Date: 2013-07-31

Anshan Steel Denies Lowering Investment Ratio in US

It is reported that Anshan Iron and Steel Group Corporation recently confirmed the investment with US steel firm Steel Development Company Llc remains less than 14%, but the exact ratio is yet to be decided.

Local media reported Monday that the investment ratio planned by Ansteel in the joint venture with SDCO has been lowered to 10% stakes from the previous less than 20% 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 USD 175 million rebar facilities that is being built in Amory, Mississippi. According to the agreement, Ansteel would hold 20 percent stakes in SDCO.

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