SEOUL, KOREA- POSCO's homegrown new technology “Finex” will be sold in China. On September 22, POSCO signed an agreement with China's Chongqing Iron & Steel Group Co. to build a 3-million-ton integrated Finex steel mill there.
The signing ceremony was attended by many dignitaries, including POSCO chairman Chung Jun-Yang. Founded in 1893, Chongqing Iron & Steel Group is 100-percent owned by the Chongqing city government and has a capacity of producing 6.5 million tons of molten iron per year.
POSCO and Chongqing Iron & Steel plan to build an integrated Finex steel mill on a 50:50 investment basis. After signing the contract for the construction of the mill in 2010, they have carried out a feasibility study over the past two years.
A formal contract is expected to be signed late next year after the project gets a green light from both the Chinese and the Korean government. After 15 years of R&D efforts, POSCO succeeded in developing the Finex technology that is the world's first commercialized steel technology, in 2007.