POSCO to induct 'Finex' technology in $12 bln Orissa plant

New Delhi, May 30 (UNI) The world's third largest steel maker POSCO will use its Finex technology in the proposed Orissa steel plant to reduce swapping of iron ore required for the 12 MTPA greenfield integrated steel project.

The Orissa plant will be the world's first steel mill outside Korea to use Finex in large scale, for which the South Korean steel major invested 554.1 billion Won (Rs 2,640 crore) into R&D.

The new technology eliminates the first step in the steelmaking process of sintering and coking and allows the direct use of low-cost ore fines and coal, bringing overall plant installation and operational costs.

It is also useful in the reduction of pollution, producing significantly less sulphur and nitrogen oxide than current furnaces.

Finex can better utilise the high-alumina contained Indian iron-ore than the blast-furnace technology.

''This technology will make POSCO-India steel work most competitive in Indian steel sector,'' POSCO-India CMD Cho, Soung-Sik said.

Orissa Chief Minister Naveen Pattnaik in his message conveyed appreciation of the success of POSCO's endeavour. He reiterated that his ''government's commitment to POSCO-India project in Orissa''.

''POSCO expects to win competitiveness with Finex plant. We will hold technology leadership by making full efforts to technology development and introducing number one products to the market faster and earlier than competitors,'' POSCO CEO Lee, Ku-Taek said.

POSCO today completed commercialisation of the Finex technology in Pohang steelworks with a capacity of 1.5 MTPA per annum, in presence of South Korean President Roh, Muhyun.

UNI