Commerce Secretary’s former firm investing in Chinese steel

New secretary: Ross speaking before US President Donald Trump signed an executive order in the oval Office of the White House in Washington DC recently. – Bloomberg

WASHINGTON: Wilbur Ross’ former investment company is making a big bet on China’s steel industry, even as the billionaire works to finish severing ties to the firm and his Commerce Department challenges alleged dumping of Chinese steel.

WL Ross & Co, founded by Ross and later acquired by Invesco Ltd, said that it would help lead a joint venture to acquire steel assets in China. Along with China Baowu Steel Group and a few other firms, WL Ross is setting up an investment vehicle – Four Rivers Investment Management Co – to find under-performing assets with plans to invest between US$5.8bil and US$11.6bil from its Shanghai headquarters.