Tuesday, 21 February 2017
Last updated 3 days ago
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.