China's Anshan Iron and Steel Group said that it has signed an equity investment agreement with U.S. mill Steel Development Company that includes the construction of five new U.S. plants. The first plant will be built in Amory, Miss., and will mainly target the southeastern United States and Latin American markets.

The deal, which was signed May 14, was structured so as to meet U.S. government requirements that steel used in infrastructure projects funded by a massive American stimulus package come from local manufacturers. The Mississippi state government will help subsidize the Amory plant.

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