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Amory, MS, United States (AHN) – Steel Development Co. and Anshan Iron and Steel Group Corp. (Ansteel) fixed a joint venture operating agreement with partners from the United States, Italy, Japan, Germany and Canada to establish an ecologically-sound steel facility in Amory, Mississippi.

The partnership plans to put up a technologically advanced and environmentally friendly steel mill that will produce reinforcing bar and other bar products.

Under the agreement, Ansteel will invest and become a 14 percent partner of Steel Development. Ansteel will also become a member of Steel Development’s Board of Directors and will supply certain components of technology and equipment package.

The firms’ strategic plans are to build and operate four mills to produce reinforcing bar and other bar products used in infrastructure applications such as highways and bridges.

Another mill to be constructed will be capable of producing highly sought after electrical and silicon grades of steel used in energy applications such as windmills, electrical power generation and energy efficient cars.

Environmental and other necessary permits for Steel Development’s first bar mill are already in place. Early construction activity on the mill has already been completed, the company noted.

“With the partnership, Ansteel is directly helping create good high paying jobs which are a major focus of business community in the U.S. over the coming years,” John Correnti, Steel Development’s chairman and CEO, said in a statement.

“The joint venture is an important step in our goal of continuing to be among the world leaders in terms of steel production technology, environmental protections and profitability. Steel Development has assembled a world-class group of project participants and Ansteel is proud to be joining this group as we look to expand our activities internationally,” Ansteel President Zhang Xiagang said.

With a long-term raw material supply agreement and multi-year sale agreements in place, Steel Development is expected to quickly gain a meaningful presence in U.S. bar market, which for a number of years, has been short of domestic rebar supply.

With spending on U.S. infrastructure projects rapidly increasing, Steel Development’s first bar mill provides an immediate opportunity for Ansteel to invest on supplying an economic sector that expected to continue growing in coming years with focus on road, bridge and rail construction projects.

The technology for Amory mill is designed to maximize production yields and substantially reduce operating costs and energy needs while allowing continuous operation 24 hours a day.

Quad Engineering, Inc. serves as the lead engineer working with a consortium of providers including Danieli Corp., Tenova Core Corp., Ansteel and Marubeni Corp.

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