Qi Xiangdong, deputy secretary general of the China Iron and Steel Association (CISA), has stated that Chinese steelmaker Anshan Iron and Steel's (Angang) planned investment in the US should not be opposed by the US government, but should be decided by the market. If the US government intervenes against the investment, this would constitute protectionism, he said.
Mr. Qi's statement comes in response to opposition from US lawmakers and the American Iron and Steel Institute (AISI) to Angang's plans, announced in May this year, to invest in a rebar facility in Amory, Mississippi.
As reported by SteelOrbis, on Friday, July 2, a group of US lawmakers sent a letter to US Treasury Secretary Timothy Geithner, asking for an investigation as to whether the investment should be blocked, citing concerns over national security. The AISI has since come out in support of the letter sent by the lawmakers. Angang, on the other hand, has stressed that its investment plans are of a strictly commercial nature.
Mr. Qi also stated that as a market economy the US should not make political inteventions against China. He stressed that Angang is a listed company, which means it is not a traditional state-owned Chinese enterprise. No matter what the consequence is, China will continue to make overseas investments, the CISA official affirmed.