for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

China Anshan says still committed to US investment

HONG KONG, Aug 20 (Reuters) - China’s Anshan Iron & Steel Group Corp said it was committed to pushing forward with a U.S. steel project, a day after an executive of its listed unit said the deal was on hold due to opposition from U.S. lawmakers.

“Anshan’s goal to invest in the U.S. market remains unchanged,” the company said in a statement to Reuters on Friday. “(Anshan) is committed to working closely with our U.S. partners to move forward with the ... project.”

Chen Ming, vice chairman of Anshan's Angang Steel 0347.HK000898.SZ, told reporters on Thursday that his company's parent had suspended its plans to invest in a U.S. steel plant being built by Steel Development Co because the plan faced limited prospects for success. [ID:nTOE67I07P]

Anshan said in May that it had agreed to take a 14 percent stake in a $175 million rebar facility under construction in Amory, Mississippi by the U.S. start-up.

But a bipartisan group of 50 U.S. lawmakers called last month for an investigation, expressing deep concern that the investment threatened U.S. jobs and national security. [ID:nN02241776]

The American Chamber of Commerce in China on Friday expressed disappointment that the U.S. domestic industry, union and political opposition to the proposal persuaded Anshan to withdraw.

“We note that approval of the Congress is not required for such investments, nor was it rejected by the Committee on Foreign Investment in the United States, which did not conduct an investigation,” AmCham-China said in a statement. (Reporting by Alison Leung; Editing by Jacqueline Wong)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up