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

Monday, 05 July 2010 02:06:02 (GMT+3)   |  
       

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.

Similar articles

Domestic rebar prices in Taiwan - week 13, 2024

29 Mar | Longs and Billet

Import longs offers in Romania now attractive, local prices stable

28 Mar | Longs and Billet

Turkish domestic dollar-based rebar spot prices soften

28 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

Rebar consumption in Mexico decreases 3.1 percent in January

27 Mar | Steel News

US rebar prices mostly stable with occasional deals

27 Mar | Longs and Billet

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Iskenderun-based Turkish mill increases its rebar price      

27 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet