Angang Group, the parent company of Angang Steel, will sign an investment contract for the construction of a steel rebar production facility in Mississippi, US with the US-based Steel Development Co. on September 15, Angang Group's general manager Zhang Xiaogang has said The two sides had signed a memorandum of understanding in May this year for the construction of the rebar facility, provoking a reaction from some US lawmakers who claimed that the investment could negatively impact national security.
According to the agreement, Angang Steel will invest $175 million in the project, for a share of less than 20 percent in the venture.