POSCO's Latest Steel Technology

Steelmaker dedicates FINEX steel plant designed to cut costs and increase operational competitiveness

POSCO dedicated its FINEX steel production facilities at its Pohang Steel Complex in Pohang, North Gyeongsang Province, with some 1,000 guests including high-ranking government officials led by President Roh Moo-hyun, CEOs of foreign steel makers around the world and POSCO employees attending Also on hand at the ceremony were MOCIE Minister Kim Young-ju.
President Roh, in his congratulatory speech, said the completion of the FINEX steel production facilities will be an event that will rewrite the world's steel production history by POSCO since it ignited the blast furnace for the first time some 40 years ago in the Youngil Bay. It also will be a guide for Korean industries of what they need to sustain their growth.
POSCO Chairman & CEO Lee Ku-taek, in his speech, said POSCO will be able to enhance its competitive edge greatly due to the FINEX facilities, projected to produce 1.5
million tons of crude steel annually while steel makers abroad have been busy trying to find ways to sharpen their competitive edge through expansion and mergers.
The FINEX steel production technology doesn't need coking and other facilities because it allows iron ores to be put into a furnace directly saving 15 to 17 percent in production costs from the processes that need coking and other plants to treat iron ores and coals before being put into a blast furnace. The new steel production system will reduce the polluted material that is created by steel production processes.
POSCO developed the new steel production technology since 1992 and completed it in 2004.
The steel maker completed the FINEX steel production facilities at the cost of 1.060 trillion won in three years. POSCO will be able to increase its steel output by 1.5 million tons from the new steel plant, boosting its rankings in the world steel industry ranked as the 4th largest. The Korean steel mill's total steel output will rise to 34 million tons next year, ranked to be the 2nd largest, covering substantially the shortage of steel in the country.
POSCO's success with the new steel making technology is doubly meaningful to the company because a number of large steel makers tried to develop new steel production technology in the face of shortages in good-quality iron ores and environmental problems.
The steel maker will replace its blast furnaces with the new technology and also build steel plants overseas with their own technology, not transferring the technologies in a bid to maintain its lead in steel production technology in the world. nw

President Roh Moo-hyun delivers a speech at the dedication ceremony for the Finex Steel Plant held at the POSCO Steel Complex in Pohang.

(photo above) POSCO's Finex steel plant completed in Pohang.
Chairman Lee guides President Roh and other dignitaries through the new steel plant.