Angang: US rebar investment is of strictly commercial nature

Tuesday, 06 July 2010 17:46:39 (GMT+3)   |  
       

In response to opposition from US lawmakers to its planned investment in a rebar production facility in the state of Mississippi, Chinese steelmaker Anshan Iron and Steel Group (Angang) has stated that its plans are of a strictly commercial nature. "Angang always commits itself to establishing a mutual beneficial relationship with partners, communities and related interested parties", the steelmaker said in its statement.

On May 18 this year, Angang announced firm plans to invest in a rebar facility located in Amory, Mississippi. However, 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.

"[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," the letter continued.


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