Multinational steel maker, POSCO will move to install its FINEX 1 plant with an annual capacity of 600,000 tons to the Indian private steel company, Mesco Steel. POSCO, which has comprehensively examined the application plan for facilities after completing the FINEX 1 plant in 2014, decided to move facilities in the Odisha region in India as a result of continued consultation with Mesco Steel. POSCO and Mesco Steel signed an MOA in regard to the movement and installation of the FINEX 1 plant in March at Delhi.
FINEX 1 plant, which has been in operation since 2003 until the end of 2014, has laid the foundation for the development of FINEX original technologies, achieving facility stability and improving technical power for 12 years. This has allowed POSCO to succeed in completing the second and third FINEX plants with an annual capacity of 1.5 million tons and 2.0 million tons, respectively, with the plant commencing normal operation with a continuously increasingly size of production.
Once FINEX 1 plant has moved, POSCO can use idle equipment as well as operation data and the experience it has gained in India for the ongoing improvement of FINEX facilities and research development. In addition, POSCO expects this will be a bridgehead for it to expand opportunities for FINEX construction or selling techniques in India.