[Photo provided by Posco]
South Korea’s leading steel mill Posco has hit a major new milestone, surpassing 20 million tons of cumulative molten iron output on its patented iron-making technology Finex.
A ceremony was held on Thursday to celebrate the milestone which was made in 10 years and eight months after the technology became commercially available in 2007.
Finex is a cost-effective and sustainable iron-making technology with which molten iron is produced directly using iron ore fines and non-coking coal instead of traditional blast furnace methods that require sintering and reduction with coke.
With the elimination of preliminary processing, a Finex mill is less expensive to build than a blast furnace facility of the same scale with an additional reduction in production costs through cheaper raw materials. This process is also claimed to produce less pollutants such as SOx, NOx, and carbon dioxide than traditional methods.
In 2007, Posco began operations of a second Finex mill with an annual capacity of 1.5 million tons and a third one with an annual capacity of 2 million tons in 2014. Daily output reaches over 10,000 tons.
Many overseas mills pay keen interest to Finex which is widely recognized to have brought a whole new level in steel-manufacturing process. Posco is in talks with some steelmakers in China to export the technology. Posco holds about 200 patents associated with Finex in Korea and more than 50 elsewhere.
By Moon Ji-woong and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]