Ansteel denies lowering investment ratio in US

Anshan Iron and Steel Group Corporation (Ansteel) Monday confirmed the investment with US steel firm Steel Development Company Llc (SDCO) remains less than 14 percent, but the exact ratio is yet to be decided.

Local media reported Monday that the investment ratio planned by Ansteel in the joint venture (JV) with SDCO has been lowered to 10 percent stakes from the previous less than 20 percent, while an official from the oil producer denied the information saying it (investment) remains the same.

In May, Ansteel inked a memorandum of understanding with SDCO, to jointly invest in a $175-million rebar facility that is being built in Amory, Mississippi. According to the agreement, Ansteel would hold 20 percent stakes in SDCO. Global Times

Posted by on August 17, 2010. Filed under Steel. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry