POSCO to Start FINEX Operation

POSCO started operation of FINEX plant which has the production capacity at 1.5 million tonnes per year invested at 1-60 billion won on Wednesday. The firm will add FINEX to capability, which will embark sales FINEX to market. The firm will introduce FINEX in new integrated steel plat in India and Vietnam. The firm will build up competitive power by using cheaper material, and will first make practicable for new technology of next generation, and show off that POSCO has most-advantage technology.Ku-Taek Lee, the president of POSCO, said FINEX already closes to full operation at 1.5 million tonnes per year, which can production at max 2 million tonnes.POSCO invested at 554.1 billion won to the development of FINEX from 1992, which started test plant of the capacity at 60,000 tonnes per year in 2004. The test plant is operating as the firm’s capability of pig iron making.FINEX won’t use coke oven and sintering furnace and reduce the amount of investment by 20% compared with blast furnace when it can produce hot metal by direct charging of general coal and powder iron ore which are cheap material. Production cost is expected to decrease by 15% compared with blast furnace.FINEX will reduce emission of sulfur oxide and nitrogen oxide by 3% and 1% from sintering furnace and coke oven compared with blast furnace. Because FINEX’s environmental load is less, the firm will sell FINEX to world steel makers in such as mainly China.POSCO plans to introduce FINEX in new integrated steel plant in India which has production capacity at 12 million tonnes per year and will set FINEX in new plant in Vietnam.