Sinosteel signs accord with JPMorgan

BEIJING, June 10 (Reuters) Chinese state-owned Sinosteel Corp. has signed a strategic cooperation memorandum with JPMorgan Securities (Asia, Pacific) Ltd. Corp. to help it explore opportunities in the mining and smelting sector, Xinhua Net reported on Sunday.

The report by the online unit of state news agency Xinhua provided few details of the agreement.

''Through strategic cooperation with JPMorgan Corp. Sinosteel can further enhance its overall combined strength and core competitive ability for a more active leading role in the trade,'' a senior Sinosteel executive was quoted as saying.

Sinosteel would also tap JPMorgan's expertise in international capital markets, acquisitions, and fund management, according to the report.

Sinosteel is a raw-material supplier and product agent for China's iron and steel enterprises.

REUTERS SBA VC1559