Uttam Galva Metallic on Tuesday said it has signed an agreement with the South Korean alloy major Posco to deploy new technologies at its Wardha plant in Maharashtra.
The agreement is for transferring the ‘finex’ or fine ore reduction process, which is an alternative iron making technology using iron ore fines, and CEM technologies for its plant in Wardha, Uttam Galva Group said in a statement.
CEM (compact endless casting and rolling mill) is a process to replace a large portion among the CR products with thin hot rolled products.
The firm further said that the technology transfer will be deemed as the equity investment of the Korean steel major in the Wardha unit.
As a result of this collaboration, the plant will have an initial steel making capacity of 1.5 million tonnes per annum and will be operational by April 2019.
These two technologies and processes from Posco at the Wardha unit will not only create new benchmarks in the domestic steel industry, but also bring in manifold increase in efficiencies, Uttam Galva Steel deputy managing director Ankit Miglani said.
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