South Korean steelmaker POSCO is planning to use the Finex DRI steelmaking technology developed in conjunction with Siemens VAI in projects in Iran, according to an online media report.

Last year POSCO (Pohang Iron & Steel Company) launched two large DRI plants producing between 1.5Mt and 2Mt.

The planned private sector steel projects will be in Iran’s southern ports of Chabahar, Bandar Abbas and Asalouyeh, according to Mehdi Krbasian, managing director of Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO).

The Finex DRI process is claimed to make steelmaking less expensive than the traditional BOF plant as it reduces production costs by between 10% and 15% due to cheaper raw materials, reduced maintenance and production time.

Source: Trade Arabia