On March 30, Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group announced that it signed a memorandum of understanding (MoU) with China Investment Corporation (CIC) on March 24 regarding the development of overseas steel projects through the sharing of information and resources. The two sides will initiate their cooperation within the scope of Hebei Steel Group's planned 5 million mt capacity steel project in South Africa. For Hebei Steel Group, the cooperation with CIC will help it lower the cost of overseas investments and operations, and speed up its internationalization.
The 100 percent state-owned China Investment Corporation (CIC), founded on September 29, 2007, was established as a vehicle to diversify China's foreign exchange holdings and seek maximum returns within acceptable risk tolerance.