Sinosteel inks deal to revitalize Jilin Carbon
China's state-owned Sinosteel and northeastern China's Jilin province State-owned Assets Supervision and Administration Commission signed last week a framework agreement to restructure Jilin Carbon. According to the agreement, Sinosteel will use its domestic and international marketing advantages, advanced managing experience, operating system and solid capital strength to revitalize Jilin Carbon and further integrate it with other domestic companies in the industry. Such a move should help to straighten the steel production chain and promote the Chinese carbon industry. Sinosteel will invest over RMB 600 million (approximately $74 million) in Jilin Carbon. Sinosteel aims to increase the capacity of Jilin Carbon through this long-term investment.