Anshan Iron and Steel will stick to investment plans U.S. Steel plant

China Iron and Steel Company Anshan Iron and Steel Group Corporation (Anshan Iron and Steel Group Corp., Referred to as: Anshan Iron and Steel Group) senior management Wednesday said the company did not intend to cancel a joint venture of U.S. Steel's investment, although some U.S. congressmen asked the Government to investigate the project .

Zhang, general manager of Anshan Iron and Steel Group, told Dow Jones Newswires (Dow Jones Newswires) interview, said the company believed the United States is a highly mature market economies. He believes that the investigation will not be possible on the investment, including investment in the future have any impact. He added that the company's commitment to the project investment is only about 700 million.

The fourth largest steel company in an awkward position, because the United States before the 50 members of Congress steel line (Congressional Steel Caucus) on the last Friday wrote to the Treasury secretary (Timothy Geithner), asked the U.S. Overseas Investment Commission ( Committee on Foreign Investment in the United States) Investigation Group and Angang Steel Development Co.'s joint venture plan. These members said they are worried that a U.S. steel company, foreign direct investment would threaten U.S. jobs and national security.

This year in May, Anshan Iron and Steel Development Group said it planned to invest in steel plant in Mississippi Armory, as overseas expansion and direct marketing products in the United States part of the strategy.

Zhang gap in a New York conference, said U.S. lawmakers a letter addressed to Timothy Geithner him a little by surprise, because the company is the project's small shareholders, not involving the joint venture management. He did not understand why they will this investment and national security, or access to new technologies linked.

He added that a further decision on the Mississippi investment will depend on how this development. He said the U.S. Treasury Department has not yet responded to this letter.

He said that due to the small amount of investment, the U.S. government will not even respond. In his view, the economic nature of the problem should be treated as economic issues only, and not doped to the politics.

He said he had not, and joint venture partners in the United States about this letter, but not prepared to discuss the matter Wednesday. He is scheduled Wednesday afternoon to fly back to China.

Steel Development said, because the process of financing for the plant in Anshan Iron and Steel Group, received the investment, it has become a target of public criticism. It said the steel plant will create 1,200 construction jobs and 100 permanent jobs. The company spokesman said Tuesday, Anshan Iron and Steel Group's investment in total investment amount less than 20%. The steel plant planned for production this year.

But at the same time, the U.S. largest steel production company Nucor Corp. (NUE) in charge Wednesday issued a written statement in support of the Government to investigate the investment Anshan Iron and Steel Group.