Angang puts US plan on hold
August 20, 2010 - Angang Steel Co Ltd said its State-owned parent has put its plan to invest in a US steel plant on hold after facing opposition from US lawmakers.
Chen Ming, vice-chairman of Hong Kong- and Shenzhen-listed Angang, said Thursday that the company's parent had not yet invested in the project, so it would not incur any loss from the development. Anshan Iron & Steel Group 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 Steel Development Co, a US start-up.
