POSCO, the world’s renowned steel maker, wants to grab a foothold in India where demand for steel is rising continuously; now the company wants to work in the field of Research and Development along with Steel Authority of India limited (SAIl).
A team of POSCO led by Tieson Kim, Researcher Dr Wook Kim, Manager Yong Jung le, Quingsik Choi, Divisional Posco-India, Haq Su Kim and Santos Kumar rushed to BSl on this move. Expressing tremendous scope of R&D in steel sector along with SAIl team member meets with BSl CEO Anutosh Maitra and discussed on several points before go ahead.
The third-largest steel maker POSCO used it’s FINEX technology to produce steel. Finex is an environment-friendly process where iron ore fines and non-coking coal are directly used, bringing down operational costs. This uses iron ore fines and low quality coal to produce high grade steel.
Earlier SAIl and POSCO had proposed a joint venture of 15,000 crore rupees to set up a steel plant at Bokaro in Jharkhand; signed a MoU in 2007 as per conditions if both companies mutually agreed to take part in a joint venture. Both companies inked a follow-up MoU in 2009 but has not yet succeeded in striking a joint venture.