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US lawmakers: Chinese investment in US rebar facility threatens national security

Monday, 05 July 2010 02:06:02 (GMT+2)

Tags: rebar , longs , USA , China , Far East , North America , Southeast Asia , Angang | similar articles »

On Monday, May 18, Chinese steelmaker Anshan Iron and Steel Group (also known as Angang) announced firm plans to invest in a rebar facility located in Amory, Mississippi, but a bipartisan group of lawmakers Friday sent a letter to US Treasury Secretary Timothy Geithner, asking for an investigation as to whether the investment should be blocked.

"[China could gain] access to new steel production technologies and information regarding American national security infrastructure projects," wrote the lawmakers. "We are deeply concerned that their direct investment in an American steel company threatens American jobs and national security."

Anshan, China's second-largest steel producer it is slated to invest $175 million in the facility; which is still under construction. This will be Anshan's first mill located in the US. The deal is subject to approval by the China's Ministry of Commerce.

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