Uttam Galva Metallics Ltd (UGML), a part of Uttam Galva Group and world's leading steel maker - POSCO of South Korea, have signed an MoA (Memorandum Of Agreement) to deploy FINEX (Fine Ore Reduction Process - an alternative iron making technology using iron ore fines) and CEM (COMPACT ENDLESS CASTING AND ROLLING MILL - a process to replace a large portion among the CR products with thin Hot Rolled products) technologies for its plant in Wardha (Maharashtra).

POSCO's FINEX technology, coupled with its CEM processes will constitute POSCO's equity in UGML as per the MoA inked. As a result of this collaboration with POSCO UGML's Wardha Plant will have an initial steelmaking capacity of 1.5 million tonnes per annum (MTPA) and will be operational by April 2019.

The key technologies of FINEX are fluidized bed reduction of ore fines, hot DRI (Directly Reduced Iron) fines compaction to HCI (Hot Compacted Iron), briquetting of coal fines, and melting of HCI (Hot Compacted Iron) into hot metal. In pursuit of eco-friendly and slim steelworks, POSCO has developed the CEM process further optimising downstream processes through the rolling mill.

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