Formosa Plastics Group, Taiwan's largest industrial conglomerate, is evaluating proposals to build a huge steel and car assembly complex in the island's mid-west county of Changhwa, a local newspaper said on Monday, according to Reuters.

The news agency said the Chinese-language Commercial Times newspaper quoted group chairman Wang Yung-ching as saying in an interview the planned complex would include upstream to downstream steel processing systems, plus car engine and assembly plants - it did not give the value for the investment.

The group is also considering investing $US1.3-1.4 billion in building two coal-powered generator plants located in northern and central Taiwan, the paper said, according to Reuters, which noted that Formosa Group includes Formosa Plastics Corp, Nan Ya Plastics, Formosa Chemical & Fibre Corp and Formosa Petrochemical Corp, Taiwan's only private oil refiner.