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VAI to Install Finex Plant for Posco

Aug. 2004 — Posco has contracted Voest Alpine Industrieanlagenbau (VAI) to install a Finex-based steelmaking plant at the company’s Pohang, South Korea, facility.

The plant, which will be designed for an annual production capacity of 1.5 million tonnes, features excellent environmental sustainability. Emissions will amount to only 10% of those from conventional blast furnace routes.

The Finex technology is a further development of the Corex process, which was also developed by VAI. The original Corex process simplified production compared to conventional blast furnace processes by allowing the direct application of fines.

The new Finex plant is scheduled to start up at the end of 2006.

Posco is one of the world’s largest and most successful steelmakers, with 2003 steel production of approximately 30 million tons.

Voest-Alpine Industrieanlagenbau (VAI), a company of the listed VA Technologie AG, is one of the world’s leading engineering and plant-building companies for the iron, steel and aluminum industries with a multinational company structure and special focus on technology, automation and services. VAI achieved total sales of 976 million EUR in 2003 and employs approximately 3400 people worldwide.

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