Posted on 02 Sep 2010
Chongqing Iron & Steel (Group) Co. and South Korean steelmaker Posco on Tuesday signed a memorandum of understanding to establish a steel plant in China using Posco's FINEX production process, Xinhua News Agency said Wednesday.
Posco has been planning to promote FINEX, which reduces production costs and pollution emissions in iron production, in China since 2008, the report said.
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.
The Chinese steel maker is the parent company of the Shanghai- and Hong Kong-listed Chongqing Iron & Steel Co.
