Wilbur-Ross has led the investment company will bet on China's steel industry, although the billionaire is working to cut off the relationship with the company, and he led the US Department of Commerce is also actively dealing with Chinese steel suspected dumping The problem.
Created by Ross later by InvescoLtd. The acquisition of WL Ross said Saturday that the company will lead the formation of a joint venture to acquire China's steel assets. The company will join hands with several companies such as China Baowu Iron and Steel Group to jointly set up a four-source equity investment management company headquartered in Shanghai to invest 5.8 billion to 11.6 billion dollars in underperforming steel assets.
A day ago, US President Donald Trump and Chinese President Xi Jinping held a summit. Ross said after the summit, the two countries reached a discussion of trade issues, "Hundred Days Plan." He said the biggest progress in the two-day talks was that the Chinese delegation expressed "interest in cutting the trade surplus".
Ross was the US Secretary of Commerce for only 40 days, and people did not know how much he knew about the four-source equity investment management company before leaving his company, but WL Ross's spokesperson, Jeaneen Turner, said he was doing the same thing No relationship. Terrio said the deal was sponsored by StephenToy, senior general manager and co-director of the company. She said that the announcement of the timing of the transaction did not want to and Trump's diplomatic conference rush together.
"no connection"
"The joint venture has nothing to do with the talks between Ross and Chinese government officials this week," US Department of Commerce spokesman JamesRockas said. He added that, with regard to the deal, Rose had no internal information and he was not a participant in the joint venture.
Former China Merchants Bank President Ma Weihua to be chairman of the four-source, China Merchants Bank's parent company is one of the sponsors of this fund. Other partners include Warburg Capital and Sino-US Green Fund.
"China is clearly the fulcrum of steelmaking," Toy said in a statement. He said that the participation of steel giants Baowu Group will be an advantage.
Trump nominated 79-year-old Ross as US Commerce Secretary in November last year, and his nomination was confirmed on February 27th. Ross's wealth comes mainly from acquisitions, reorganizations and then resold troubled American mills. In 2014, he surrendered the management rights of a private equity firm named after him, but did not remove the chairman and chief strategist until he joined the US government.
