Sinosteel Corporation and China Development Bank Signing Development-Oriented Financial Cooperation Agreement
On March 29, Sinosteel Corporation (abbreviated as Sinosteel) and China Development Bank (CDB) signed Development-Oriented Financial Cooperation Agreement in Diaoyutai State Guest House. According to the agreement, CDB will provide, within the credit line approved by the State, policy-oriented loan support for Sinosteel in the resource exploitation and its annexation, recombination & coalition.
Sinosteel Corporation is a large central enterprise under the administration of State-Owned Assets Supervision & Administration Commission (SASAC). For these years, complying with the operating philosophy that trade must rely on industry & technology, also working in domestic trade while conducting foreign business, Sinosteel is the product agent and material supply of many major steel mills. Having gradually established a chain of inter-dependant core businesses that include resources, trade and technology, Sinosteel has entered into long-term strategic cooperative relations with many domestic and foreign companies. We are proud to see that Sinosteel is of significant influence and good reputation in the metallurgical industry, contributing to the development and national economic construction of our steel industry.
As a development-oriented financial institution of the government, CDB has followed conscientiously China’s macroeconomic policies, carried out its macro-control functions in support of national economic structural readjustment and promoted the investment & financing mechanism construction and credit construction. CDB has been a major player in long-term financing for key projects and supportive construction in infrastructure, and basic and pillar industries, which are vital to the development of national economy. At present, CDB’s major performance indexes have reached the world’s advanced level. It aims to become a development-oriented financial institution of the world’s top-rank market performance.