China Steel Buys US Dollar, Euro, Yen Currency Forwards To Hedge FX Risks
First Published Friday, 23rd March 2012 10:43 am - © 2012 Dow Jones
TAIPEI -(Dow Jones)- China Steel Corp. (2002.TW), Taiwan's biggest steelmaker by revenue, said Friday it has bought US$5.13 million, EUR1.64 million and JPY400 million of currency forward contracts to hedge its foreign exchange risks.
The company said in a statement the U.S. dollar forwards will carry forward rates of NT$29.866-NT$30.238 to the U.S. dollar and will expire by March 22, 2013.
The euro forwards will carry forward rates of NT$38.865-NT$39.249 to the euro and will expire by Jan. 31, 2014.
The yen forwards will carry forward rates of JPY83.20 to the U.S. dollar and will expire by April 24, 2012.