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Mesco-Posco Finex deal delay due to market slow down-The 19th China (Guangzhou ) Int¡¯l Casting product Exhibition
10/26/2017 casting expo-Die-casting expo-foundry expo |
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Business Standard reported that the transfer of Finex, a technology patented by Posco, to Mesco Steel is now kept at bay because of the slow down in the steel industry. Both Posco and Mesco have mutually agreed to delay the project till the steel industry revives. Ms Rita Singh, chairperson cum managing director of Mesco steel said that "The kind of technology they wanted to bring is too expensive and steel industry is not doing well. There is mutually agreement we will not do it for some time till the steel industry gets up.¡±
To facilitate the transfer of Finex technology, both Mesco and Posco had signed a memorandum of agreement in March 2015. In a statement, Mesco Steel had said Posco would have 26% equity in the joint venture project.
Noted consultant Dastur & Company was roped in to study the modalities of the technology patented by Posco. Since the Finex plant requires a lot of oxygen and power, Mesco Steel has already initiated talks with some companies for setting up auxiliary plants on the JV route. The Finex plant during operation would need a running 100 Mw captive power plant and an oxygen plant of 1000 tonne per day capacity.
Finex process is expected to cut hot metal production cost for Mesco by INR 2000 to INR 2500 per tonne.
It was agreed upon that both Posco and Mesco would enter into a definitive pact for transfer of Finex technology. After that, the process of dismantling of Posco''s Finex plant in Korea and its subsequent installation at Mesco premises would take off.
Mesco''s Kalinganagar plant has a pig iron making facility of 1.2 million tonnes per annum. It hopes to achieve steel making capacity of 3.5 million tonnes per annum in two phase. Mesco Group has taken over Maithan Ispat Ltd since 2015 which has capacity of one million tonne.
-The 19th China (Guangzhou ) Int¡¯l
Casting product Exhibition
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