India’s Uttam Galva Metallics and South Korean steelmaker POSCO have signed an agreement to adopt the latter’s proprietary Finex technology for a proposed steel plant, Uttam Galva Metallics said on Wednesday, December 23.
The statement said that Posco Uttam Galva Metallics, the joint venture of the two companies, will be setting up a 1.5 million mt per year steel mill in the western Indian state of Maharashtra to be operational by April 2019 and that the South Korean steel major will offer its Finex steelmaking technology to the joint venture.
The POSCO technology will enable the new steel mill to use low grade iron ore sourced through commercial purchases from mines in Goa.