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Chinese-owned Zhongwang USA enters U.S. aluminum market with Aleris buy

Friday, September 02, 2016   (0 Comments)
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Zhongwang USA LLC, backed by Chinese aluminum magnate Liu Zhongtian, said on Monday it would buy U.S. aluminum company Aleris Corp in a bet by the billionaire that the nascent U.S. automotive aluminum sector will be the industry's next big growth market.

 

The $2.33 billion deal comes as Liu and Zhongwang International Group Ltd, the parent of Zhongwang USA, are embroiled in a dispute over U.S. import duties amid broader trade tensions between the U.S. aluminum industry and China.

It marks the biggest entry by a Chinese company into the U.S. aluminum industry since trade tensions began ramping up in recent years. More...

 

In a related story, Zhogwang guarantees independent operation fo Aleris. More...


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