Uttam Galva Metallics has signed an agreement with South Korean alloy major Posco to use its steel making technology at the upcoming 1.5 million tonnes plant at Wardha in Maharashtra.
Both the companies have already floated a joint venture Posco Uttam Galva Metallics for setting up the plant, which is expected to be operational by April 2019.
Finex technology not only reduces construction or maintenance costs but also pollutant emission compared to conventional steel making process. Compared to blast furnaces, it reduces the emissions of sulphur oxides by 40 per cent, nitrogen oxides by 15 per cent and dust scattering by 71 per cent.
CEM technology integrates the steelmaking, continuous casting and rolling processes into one to reduce energy consumption by 30-40 per cent than the existing technologies.
New venture The technologies being shared by Posco will constitute its investment in the new joint venture, said Uttam Galva in a statement on Tuesday.
Ankit Miglani, Deputy Managing Director, Uttam Galva, said the Posco technologies would help create a direct customer interface by replacing several cold rolled products with HR thin gauge products.