Angang insists on investing in U.S. steel works
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Anshan Iron and Steel Group Corporation, also known as Angang, is looking to invest in U.S. steel works, although some U.S. congressmen requested the government to investigate this project, said a top company official on Wednesday.
Angang's general manager Zhang Xiaogang said in an interview with Dow Jones Newswires that the company believes the U.S. is a country with a highly mature market economy. In his opinion, the possible investigation will not bring any negative effects to the future investment. The company has promised to invest about US$7 million to this project.
Last Friday, 50 U.S. congressmen wrote to the Treasury Secretary Timothy Geithner claiming that the cooperation project between Angang and the U.S. Steel Development Co. may hurt their job market and even threaten national security.
China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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