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| TITLE |
POSCO to build 'FINEX mill' in China |
| WRITER |
administrator |
DATE |
2013-09-23 15:05:08 |
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POSCO, Korea’s biggest steel maker by sales, said Sunday it will build a steel plant in China in partnership with a local company following a two-year feasibility study.
POSCO has signed an initial agreement with Chongqing Iron & Steel to build a 3 million ton annual capacity plant in the western Chinese city of Chongqing, which will use its own FINEX technology, the company said in a statement.
This is the first time for the steel maker to build a FINEX plant overseas, raising hopes the new cost-cutting technology will help support its deteriorating profits amid an extended economic slump, the statement said.
The firm’s net profit plunged to 532.8 billion won ($492 million) in the first half from 1.1 trillion won a year earlier, as sluggish demand and oversupply squeezed its margins.
It expects approval from the Chinese government on the 50:50 joint project by the end of next year, but it failed to provide further details such as the timeframe and the size of investment.
The next-generation FINEX iron-making process allows the direct use of cheap iron ore fines and non-coking coal as feedstock, resulting in significantly lower operating costs and emissions than a blast furnace process.
In addition to the FINEX plant, the two companies also signed a separate agreement to consider producing an automotive steel mill to meet rising local demand, it said. |
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