Trump expected to pick investor Wilbur Ross as U.S. commerce secretaryWASHINGTON (Reuters) - U.S. President-elect Donald Trump is expected to name Wilbur Ross, a billionaire known for his investments in distressed industries, to head the Commerce Department, a Republican source familiar with the decision told Reuters on Tuesday. An announcement on Ross to lead the department, which pursues anti-dumping cases against cheap foreign imports, could come as early as Wednesday, NBC News said. Ross declined to comment to Reuters on Tuesday. Ross, 78, a staunch supporter of Trump and an economic adviser, has helped shape the Trump campaign’s views on trade policy, blaming the 1994 North American Free Trade Agreement with Canada and Mexico and the 2001 entry of China into the World Trade Organization for causing massive U.S. factory job losses.   “I think there’s a big difference between the impact of trade agreements on corporate America and the impact on Mr. and Mrs. America,” Ross told CNBC in an interview earlier this year. “Corporate America has adjusted to them by investing lots of capital offshore.”     Ross, whose net worth was pegged by Forbes at about $2.9 billion, heads the private equity firm, W.L. Ross & Co in New York. Ross’ connections to Trump date back to 1990, when as a turnaround expert for Rothschild and Co he worked on behalf of bondholders to help engineer a restructuring of hundreds of millions of dollars in debt owed on Trump’s Taj Mahal casino in Atlantic City, New Jersey. In 2002, by then in charge of his own private equity firm, Ross formed International Steel Group to consolidate several bankrupt steelmakers, including Bethlehem Steel, Acme Steel and LTV Steel. He sold the company in a $4.5 billion deal two years later to Mittal Steel. Ross retains a stake in what is now part of the world’s largest steel company, Arcelor Mittal, and sits on its board of directors. His various business interests, which also include automotive components and textiles, could make avoiding conflicts of interest a complicated prospect as the head of an agency with broad influence over trade cases and U.S. industrial policies.  Arcelor Mittal has benefited from several recent anti-dumping and anti-subsidy duties imposed by the Commerce Department against a wide range of steel products from China, South Korea, Japan, Britain, Turkey and other countries. Those have helped lift domestic steel prices, boosting the company’s bottom line. Ross may also face questions from lawmakers over the January 2006 Sago coal mine disaster in West Virginia that killed 12 miners in an explosion and collapse. Owned by a subsidiary of one of his companies, International Coal Group, the mine had been cited for more than 200 safety violations  International Coal was sold for $3.4 billion in 2011 to No. 2 U.S. coal miner Arch Coal, which filed for bankruptcy protection in January amid plummeting coal prices.  He could be questioned as well over a $2.3 million fine his firm agreed to pay in August to the Securities and Exchange Commission to settle accusations it did not properly disclose some fees that it charged investors. politicsNews
trump expected pick investor wilbur ross commerce secretarywashington reuters donald trump expected name wilbur ross billionaire known investments distressed industries head commerce department republican source familiar decision told reuters tuesday an announcement ross lead department pursues cases cheap foreign imports could come early wednesday nbc news said ross declined comment reuters tuesday ross staunch supporter trump economic adviser helped shape trump campaign views trade policy blaming north american free trade agreement canada mexico entry china world trade organization causing massive factory job losses i think big difference impact trade agreements corporate america impact america ross told cnbc interview earlier year corporate america adjusted investing lots capital ross whose net worth pegged forbes billion heads private equity firm ross co new york ross connections trump date back turnaround expert rothschild co worked behalf bondholders help engineer restructuring hundreds millions dollars debt owed trump taj medal casino atlantic city new jersey in charge private equity firm ross formed international steel group consolidate several bankrupt steelmakers including bethlehem steel came steel lt steel he sold company billion deal two years later metal steel ross retains stake part world largest steel company arcelor metal sits board directors his various business interests also include automotive components textiles could make avoiding conflicts interest complicated prospect head agency broad influence trade cases industrial policies arcelor metal benefited several recent duties imposed commerce department wide range steel products china south korea japan britain turkey countries those helped lift domestic steel prices boosting company bottom line ross may also face questions lawmakers january ago coal mine disaster west virginia killed miners explosion collapse owned subsidiary one companies international coal group mine cited safety violations international coal sold billion no coal miner arch coal filed bankruptcy protection january amid plummeting coal prices he could questioned well million fine firm agreed pay august securities exchange commission settle accusations properly disclose fees charged investors politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump