Four Rivers Investment Management Co. Ltd. ("Four Rivers"), a joint venture led by WL Ross & Co. LLC ("WLR") and China BaoWu Steel Group ("BaoWu") has completed a comprehensive restructuring and recapitalization of Chongqing Iron & Steel Co. Ltd.("Chongqing Steel" or the company). Chongqing Steel operates eight million tonnes of annual capacity to produce long product, hot rolled coil and plates with end market exposure to the construction, infrastructure, shipbuilding and automotive industries. As part of the restructuring, Chongqing Steel has reduced its debt burden from approximately RMB 20 billion to RMB 3.5 billion and eliminated additional RMB 20 billion in other liabilities.