FINEX project, a joint plant between Chongqing Steel and POSCO has been approved by National Development and Reform Commission and is likely to start constructing in June. The project investment totals CNY 15 billion with a capacity of 3 million tonnes of pig iron.

FINEX, developed by Siemens VAI and POSCO is able to have 10% to 15% reduction in production costs through cheaper raw materials, reduction of facility cost, pollutant exhaustion, maintenance staff and production time. So far POSCO has two FINEX plants with annual production capacity of 600,000 tonnes and 1.5 million tonnes respectively.

China’s Baosteel firstly build two COREX facilities in Shanghai with accumulative production capacity of 3 million tonnes a year.

(Source: www.steelhome.cn/en)
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