Nov. 9, 2016

USW, Senators Want Aleris Deal Halted

A dozen U.S. senators have joined the United Steelworkers in calling for a halt to the acquisition of Cleveland-based Aleris Corp. by Zhongwang USA. Zhongwang USA is controlled by China Zhongwang Holdings Ltd., a Chinese aluminum company accused by its U.S. competitors of numerous trade violations. Senator Ron Wyden, D-Ore., led the group of 12 senators appealing the transaction to the Committee on Foreign Investment in the United States.

"We laud Sen. Wyden for spearheading this effort to convince the Obama administration to reject the proposed bid by a Chinese-controlled company to buy Aleris Corp. The bipartisan letter will help ensure that the transaction be closely reviewed and rejected,” says Leo Gerard, USW president.

"Several weeks ago, press reports highlighted Zhongwang's extensive attempts to circumvent and evade U.S. trade laws for Chinese-produced aluminum. The Department of Homeland Security has now launched an investigation into the parent company of the firm seeking to acquire Aleris. China Zhongwang Holdings’ network of activities is designed to undermine its competitors. The transaction must be rejected on both national and economic security grounds,” Gerard says.

In November, the U.S. Commerce Department made a preliminary determination that Zhongwang used heat-treated 5050 alloy aluminum extrusions to avoid domestic duties. A final circumvention finding will be made in early January.


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Monday, October 23, 2017