Part-GTY-614296188-1-1-0

Lawmakers push to block Chinese takeover of US aluminum firm

In a letter to Treasury Secretary Jacob Lew, seen in October 2016, 12 US senators said the China Zhongwang Holdings group should be blocked from the $1.1 bilion purchase of Cleveland-based Aleris Crop on national security groundsA group of US senators called on the government to block the Chinese metals giant Zhongwang’s takeover of a US aluminum processor for the auto and aerospace industries. Writing in a letter to Treasury Secretary Jacob Lew, the 12 senators said the China Zhongwang Holdings group, already reportedly under investigation over alleged import tariff avoidance, should be blocked from the $1.1 billion purchase of Cleveland-based Aleris Corp on national security grounds. The Committee on Foreign Investment in the United States (CFIUS), chaired by Lew to review foreign investments in sensitive US businesses, should review and reject the deal, they said.

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