Chinese steelmaker hailed for dropping U.S. deal

By Reuters
Posted Aug. 19, 2010 at 12:15 p.m.

Lawmakers from U.S. steel-producing states on Thursday welcomed a decision by China steel company Anshan Iron and Steel Group to put its investment in a U.S. steel plant on hold.

“Not only would this venture have set a dangerous precedent further undermining our domestic steel market, but it posed serious national security concerns,” Rep. Tim Murphy, a Pennsylvania Republican, said in a statement.Murphy and Rep. Pete Visclosky, an Indiana Democrat, had urged the Obama administration’s Committee on Foreign Investment in the United States to block the proposed investment.

“While it is unknown what impact, if any, that the Committee on Foreign Investment in the United States may have had on this decision, it is our hope that CFIUS remains vigilant in ensuring that all investments in the United States are fully vetted for the purpose of protecting American national security and American jobs,” Visclosky said.

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