Wilbur Ross, the New York financier and tycoon President-elect Donald Trump has tapped to become the Secretary of Commerce and the principal adviser on trade issues in a Trump administration, has a big a stake in a major automotive supplier holdings in Mexico.
As secretary of commerce, Ross, 78, who has stepped back from an active role in managing companies such as the International Automotive Components Group, one of his largest holdings, will have a major role in future trade deals under Trump.
Throughout his career, Ross has made several fortunes with shrewd investments in distressed companies. Back in the early 2000s, he made a fortune out of the North American steel industry at a time when most investors, analysts and pundits said the steel business in the U.S. was dead. (more…)