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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's Ansteel may scrap US steel deal AFP - Friday, August 20 Send IM Story Print China's Ansteel may scrap US steel deal BEIJING (AFP) - – China's Anshan Iron and Steel Group may scrap an investment deal with a US steel mill due to opposition from American lawmakers, state media said Friday. The state-run Chinese mill, also known as Ansteel, signed an agreement with Mississippi-based Steel Development Company in May that includes construction of five plants in the United States. Fifty US legislators have sent letters to President Barack Obama and Treasury Secretary Timothy Geithner urging them to investigate the deal, arguing the investment threatened US jobs and national security. Chen Ming, vice chairman of Angang Steel Co Ltd, the listed subsidiary of Ansteel, said Thursday that the Chinese company was likely to suspend its investment plans for the American steel mill, the Beijing News reported. The Chinese steelmaker would not incur any losses from the suspension as the companies were still in the negotiation stage and no investment had been made, Chen told a news conference in Hong Kong. Chen said Ansteel had not necessarily given up the plan and it was still making efforts on the project. Relevant officials at Ansteel and the listed unit were not immediately available to comment when contacted by AFP. The American Chamber of Commerce in Beijing issued a statement saying it was disappointed the deal would not proceed and said it was a "missed opportunity" for both sides. "We believe reciprocity is critical to the free flow of trade and investment that the US has long urged China to pursue," the statement said. "We encourage Anshan and other Chinese companies to continue to consider investment opportunities in the US and to pursue them vigorously." Chinese government officials have repeatedly called on the United States to treat its companies "fairly" and not "politicise" the deal. Sino-US relations have been strained this year over a range of economic and trade issues, including the value of the Chinese currency and Google's spat with Beijing over censorship. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 21 minutes ago Funds may rebalance auto stocks on GM IPO: Ford Reuters - 35 minutes ago Hormel posts profit beat, raises forecast Reuters - 21 minutes ago Foot Locker sees forex pressures hurting Q3 EPS Reuters - 36 minutes ago GLOBAL MARKETS-Bonds rise; stocks fall on lingering growth fear Reuters - 42 minutes ago News Search Top Stories France slashes 2011 growth forecast France cuts 2011 growth forecast to 2% EU says ban on seal goods in place, with exceptions Russia 'has no plans to import grain this year' EU ban on seal goods imports in place, with exceptions More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended More Americans say Obama is Muslim US jobless claims jump to 500,000; nine-month high Partner says BP hiding oil spill documents Intel to buy McAfee as it eyes wireless market Over 200 mln US eggs recalled in salmonella scare More Most Viewed » Obama endorses mosque plan near Ground Zero 40 US billionaires pledge half wealth to charity Visitors attack Taiwan 'haunted house' actors Massive ice island breaks off Greenland glacier Belgian man dies of South Asian superbug More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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