Ansteel to invest in India plant

Anshan Iron & Steel Group (known as “Ansteel”) is planning to establish a steel processing plant in India to capitalize on growing demand in that country, Dow Jones reported. Ansteel, China’s third-biggest steelmaker by output has been expanding abroad for some time, with investments in processing plants in Spain, Italy and the US. the firm’s president, Zhang Xiaogang, said that Ansteel had also considered plants in Africa, but decided against investing in the continent because of risk concerns. Zhang also said that the future of the firm’s planned US investment has become rockier, thanks to resistance from US lawmakers, who allege that the firm poses national security risks. Ansteel is also forming a domestic joint venture with European steel firm ThyssenKrup (0O1C.LSE, TKA.FWB) to build a plant in Chongqing which would manufacture high-end auto sheets.