Chongqing Iron and Steel (Group) Corp has signed an agreement with South Korea’s Pohang Iron and Steel (Posco) to jointly build a steel complex using Finex technology.

Finex – a modification of the Siemens VAI MT Corex process in which the lump/pellet shaft furnace of Corex is replaced with a cascade of 4-5 fluidised bed reactors – enables fine ore reduction smelting.

The Finex technology reduces energy consumption and pollution and the project would provide a demonstration which could transform production in China’s domestic steel mills, according to an official of the Chongqing steelmaker.

The two sides also signed a memorandum of understanding (MOU) to cooperate on the production of cold-rolled and galvanized steel products mainly targeting auto and household appliance producers in Chongqing.

Source: China Metals e-mail