Another shady Chinese deal

How many Americans know about this latest shady Chinese deal? Way too few. Here is Julio Rivera:

How do the Chinese continually get away with it? America has been victimized by trade imbalances in the $100s of billions, intellectual property theft of an estimated $600 billion yearly, and attempts to increase espionage opportunities via malware-infected hardware that Chinese companies have distributed globally.

It has gone too far. And now an unchecked deal between Chinese-owned Tsingshan Group and U.S.-based Allegheny Technology Incorporated (ATI) threatens to render the military and aerospace industries in America dependent on China.

ATI specializes in advanced materials, and over half of its output is distributed within the aerospace and defense sector. They produce items ranging from airframes, jet engines, and naval systems to armor, as well as other products purchased by the U.S. armed forces and defense contractors like Boeing. The company also partners with the Army Research Laboratory (ARL) to produce cutting-edge materials and new alloys.

China’s Tsingshan Group is the world’s largest stainless steel–producer. It is viewed as a low-end manufacturer but has strong ties to the Chinese government and is a confirmed supplier to state-owned enterprises and the Chinese defense industry. The company was also instrumental in the creation of China’s first aircraft carrier.

According to a February letter addressed to Treasury secretary Steve Mnuchin, the Committee on Foreign Investment in the United States (CFIUS) may not have been advised of the deal, and it is not known whether the transaction was ever reviewed for national security implications. Mnuchin is also the Chairmen of CFIUS.

The letter, which was sent by a coalition of almost 20 different think-tanks and political organizations, asked Mnuchin “to fully examine the national and economic security issues raised by this joint venture.”

The letter continues, “[W]e believe you [Mnuchin] will find that there is enough evidence in the public domain alone for CFIUS to conclude the risks are simply too large and too significant to allow a state-backed Chinese company to integrate itself into such a significant player that is critical to the U.S. defense industry.”

Read more: American Thinker