Anshan Iron and Steel Group Corporation (Ansteel) has agreed to set up a greenfield rebar plant in Amory, Mississippi, in cooperation with US firm Steel Development Company. It will be the first US steel plant to be part-owned by a Chinese company

Ansteel signed three contracts with Steel Development on May 13, covering equity investment, equipment subcontracting and sales. The company will send technical, financial and management teams to the Amory plant.

The project marks Ansteel's transition from steel exporter to a global player in the export of management and technology.

Ansteel CEO Zhang Xiaogang said the company is investing in the US for three reasons: to enter the US steel wire and bars market; to learn electric arc furnace operation; and to equip Ansteel managers with an international vision.

Ansteel is one of the four largest steel firms in China. It produced more than 20 million tons of iron and steel in 2009.