A steel seminar on “FINEX Technical Application” was organized by FICCI & POSCO in Delhi.

Indian steel secretary Mr PK Misra in the inaugural speech said that POSCO has proposed to use FINEX technology for its proposed plant in Odisha as well as Bokaro JV with SAIL.

He said “When these plants come up it will be for the first time that FINEX technology will operate outside Korea. It will bring advantage both to India and Korea as the Indian steel industry needs access to new innovative technologies as it embarks on a high growth phase of its development, while to POSCO, the Indian market would provide a unique opportunity for growth and development.”

FINEX is an innovative, cost-effective and sustainable technology, developed by POSCO with its engineering partner, Siemens. It is innovative as it directly uses iron ore fines and non coking coal without coking and sintering processes.

POSCO is running a 1.5 million tonne plant at Korea and is setting up another unit of 2 million tonnes

POSCO claims that “It is cost competitive because it uses low grade raw materials like iron ore fines and non oking coal and is sustainable and environment-friendly compared to the conventional blast furnace. It emits significantly lower amount of nitrogen oxide, sulphur oxide and dust. It also has great potential for mitigation of carbon dioxide.”