Ansteel's US Investment Plan Continues

Ansteel is about to enter into a deal to invest $175 million in a US mill, Zhang Xiaogang, Ansteel general manager, said on the sideline of the Summer Davos forum. With that investment will follow the Chinese mill's acquisition of less than 20 percent of shares in the latter.

Zhang expressed no intention to slash output in his company in spite of the nationwide frenzy to sacrifice production for less consumption of energy.

The investment plan was questioned in vain last month by some US Congress members, who urged an investigation into cooperation plans between the two steel companies.