New Plant Expected To Use Low-Cost Technology
Steel Authority of India Ltd and the Korean steelmaker, POSCO, have signed a joint venture for steel production using its FINEX technology in order to bring down the cost of production. The two companies are looking at building a 5-million tonne plant in Jharkhand, India.
FINEX uses non-coking coal fines and iron ore fines, to produce iron which will be capable of making high-grade steel. This would then be processed by SAIL to make specialised steel. The cost of production is expected to be lower as it avoids the high cost of converting coal into coke.
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