India Steel Market Watch
December 22: Uttam Galva Metallics has signed an agreement with POSCO to use its steel-making technology at the upcoming 1.5 million ton steel plant at Wardha in Maharashtra.
Both companies have already floated a joint venture, POSCO Uttam Galva Metallics for putting up the steel plant which is expected to be in operation by April, 2019.
The plant will use low grade iron ore mined from Goa, plans to POSCO’s Finex (Fine Ore Reduction Process) and Cem (Compact Endless Casting and Rolling mill).
Finex technology not only reduces construction a maintenance costs but also pollutant emissions compared to the conventional steel making process. Compared to blast furnaces, it reduces the emissions of sulphur oxides by 40%, nitrogen oxides by 15% and dust scattering by 71%.
CEM technology integrates the steelmaking, continuous casting and rolling processes into one to reduce energy consumption by 30 to 40 per cent than existing technologies.
The technologies being shared by POSCO will constitute its investment in the new joint venture, said Uttam Galva in a statement on Tuesday.
Ankit Miglani, Deputy Managing Director, Uttam Galva, said the POSCO technologies would help create a new direct customer interface by replacing several cold rolled products with HR thin gauge products.