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Chinese-owned aluminum firm Zhongwang USA will not acquire Cleveland-based aluminum manufacturer Aleris Corp., the companies announced.

The merger agreement, which expired Nov. 12, was subject to customary regulatory approvals, including approval from the Committee on Foreign Investment in the United States. The CFIUS raised concerns about the transaction in July, and the companies withdrew their filing but extended the merger agreement to allow for additional discussions.

"While this is not the outcome we intended, we remain committed to our growth strategy and have made great strides over the past year in expanding our capacity and developing the capabilities required to meet the future demands of our industry,” Aleris Chairman and CEO Sean Stack says. "I am proud of our employees' focus and accomplishments over the past several months and appreciate the support we've received from customers. Aleris remains well-positioned for future growth, and we will continue to focus on serving our customers with excellence as we move forward."

Since 2010, Aleris has been owned and controlled by a group led by certain investment funds of Oaktree Capital Management LP and certain funds managed by Apollo Management LP. Stack says the ownership group remains committed and highly supportive of the company’s strategy.