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POSCO to dismantle and sell FINEX Plant One facilities

Steel News - Published on Wed, 23 Apr 2014

Business Korea reported that POSCO is looking to export its steel making FINEX Plant One after ending its operation, in the wake of kicking off the full operation of its FINEX Plant Three.

A high ranking POSCO associate said that the company is to end the running of FINEX Plant One and sell its facilities. We are seeking overseas buyers who seem to be more keen than the local counterparts.

Via this move, POSCO is planning to step up its financial restructuring by enhancing profits while at the same time adjusting the domestic steel production volume, as the industry is suffering from a glut of product these days.

The company reportedly requested the government’s swift approval for the overseas sale. FINEX technology was designated as the nation’s core technology and is regulated by the government, so the sale of related facilities overseas needs approval.

The steel behemoth invested 10 years from 1992 and developed the world’s first FINEX technology with Siemens VAI. They finished the construction of the first FINEX plant with demo plant facilities capable of producing approximately 600,000 tons of hot metal in 2003.

Consequently, the company started the operation of the second plant with an annual production capacity of 1.5 million tonnes in 2007 and recently launched the operation of its third plant with an annual production capacity of 2 million tonnes.

Source – Business


Posted By : admin on Wed, 23 Apr 2014
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