[Daily News| November 02, 2016 |Inside US Trade]
Citing trade and national security concerns, 12 senators have joined efforts to ensure the U.S. rejects a proposal by a Chinese company, Zhongwang USA, to purchase U.S. aluminum producer Aleris.
In a Nov. 2 letter to Treasury Secretary Jack Lew, the 12 -- all but one a Democrat -- urge the Committee on Foreign Investment in the United States (CFIUS) to “closely review and ultimately reject” the proposal.
The letter was initiated by Sen. Ron Wyden (D-OR) and signed by Sens. Charles Schumer (D-NY), Bob Casey (D-PA), Joe Manchin (D-WV), Kirsten Gillibrand (D-NY), Joe Donnelly (D-IN), Rob Portman (R-OH), Debbie Stabenow (D-MI), Jeff Merkley (D-OR), Amy Klobuchar (D-MN), Tammy Baldwin (D-WI) and Al Franken (D-MN).
“Despite the national security importance of our nation's aluminum sector, the industry continues to be decimated by China's market distorting policies that contribute to vast overcapacity. It is important to note that Zhongwang is currently under investigation by the Commerce Department for allegedly evading U.S. import duties,” the letter states.