Anshan Steel Says It Still Plans U.S. Plant Investment, Denies Any Delay

Anshan Iron & Steel Group said it is still planning to invest in the U.S., a day after an executive said the Mississippi plant project, the first by a Chinese steelmaker in the nation, has been postponed.

“Anshan Steel’s goal to invest in the U.S. market remains unchanged,” the Liaoning-based steelmaker said today in an e- mailed statement sent via public relations firm Burson- Marsteller. “Anshan Steel is committed to working closely with our U.S. partners to move forward.”

Chen Ming, the vice chairman of Anshan Steel’s listed unit, yesterday said the group had postponed the plan to build a reinforcing bar plant with Steel Development Co. because of objections from some lawmakers. The investment poses a national security risk as the company is controlled by the Chinese government, a group of 50 U.S. lawmakers said in a July letter to Treasury Secretary Timothy F. Geithner.

The approval of the U.S. Congress is not required for such investments, the American Chamber of Commerce in China said today in an e-mailed statement. “We encourage Anshan and other Chinese companies to continue to consider investment opportunities in the U.S. and to pursue them vigorously,” the chamber said.

--Helen Yuan. Editors: Tan Hwee Ann, Matthew Oakley.

To contact the Bloomberg News staff on this story: Helen Yuan in Shanghai at hyuan@bloomberg.net

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