China's Anshan Iron and Steel Group Co., Ltd. [ASISG.UL] stated that it will continue to promote projects in cooperation with US steel mills. Chen Ming, vice chairman of the Angang Group, a listed company of the company, said earlier this year that he was met by US lawmakers. In opposition, the parent company decided to shelve the investment plan.
Anshan Iron and Steel Group issued a statement to Reuters on Friday and said: "The Angang Steel has not changed its goal of investing in the US market. Angang will work with its US partners to promote this project."
This statement displeased the members of the United States Congress who opposed the agreement. Angang Group decided on Thursday to put aside plans to invest in a steel plant in Mississippi. US lawmakers have welcomed this.
In the statement, Timmurphy, a Deputy Congressional SteelCaucus vice-president of the US Congressional Steel Industry Council and a Republican from Pennsylvania, stated in a statement: “We are disappointed with Anshan Iron and Steel’s latest decision to invest in the US steel market, but it is not surprising. China's announcement has always been fickle."
Murphy said: "The latest statement of Anshan Iron and Steel will bring trouble, but we will continue to honor our commitment to protect American steel manufacturers and **** from China infringement."
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