China's Sinosteel Corporation has signed a memorandum of understanding with the U.S. financial service provider JPMorgan Chase, a move designed to boost Sinosteel'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 signing of the MOU signals 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, while JPMorgan, headquartered in New York, is a leading global financial services firm with operations in more than 50 countries.

Source: Xinhua