Korea-based steelmaker POSCO says it has developed an advanced corrosion-resistant stainless steel for use in nuclear reactors.

The product, branded SR-50A, will be used to build a nuclear reactor in the United Arab Emirates by Hyundai Heavy Industries, POSCO was reported as saying on September 29.

The product is expected to help extend the lifespan of nuclear reactors that use salty sea water to cool nuclear fuel rods. SR-50A is produced at POSCO's mill in Pohang, South Korea.

Demand for corrosion-resistant stainless steel is on the rise, especially in the energy industry, the company said in a statement. In addition to nuclear reactors, corrosion-resistant stainless steel is used in fossil fuel-fired power plants and desalination facilities.