Posco, Chongqing Iron & Steel agrees to build a 3m-tpy mill in China

Posco has agreed to jointly set up a steel mill with China’s Chongqing Iron & Steel, a spokesman for the South Korean steelmaker confirmed to Steel First on Friday September 27.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Under a memorandum signed on September 22, the two companies will set up a joint venture in Chongqing in south-western China that will utilise Finex technology – an iron making process originally developed by Posco, he said.

The technology allows the direct use of cheap iron ore fines and non-coking coal as feedstock.

In addition to having significantly lower operating costs and emissions than the blast furnace process, Finex dramatically reduces overall construction costs by eliminating the need for sinter and coke plants, according to Posco.

The two steelmakers will each hold a 50% stake in the proposed 3-million-tpy steel mill.

A formal contract will be signed by the end of next year once the governments of South Korea and China approve the joint venture, he said.

What to read next
Any bolstering effect on US ferrous scrap exports from the up-month in February’s domestic trade will be tempered in the immediate aftermath of two earthquakes in Turkey — the country’s largest importing region — on Monday, February 6
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.