Amid CFIUS, Commerce scrutiny, Chinese company drops bid to acquire U.S. aluminum producer

Plans by Zhongwang USA, a subsidiary of China Zhongwang Holdings Limited, to acquire U.S. aluminum producer Aleris Corporation have fallen through over U.S. government national security concerns, according to statements from both companies. The Committee on Foreign Investment in the United States has raised national security concerns about the deal, and the Commerce Department this summer hit Zhongwang for using aluminum pallets to evade antidumping and countervailing duties on aluminum extruders. “The decision was driven by uncertainty related to the...