Steelmakers Set To Ink Deal on Technology Transfer
08/03/2015 - South Korean steelmaker Posco is expected to sign an agreement with India's Mesco Steel to transfer its Finex technology to a Mesco facility, according to the Business Standard newspaper.
"We will have a firm agreement with Posco next month for the Finex plant (of 0.6 million tonne capacity). After that, the process of dismantling of Posco's Finex plant in Korea and its subsequent installation at our premises would take off," J K Singh, chairman emeritus of Mesco Steel, told the newspaper.
The technology, developed by Posco, allows iron ore to be smelted without using coking coal.
Mesco and Posco had signed a memorandum of agreement in March this year to facilitate the transfer, the newspaper said. Posco is to have a 26 percent equity interest in the joint venture project.
"We are importing Finex technology from Posco. It will take one year to make the Finex plant operational at our premises," a senior Mesco Steel official told the newspaper.
The plant is to be set up at Mesco's Kalinganagar facility, which has two blast furnaces. The facility recently underwent an upgrade that cost about Rs 70 crore.
The technology, developed by Posco, allows iron ore to be smelted without using coking coal.
Mesco and Posco had signed a memorandum of agreement in March this year to facilitate the transfer, the newspaper said. Posco is to have a 26 percent equity interest in the joint venture project.
"We are importing Finex technology from Posco. It will take one year to make the Finex plant operational at our premises," a senior Mesco Steel official told the newspaper.
The plant is to be set up at Mesco's Kalinganagar facility, which has two blast furnaces. The facility recently underwent an upgrade that cost about Rs 70 crore.
