In response to today’s announcement that Anshan Iron and Steel Group is placing on hold its plans to invest in the American Steel Development Company, U.S. Rep. Pete Visclosky, D-1st—chair of the Congressional Steel Caucus—made the following statement on Thursday.

“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. We remain committed to ensuring that American steelworkers are able to compete on a level playing field and that American steel is able to continue keeping our country safe and our economy strong.”

U.S. Rep. Tim Murphy, R-Pa.—vice-chair of the Caucus—added: "Not only would this venture have set a dangerous precedent further undermining our domestic steel market, but it posed serious national security concerns. We will continue to fight to protect our domestic steel manufacturers should China attempt to infiltrate American steel companies in the future.”

Posted 8/20/2010