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Industry dynamics

U.S. commerce secretary creates a fund to invest China's steel industry
  • 2017-04-11
 This is Cong Shine One leader of stainless steel industry.

Bloomberg reports Wilbur Ross had focused on China’s steel industry as investment company director. Now this billionaire is trying to cut off relations with the company and his leadership of the U.S commerce department is positive to cope with problems of alleged China dumping steel.

Wl Ross founded by Ross was taken over by Invesco ltd. Now the company announce to build a joint venture to buy Chinese steel assets. The company will combine to China's iron and steel group and other companies to launch new company named four source equity investment management co.ltd. The headquarters is in Shanghai. They tend to propose to the poor performance of steel assets with investment of $5.8 billion to $11.6 billion.

On 7th April the President Donald trump and Chinese President xi jinping held a summit. Rose said the two countries reached a "one hundred plan" to discuss trade issues after the summit. After two days talks the greatest progress is the Chinese delegation expressed the "interest" to cut trade surplus.

Ross took over U.S. commerce secretary only 40 days. People didn’t know how much consultation Ross know about the four sources of equity investment management co.ltd before he left the company. But a spokesman from WL Ross Jeaneen Terrio,, said he had nothing to do with the matter. The sponsors of this deal is the company's senior managing director and associate director Stephen Toy.Deal .She said it is no connection between two issues. This joint venture with Ross and Chinese government officials didn't have anything to do this week's talks," the U.S. Commerce Department spokesman James Rockas said. He added that about the deal, Ross does not have any internal message, he is not the participants of a joint venture.

News source: Cong Shine

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