Xiaomi has launched a new device at company’s “The Journey of a Piece of Steel” launch event held in Beijing. It is the successor to the Xiaomi Mi 3 and it offers the high end specs which are seen in other flagship devices.

Xiaomi Mi 4 has a 5-inch Full HD LCD display, and is powered by a quad-core Qualcomm Snapdragon 801 processor clocked at 2.5GHz alongside 3 GB of RAM. The smartphone will come in two storage variants 16 GB and 64 GB.

Along with the high end specs of the Mi 4, it also offers a very attractive design. It features a stainless steel frame, made with “unbelievable craftsmanship & polish” in the words of Xiaomi’s head of international expansion, Hugo Barra. The chamfered edges of the steel frame give the Mi 4 a very sleek appearance, even if the back cover is actually plastic.

Xiaomi will offer a variety of options for the material, including several types of wood, bamboo, leather, and fabric.

The phone will be launched on August 16. The 16 GB version will cost $320 while the 64 GB version will cost $400.