Related News
Ansteel invests in US mill
By Richard Fu |
September 16, 2010, Thursday
|
Print Edition
Print Edition
ANSHAN Iron and Steel Group Corp became the first Chinese mill to successfully enter the United States market when it signed a deal with an American company to build a plant there despite opposition by US lawmakers.
Liaoning Province-based Ansteel will own a 14 percent stake in Steel Development Co under the agreement they signed yesterday in Beijing along with partners from the US, Italy, Japan, Germany and Canada. The identities of the other partners were not revealed.
The US$168 million reinforcing bar plant in Amory, Mississippi, will start operations in 2012.
US lawmakers had opposed the proposed investment by Ansteel, which was first announced in May. A Ministry of Commerce spokesman in July said US politicians should not use national security as a ground to block Ansteel's relatively small investment.
"The joint venture with Steel Development is an important step in Ansteel's goal of continuing to be among the world leaders in terms of steel production technology, environmental protection and profitability," Ansteel President Zhang Xiaogang said.
The partners plan to build four more mills for bar products, used in infrastructure applications, and for electrical and silicon grades of steel used in energy applications such as windmills and power generation.
Demand for reinforcing bar in the US has exceeded production. With infrastructure spending in the US rapidly rising, Steel Development offers an opportunity for Ansteel to invest in a mill focused on supplying a sector of the economy which is set to continue growing.
Liaoning Province-based Ansteel will own a 14 percent stake in Steel Development Co under the agreement they signed yesterday in Beijing along with partners from the US, Italy, Japan, Germany and Canada. The identities of the other partners were not revealed.
The US$168 million reinforcing bar plant in Amory, Mississippi, will start operations in 2012.
US lawmakers had opposed the proposed investment by Ansteel, which was first announced in May. A Ministry of Commerce spokesman in July said US politicians should not use national security as a ground to block Ansteel's relatively small investment.
"The joint venture with Steel Development is an important step in Ansteel's goal of continuing to be among the world leaders in terms of steel production technology, environmental protection and profitability," Ansteel President Zhang Xiaogang said.
The partners plan to build four more mills for bar products, used in infrastructure applications, and for electrical and silicon grades of steel used in energy applications such as windmills and power generation.
Demand for reinforcing bar in the US has exceeded production. With infrastructure spending in the US rapidly rising, Steel Development offers an opportunity for Ansteel to invest in a mill focused on supplying a sector of the economy which is set to continue growing.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
