US Invest Company Created a Fund to Invest Chinese Steel Industry

Bloomberg reported that Wilbur-Ross’s leading investment company will bet on Chinese steel industry. He will created a fund to invest Chinese steel industry. Include steel plates, pipeline pipes, and steel fittings and gas and oil pipes such as casing pipes, tubing pipes manufacturing. Even though this billionaire was working to cut off its relationship with this company, he lead the US Department of Commerce, deal with the suspect problems of dumping of Chinese steel.

WL Ross & Co established by Ross, then purchased by Invesco. They stated that the company will create a joint-investment company to purchase China’s steel assets. Then the company will connect with the China Baowu Iron and steel Group and other companies. They will establish a company called Four-Source investment management company. Its headquarters at Shanghai, and invest 5.8 billion dollars to 11.6 billion dollars to the bad performance of iron and steel assets.

Chinese delegation expressed “Interest in reduce the trade surplus”.

Yesterday, US president Donald-Trump and Chinese President Xi Jinping held a summit meeting. Ross said the two countries made an agreement to have a plan “Hundred Days Plan” which discuss the trading problems finally. He said, the biggest success of the two days conference is that Chinese delegation expressed “interest in reducing the trade surplus”.

Ross served as US Secretary of Commerce for only 40 days. People even didn’t know how much he knew about the four-source investment management company before leaving his company. But Jeaneen Terrio, WL Ross spokeswoman said he has nothing to do with it. Terrio said this deal was sponsored by Stephen Toy. And she said, the time of announcement of the transaction have no purpose to rush together with the Trump’s diplomatic conference.

The investment have no connections with government officials.

“This joint venture have no relationship with meeting of Ross and Chinese government officials，” said James Rockas, the Commerce Department spokesman. About this deal, Ross have nothing news from internal, he added.  He is not the joiner of this joint venture.

China is the stand support in steel manufacturing industries”.

“China obviously is the stand support in steel manufacturing industries”, Toy expressed in a statement. He said the participation of the steel giants Baowu Group will be an advantage.