Xinhua reported that Chongqing Iron & Steel Co and South Korean steelmaker POSCO signed a memorandum of understanding to establish a steel plant in China using POSCO FINEX production process.

According to the report, POSCO has been planning to promote FINEX which reduces production costs and pollution emissions in iron production in China since 2008.

The report cited Chongqing Iron as saying the move would help the company improve its technology and speed up the transformation of the steel industry of China.

(Sourced from Xinhua)