuxin Special Steel Company in mainland China through Tianlong Investment Company, and handle a cash capital increase of 530 million US dollars.
Formosa Plastics stated that due to the sluggish steel market, it will invest in Fujian Fuxin Special Steel Company in mainland China through Tianlong Investment Company, and handle a cash capital increase of 530 million US dollars (approximately NT $16.736 billion) to assist mainland Fuxin Special Steel Company in repaying loans and improving its financial structure. Formosa Plastics holds a 29.16% stake in mainland Fuxin Stainless Steel; Fuxin Special Steel's revenue in 2023 was RMB 1.8 billion.
Fujian Fuxin Special Steel Company is a joint venture between Formosa Plastics, Taisho Heavy Industry, Fujian Sansteel, and Japan's JFE Steel. It is located in Longchi Industrial Park, Zhangzhou Taishang Investment Zone, Fujian Province. The first phase of production has an annual production capacity of 720000 tons of high-end stainless steel coils, including 300 series, 400 series, and ultra pure ferrite. The entire factory area is approximately 87.6 hectares. In order to enhance the added value of products and get closer to end customers, a new construction project of a 300000 ton cold rolling plant with an annual output of RMB 3.44 billion has been put into operation in the first quarter of 2022.