Steel Development Company, LLC (Steel Development) and Anshan Iron and Steel Group Corporation (Ansteel) executed a Joint Venture Operating Agreement along with partners from the United States, Italy, Japan, Germany and Canada.

Steel Development Company, LLC (Steel Development) and Anshan Iron and Steel Group Corporation (Ansteel) executed a Joint Venture Operating Agreement along with partners from the United States, Italy, Japan, Germany and Canada.

Steel Development and its joint venture partners plan to build a steel mill in Amory, Mississippi, USA that will produce reinforcing bar and other bar products.

Steel Development is a US-based steel company led by former Nucor CEO John Correnti as chairman and CEO.

Under the terms of agreement, Ansteel will invest in and become a 14% partner of Steel Development.

The plan involves four mills to produce reinforcing bar using innovative direct rolling in which billet exits the caster into the mill without cropping and other bar products, and one mill that will be capable of producing electrical and silicon grades of steel used in energy applications (eg wind turbines, electrical power generation and energy efficient cars).