In Less Than 11 Years
POSCO announced on December 7 that it produced 20 million tons of molten metal by using the FINEX technology.
Developed and commercialized by the company itself, the FINEX technology is characterized by skipping preliminary raw material handling processes and employing iron ore powder and bituminous coal, which are relatively cheap, and thus investments and production costs can be significantly reduced compared to those of general blast furnaces of the same size. In addition, the technology reduces SOx and NOx emissions by 60% and 85%, respectively.
The South Korean steelmaker put its first FINEX-based commercial production facilities into operation in 2007 and has produced 20 million tons of molten metal for 10 years and eight months so far. This amount is equivalent to 20 million midsize cars.
At present, POSCO has about 200 patents in South Korea and 50 or so patents in more than 20 countries worldwide with regard to the technology. “FINEX is a highly innovative steelmaking technique and POSCO will continue to solidify its leading position in the global steel industry by further refining it,” said POSCO managing director Lee Sang-ho.