Chinese steel giant plans to build steel JV in U.S.

BEIJING, May 17 (Xinhua) -- Anshan Iron and Steel Group Corp., a conglomerate based in Anshan, northeast China's Liaoning Province, and the Steel Development Company, of the United States, have signed a memorandum of understanding on jointly investing in a deformed steel bar manufacturing project.

According to the MOU, the joint-venture project will be located in Amory, Mississippi.

The two sides are still discussing the investment size and their respective equities in the joint-venture project.

Zhang Xiaogang, general manager of Anshan Iron and Steel, told Xinhua the company would dispatch technical, financial and managerial personnel to participate in daily operations of the joint venture.

Anshan company would learn electrosmelting techniques from the U.S. company to help it reduce energy consumption.