Austrian plantmaker Siemens VAI Metals Technologies has announced that it has received an order from Posco Engineering & Construction Co., Ltd. (Posco E&C), a subsidiary of the South Korean steelmaker Pohang Iron and Steel Co. Ltd. (POSCO), for engineering and supply of a Finex 2.0 million mt capacity plant.
POSCO has decided to invest in Finex technology, considering the lower investment and operational costs compared to a conventional blast furnace plant. This ironmaking facility to be built at POSCO's Pohang steelworks will produce 2 million mt of hot metal. Once the new Finex plant scheduled for mid-2013 is completed, a total of approximately 4 million mt of hot metal will be produced annually using the Finex process at POSCO.
Siemens VAI will supply basic and detail engineering for the main plant area. Advisory services for erection and commissioning are also part of the project scope.