On April 11th, six Southern California companies were ordered to pay $1.83 billion in restitution for participating in a conspiracy to defraud the U.S. through a scheme in which huge amounts of aluminum — disguised as “pallets” to avoid $1.8 billion in customs duties — were exported to the U.S. and sold to fraudulently inflate […]
The U.S. Department of Justice (DOJ) reported that a federal jury has found six corporate entities guilty of attempting to defraud the U.S. via a wire-and-customs fraud scheme. The fraud was said to have been designed to avoid paying $1.8 billion in anti-dumping and countervailing duties imposed in 2011 on certain types of extruded aluminum […]
The Aluminum Extruders Council (AEC) , through its Aluminum Extrusions Fair Trade Committee (AEFTC), filed a new circumvention petition against China Zhongwang Holdings Limited and its extensive network of affiliates with the Department of Commerce (DOC). The petition asks the Department to find that Chinese aluminum extrusions produced by Zhongwang that are converted in Vietnam before being […]
China Railway Corporation debuted its “Fuxing Hao” (Renaissance), a new electric multiple unit (EMU) bullet train, on its Beijing to Shanghai route, running at 350 km/h (as of September 23, 2017). The Renaissance EMU is the first bullet train designed and manufactured entirely in China. The use of lightweight aluminum components was key in providing the enhanced speed, safety, […]
The Wall Street Journal published, “Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert,” an investigative report on Liu Zhongtian, founder of Chinese metals conglomerate China Zhongwang, alleged use of Aluminicaste, an aluminum remelt factory in Mexico, to game the global trade system. The article notes that nearly 1 million metric tons of aluminum was […]
Aleris Corporation entered into a definitive agreement to be acquired by Zhongwang USA LLC, an investment company owned by Zhongwang International Group Ltd., parent company of China Zhongwang. Under the agreement, Zhongwang USA will acquire Aleris for $1.11 billion in cash for the equity, plus $1.22 billion in net debt. “We are excited about this transition to strategic […]
China Zhongwang Holdings Ltd. announced plans to spin off its industrial aluminum extrusion business through an asset swap with CRED Holding Co., a Chinese property company that is A-share listed on the Shanghai Stock Exchange. As part of the deal, Zhongwang will sell the total equity interests in Liaoning Zhongwang to CRED Holding Co. for 28.2 billion yuan ($4.3 billion), and […]
The U.S. Department of Commerce (DOC) issued its long-awaited circumvention decision in the Aluminum Extruders Council’s (AEC) petition against China Zhongwang Holdings Ltd. The AEC alleges that the company has systematically and illegally evaded duties on aluminum extrusions imported into the United States. The DOC concluded that “based on the information provided by Petitioner, the Department finds […]
The Aluminum Extruders Council (AEC) filed a petition against China Zhongwang Holdings Ltd., alleging the company has systematically and illegally evaded duties on aluminum extrusions imported into the United States. The alleged scheme involves hundreds of millions of pounds of aluminum extrusions that are simply cut and welded into aluminum slabs. Upon entering the U.S., […]
