POSCO to use the latest steel-making technology
South Korean steel producer POSCO is planning to use the latest steel-making technology in its new steel plant. The plant is expected to cost around $1.1 billion.
The new plant, which will be established in the southeastern port of Pohang will be completed by the end of 2006. The annual
production capacity of the plant is aimed to be 1.5 million tons.
Moreover, the plant will use “Finex” technology, which is more efficient than conventional blast furnaces. This technology is expected to increase competitiveness of POSCO in crucial steel markets such as
China and
India. The technology is also expected to reduce costs by 17%.
Meanwhile, POSCO and Australian
BHP Billiton will visit
India tomorrow to discuss the mega steel project in
India with officials from the Orissa government.