A team of Orissa government officials attended the inauguration ceremony. Patnaik iterated his government's commitment to the Posco's project in Orissa.
According to a press release issued by Posco India here on Wednesday, the Finex technology, indegenously developed by the company, will replace blast furnace and eleminate the first step in the steel making process of sintering and coking. It allows direct use of low-cost ore fines and coal, bringing down overall plant installation and operational costs. The technology also helps reducing pollution, said the release.
Posco has announced that the technology will be adopted for its proposed 12-mtpa project in Orissa. This will be the world's first steel plant outside Korea to use the technology in large scale.
The technology can better utilise the high-alumina contained Indian iron ore than the blast-furnace technology. It would result in the reduction of the proposed amount of swapping of iron ore required for the Orissa project.
Posco-India CMD Soung-Sik Cho said, "This technology will make the project the most competitive one in the Indian steel sector".