Ansteel cements steel moves in US

Editor's Note: Anshan Iron and Steel Group Corp, China's fourth-largest steelmaker, finally inked an agreement with US mill Steel Development Corp on Sept 16, to set up a joint venture in Amory, Mississippi.

This is the first case of a Chinese company investing in a US steel mill.

Anshan cements steel moves in US 2010-09-16

Anshan Iron & Steel Group today inked an agreement with Steel Development Company (SDC) to jointly build a steel rebar plant in the United States, ending doubts on whether the deal would go forward due to opposition from US lawmakers.

Total investment in the Mississippi steel rebar project is $168 million, with Anshan Steel taking a 14 percent stake in it, said John Correnti, chairman of SDC.

The project has to be approved by the Chinese and US governments.[Full story]

Ansteel may seal US deal 2010-09-15

Anshan Iron and Steel Group Corp (Ansteel) plans to strike an investment deal with a Mississippi steel mill in the US on September 16, the Oriental Morning Post reported, citing the company's general manager Zhang Xiaogang. [Full story]

Anshan still bullish on US deal 2010-08-21

A visitor outside the Angang Steel stall at an exhibition in Shanghai. [Jing Wei / For China Daily]

Anshan Iron & Steel Group said that it remained committed to an investment deal in the United States, a day after reports that it had delayed the deal following objections from a group of US congressmen.

The nation's fourth largest steelmaker said it is committed to working closely with US partners to push forward the Steel Development Corp project.[Full story]

Ansteel may postpone US plant investment 2010-08-20

Angang Steel Co (Angang) said that its parent, Anshan Iron and Steel Group (Ansteel), may postpone plans to invest in a US steel plant because of objections from US lawmakers, Reuters reported.

Chen Ming, vice chairman of Angang, said its parent was currently engaged in talks with the US-based Steel Development, but had not yet invested in the project, so it would not incur any losses, according to the report. [Full story]

Ansteel calls for fair market environment in US 2010-07-08

China's Anshan Iron and Steel Group Corp (Ansteel) called for maintaining a fair market environment in the US after 50 US lawmakers sought to block its investment in a US steel company.

In a statement, the steel mill said its investments in the US and other regions were commercial acts based upon market demands and also attempts in international cooperation.[Full story]

An Ansteel production line in the file photo taken in 2006. [Asianewsphoto]

US steel firm defends Chinese investment 2010-07-07

A US venture capital steel company that received an investment from a Chinese State-owned firm fought back against national security concerns raised by US lawmakers.

Steel Development Co, whose first project is to build a steel "rebar" production mill in Amory, Mississippi, said less than 20 percent of its total investment came from China's Anshan Iron and Steel Group. [Full story]

US lawmakers urge probe of Chinese steel investment 2010-07-03

A bipartisan group of 50 US lawmakers called for an investigation into whether a Chinese investment in the US steel sector should be blocked on national security grounds.

The Congressional Steel Caucus, in a letter to Treasury Secretary Timothy Geithner, said it was "deeply concerned" the recently announced joint venture between Anshan Iron and Steel Group's and the Steel Development Co also threatened American jobs. [Full story]

Angang to form JV with US mill 2010-05-18

The Ansteel exhibition booth at the Shanghai Metallurgy Expo in the file photo taken in 2008. [Asianewsphoto]

Anshan Iron and Steel Group Corp (Angang), China's fourth-largest steelmaker, said that it has signed a memorandum of understanding (MOU) with US mill Steel Development Company (SDC) to gain a stake in SDC's deformed steel bar plant, making it the first Chinese company to invest in a US steel mill.

The joint-venture plant will be located in Amory, Mississippi, Angang said on its website, noting that the MOU was inked on May 13 in New York, without providing any financial details. [Full story]

Companies encounter roadblocks on trip to US market

Chinese companies that are implementing their "going abroad" strategy have encountered difficulties in their recent attempts in the United States.

Foreign reports said the failure of these attempts was mostly because the United States was worried that these projects could harm US employment and threaten its national security. [Full story]

Politicizing Chinese investment harms US interests

Citing threats to its economy and to national security, the US often blocks investment projects from China, especially from State-owned enterprises, and limits China's investments to a limited number of sectors.

These actions by the US harm the interests of both Chinese and American companies. The ongoing case involving China's State-owned Anshan Iron & Steel Group is one example of US investment protectionism.[Full story]

Anshan Iron and Steel Group Corporation was established in 1948, and was once tabbed as the cradle of the Chinese steel industry and the eldest son of the Republic's steel industry.

The Anshan, Liaoning-based smelter is now China's fourth largest steelmaker after a series of M&As.

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