China’s state-owned steelmaker Anshan Iron and Steel will buy a 14% stake in Mississippi-based Steel Development Company (SDC) despite strong opposition from members of the US Congress and industry associations, the Financial Times reported. The companies did not disclose how much Anshan would pay for the stake. Other equity partners in SDC have not been disclosed either, though its chief executive, John Correnti, said they were "all American" and includes himself. SDC is building a US$168 million reinforcing bar mill in Amory, Mississippi, and plans to construct four additional mills. Members of the Congressional Steel Caucus had issued a letter in July urging the US government to investigate the Anshan deal on national security grounds.
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