Steely Touradji Cashes In On Cash For Clunkers

Feb 8 2010 | 8:25am ET

Commodities hedge fund Touradji Capital Management poured more than $50 million into steel companies in the fourth quarter, according to a regulatory filing.

The $2.7 billion New York-based firm moved to profit from the federal “Cash for Clunkers” car program, which forced automakers to increase their purchases of steel. Touradji bought $50.8 million worth of shares in four steel companies, including U.S. Steel and Steel Dynamics.

The hedge fund also bought nearly $10 million in XTO Energy shares, according to the filing.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…