ID :
191485
Tue, 06/28/2011 - 09:53
Auther :
Shortlink :
https://oananews.org//node/191485
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POSCO begins work on cost-cutting Finex furnace
POHANG, South Korea, June 28 (Yonhap) -- POSCO, South Korea's leading steelmaker, began construction Tuesday of a furnace that will use its high-end technology to cut production costs and release fewer pollutants.
The furnace, to be built in this port city 374 kilometers southeast of Seoul, will be based on POSCO's self-developed Finex technology, and will have an annual capacity of 2 million tons when it is completed in July 2013, the company said.
POSCO plans to spend 1.3 trillion won (US$1.2 billion) on the construction of the furnace that will be POSCO's third one that uses the steelmaker's cutting-edge technology.
The furnace can produce steel at costs about 15 percent less than regular blast furnaces and is more environmentally friendly, POSCO said. The steelmaker estimated that the new furnace will save around 177 billion won annually.
Unlike existing furnaces, the Finex system is considered revolutionary because it does away with the need to build separate coking plants.
"POSCO's Finex technology helps dramatically reduce pollutants, and has been recognized as an environmentally friendly process," POSCO chief executive officer Chung Joon-yang said in a ground-breaking ceremony. "The technology will further increase POSCO's future competitiveness," he said.
POSCO's first and second Finex furnaces currently produce 2.1 million tons of molten iron annually.
Additionally, POSCO will spend around 900 billion won in building two plants that produce steel rods and stainless steels in the coming years.
POSCO has invested more than 400 billion won into research and development for Finex technology since 1992. In June 2003, the company successfully completed and operated a pilot plant with an annual production capacity of 600,000 tons. In 2007, POSCO expanded the Finex furnace with a capacity of 1.5 million tons.
The latest project is part of POSCO's investment plans for the year. POSCO said earlier it plans to spend 7.3 trillion won on facility investment and acquisitions for this year, down from last year's 9.4 trillion won.
sam@yna.co.kr
The furnace, to be built in this port city 374 kilometers southeast of Seoul, will be based on POSCO's self-developed Finex technology, and will have an annual capacity of 2 million tons when it is completed in July 2013, the company said.
POSCO plans to spend 1.3 trillion won (US$1.2 billion) on the construction of the furnace that will be POSCO's third one that uses the steelmaker's cutting-edge technology.
The furnace can produce steel at costs about 15 percent less than regular blast furnaces and is more environmentally friendly, POSCO said. The steelmaker estimated that the new furnace will save around 177 billion won annually.
Unlike existing furnaces, the Finex system is considered revolutionary because it does away with the need to build separate coking plants.
"POSCO's Finex technology helps dramatically reduce pollutants, and has been recognized as an environmentally friendly process," POSCO chief executive officer Chung Joon-yang said in a ground-breaking ceremony. "The technology will further increase POSCO's future competitiveness," he said.
POSCO's first and second Finex furnaces currently produce 2.1 million tons of molten iron annually.
Additionally, POSCO will spend around 900 billion won in building two plants that produce steel rods and stainless steels in the coming years.
POSCO has invested more than 400 billion won into research and development for Finex technology since 1992. In June 2003, the company successfully completed and operated a pilot plant with an annual production capacity of 600,000 tons. In 2007, POSCO expanded the Finex furnace with a capacity of 1.5 million tons.
The latest project is part of POSCO's investment plans for the year. POSCO said earlier it plans to spend 7.3 trillion won on facility investment and acquisitions for this year, down from last year's 9.4 trillion won.
sam@yna.co.kr