expected to pick investor Wilbur Ross as U.S. commerce secretaryWASHINGTON (Reuters) - U.S. President-elect Donald Trump is expected to name Wilbur Ross, a billionaire known for his investments in distressed industries, to head the Commerce Department, a Republican source familiar with the decision told Reuters on Tuesday. An announcement on Ross to lead the department, which pursues anti-dumping cases against cheap foreign imports, could come as early as Wednesday, NBC News said. Ross declined to comment to Reuters on Tuesday. Ross, 78, a staunch supporter of Trump and an economic adviser, has helped shape the Trump campaign’s views on trade policy, blaming the 1994 North American Free Trade Agreement with Canada and Mexico and the 2001 entry of China into the World Trade Organization for causing massive U.S. factory job losses.   “I think there’s a big difference between the impact of trade agreements on corporate America and the impact on Mr. and Mrs. America,” Ross told CNBC in an interview earlier this year. “Corporate America has adjusted to them by investing lots of capital offshore.”     Ross, whose net worth was pegged by Forbes at about $2.9 billion, heads the private equity firm, W.L. Ross & Co in New York. Ross’ connections to Trump date back to 1990, when as a turnaround expert for Rothschild and Co he worked on behalf of bondholders to help engineer a restructuring of hundreds of millions of dollars in debt owed on Trump’s Taj Mahal casino in Atlantic City, New Jersey. In 2002, by then in charge of his own private equity firm, Ross formed International Steel Group to consolidate several bankrupt steelmakers, including Bethlehem Steel, Acme Steel and LTV Steel. He sold the company in a $4.5 billion deal two years later to Mittal Steel. Ross retains a stake in what is now part of the world’s largest steel company, Arcelor Mittal, and sits on its board of directors. His various business interests, which also include automotive components and textiles, could make avoiding conflicts of interest a complicated prospect as the head of an agency with broad influence over trade cases and U.S. industrial policies.  Arcelor Mittal has benefited from several recent anti-dumping and anti-subsidy duties imposed by the Commerce Department against a wide range of steel products from China, South Korea, Japan, Britain, Turkey and other countries. Those have helped lift domestic steel prices, boosting the company’s bottom line. Ross may also face questions from lawmakers over the January 2006 Sago coal mine disaster in West Virginia that killed 12 miners in an explosion and collapse. Owned by a subsidiary of one of his companies, International Coal Group, the mine had been cited for more than 200 safety violations  International Coal was sold for $3.4 billion in 2011 to No. 2 U.S. coal miner Arch Coal, which filed for bankruptcy protection in January amid plummeting coal prices.  He could be questioned as well over a $2.3 million fine his firm agreed to pay in August to the Securities and Exchange Commission to settle accusations it did not properly disclose some fees that it charged investors. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: trump expected pick investor wilbur ross commerce secretarywashington reuters donald trump expected name wilbur ross billionaire known investments distressed industries head commerce department republican source familiar decision told reuters tuesday an announcement ross lead department pursues cases cheap foreign imports could come early wednesday nbc news said ross declined comment reuters tuesday ross staunch supporter trump economic adviser helped shape trump campaign views trade policy blaming north american free trade agreement canada mexico entry china world trade organization causing massive factory job losses i think big difference impact trade agreements corporate america impact america ross told cnbc interview earlier year corporate america adjusted investing lots capital ross whose net worth pegged forbes billion heads private equity firm ross co new york ross connections trump date back turnaround expert rothschild co worked behalf bondholders help engineer restructuring hundreds millions dollars debt owed trump taj medal casino atlantic city new jersey in charge private equity firm ross formed international steel group consolidate several bankrupt steelmakers including bethlehem steel came steel lt steel he sold company billion deal two years later metal steel ross retains stake part world largest steel company arcelor metal sits board directors his various business interests also include automotive components textiles could make avoiding conflicts interest complicated prospect head agency broad influence trade cases industrial policies arcelor metal benefited several recent duties imposed commerce department wide range steel products china south korea japan britain turkey countries those helped lift domestic steel prices boosting company bottom line ross may also face questions lawmakers january ago coal mine disaster west virginia killed miners explosion collapse owned subsidiary one companies international coal group mine cited safety violations international coal sold billion no coal miner arch coal filed bankruptcy protection january amid plummeting coal prices he could questioned well million fine firm agreed pay august securities exchange commission settle accusations properly disclose fees charged investors politicsnews