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Anshan Iron & Steel Will Move Forward With U.S. Project

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steel_2 August 20, 2010 (Chinavestor) Anshan Iron & Steel said it plans to move forward with a U.S. project after a company executive said on Thursday the project may be delayed due to U.S. government opposition. The company, which the parent company of Shanghai-listed Angang Steel (SHA:000898), is working on a steel plant being built by Steel Development Co.

Anshan said in May it would take a 14% interest in the $175 million facility, which is being built in Mississippi. A bipartisan group of 50 U.S. lawmakers called last month for an investigation, expressing deep concern that the investment threatened U.S. jobs and national security, according to Reuters.

The American Chamber of Commerce in China lashed out at the Congressional opposition, saying Congress does not need to approve such a project. For its part, Anshan said it is committed to working with Steel Development to see that the project moves forward.

 



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