Angang to form JV with US mill

BEIJING - Anshan Iron and Steel Group Corp (Angang), China's fourth-largest steelmaker, said on Monday that it has signed a memorandum of understanding (MOU) with US mill Steel Development Company (SDC) to gain a stake in SDC's deformed steel bar plant, making it the first Chinese company to invest in a US steel mill.

The joint-venture plant will be located in Amory, Mississippi, Angang said on its website, noting that the MOU was inked on May 13 in New York, without providing any financial details.

Angang and Japan's Marubeni Corp will sell the plant's products in the southeastern United States, the statement said.