Beijing : China's Sinosteel Corp has signed a memorandum of understanding with US financial service provider JP Morgan Chase – a move designed to boost company's capital management in the international market.
According to Sinosteel President Huang Tianwen, the company will cooperate with JP Morgan on global corporate capital management, operation in the international capital market and transnational purchase and acquisition.
The MoU signals that the two sides have formed a strategic cooperative partnership, he said.
As China's major state-owned company in developing and mining of mineral resources, Sinosteel has 69 subsidiaries worldwide. JPMorgan, headquartered in New York, is a leading global financial services firm with operations in more than 50 countries.