Companies

Ansteel calls for fair market environment in US

(Xinhua)
Updated: 2010-07-08 10:25

SHENYANG - China's Anshan Iron and Steel Group Corp (Ansteel) called for maintaining a fair market environment in the US on Wednesday after 50 US lawmakers sought to block its investment in a US steel company.

In a recent letter to US Treasury Secretary Timothy Geithner, the Congressmen said the joint rebar venture proposed by Ansteel and US's Steel Development Co threatens "American jobs" and "national security".

In a statement, the steel mill said its investments in the US and other regions were commercial acts based upon market demands and also attempts in international cooperation.

Related readings:  US steel firm defends Chinese investment  Ansteel says US plant investment 'commercial'  Anshan Steel to raise crude steel capacity  Angang to form JV with US mill

The steel bars produced at the $175 million facility, in which Ansteel has a 14 percent stake, would mainly substitute imports, it said. Rebar is a low-end steel product mainly used in construction.

The 300,000-ton plant in Amory, Mississippi would create jobs and increase tax revenues and would not harm local suppliers, it said.

"We chose the US because it has a perfect law system," it said. "We believe the US has given, and will continue to give, all businesses that respect local laws and customs the same market environment."

Qi Xiangdong, deputy secretary-general of the China Iron and Steel Association, on Monday urged western countries to maintain the proper attitudes towards global trade and economic globalization.

"If the (US) government supported blocking the deal, it was a protectionist attitude," Qi said.