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Steel & Metal
- Taiwan -
Taiwan Steel Mills Unaffected by Powerful Earthquake
A major 7.2-magnitude earthquake struck eastern Taiwan near Hualien City on Wednesday morning, but the impact on the country's steel mill operations has been minimal so far.Â
According to the Central Weather Administration of Taiwan, the earthquake's epicenter was located 25 kilometers away from Hualien City.Â
The powerful tremor, the strongest to hit Taiwan in 25 years, has resulted in 7 deaths and over 700 injuries as of Wednesday afternoon.Â
However, Taiwan's largest steel producer, China Steel Corporation, reported that its operations remained normal as early as 9 AM on the same day.Â
Steel stocks in Taiwan actually rose in response to the earthquake, with several steelmakers like China Steel Structure hitting their daily trading limit when the market opened on Wednesday, though they fell back slightly afterwards.Â
In contrast, the broader Taiwan Stock Exchange Corporation weighted index declined by 0.6% from the previous day, the largest daily loss since March 15th.Â
The limited impact on Taiwan's steel industry suggests that the country's steel mills have been able to withstand the effects of the powerful earthquake, maintaining their production and operations despite the natural disaster.Â
