World Economy

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China’s influence in global metals markets just stepped up a gear after the owner of its top supplier of aluminum products agreed to buy Aleris Corp. of the US for $2.3 billion, marking the nation’s biggest-ever overseas purchase of a metals processor, Bloomberg reported. The purchase of the Cleveland, Ohio-based company by Zhongwang USA LLC, owned by Liu Zhongtian, founder and chairman China Zhongwang Holdings Ltd., will open up new markets for the Chinese company among aerospace and automotive companies. Monday’s deal underscores China’s shift to higher value-added products and will give Zhongwang access to technological know-how and more demanding customers, said Paul Adkins, managing director of Beijing-based aluminum consultancy AZ China Ltd.