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Siemens Receives Third Finex Order from Posco

09/26/2011 - Siemens VAI Metals Technologies received an order from Posco Engineering & Construction for the engineering and the supply of proprietary equipment for a Finex 2.0M plant, which is scheduled for completion in mid-2013.

Siemens VAI Metals Technologies received an order from Posco Engineering & Construction Co., Ltd. for the engineering and the supply of proprietary equipment for a Finex 2.0M plant. This iron-making facility, which will be built at Posco's Pohang steelworks, will produce about 2 million tonnes of hot metal on the basis of directly charged low-cost iron ore fines and predominantly non-coking coal.
 
Upon completion of the new Finex plant, which is scheduled for mid-2013, a total of approximately 4 million tonnes of hot metal will be produced per year using the Finex process at Posco.
 
The project scope for Siemens VAI includes the supply of basic and detail engineering for the main plant area that comprises the melter gasifier, the fluidized-bed reactor system, and the auxiliary facilities of the hot-compacting iron (HCI) plant. Advisory services for erection and commissioning are part of the project scope.
 
Compared to the company's two existing Finex plants, the number of fluidized bed reactors will be reduced from four to three, due to the limited space availability at the Pohang steelworks. This and the installation of new technological packages such as a pneumatic-charging system will reduce the specific investment costs for the new Finex plant by about 15%. Hot metal from all three Finex plants will be processed to high-quality steel in Posco's LD (BOF) steel mills. Finex export gas is used for the generation of electrical energy in Posco-owned combined-cycle power plants.
 
In the Finex process, iron-ore fines are first reduced to DRI in a series of fluidized-bed reactors by means of a coal-based reduction gas. After exiting the final reactor, the DRI fines are hot-compacted, transferred to a charging bin above the Finex melter gasifier, and then charged by gravity into the melter gasifier where melting takes place. The tapped product, liquid hot metal, is said to be equivalent in quality to the hot metal produced in a blast furnace.
 
The Finex process was jointly developed by Posco and Siemens VAI. A Finex plant with an annual production capacity of 600,000 tonnes per annum (t/a) was first installed at Posco Pohang Works and started up in 2003. Posco then invested in a Finex 1.5M plant with an output of 1.5 million t/a. Commissioning took place in 2007.
 
The Siemens Industry Sector (Erlangen, Germany) is a leading international supplier of environmentally friendly production, transportation and building technologies. In fiscal 2010, which ended on September 30, 2010, revenue from continuing operations of the Industry Sector (excluding Osram) totaled around €30.2 billion. At the end of September 2010, Siemens Industry Sector had around 164,000 employees worldwide without consideration of Osram.
 
The Siemens Industry Solutions Division (Erlangen, Germany) is one of the world's leading solution and service providers for industrial and infrastructure facilities comprising the business activities of Siemens VAI Metals Technologies, Water Technologies and Industrial Technologies. Activities include engineering and installation, operation and service for the entire life cycle. With around 29,000 employees worldwide (September 30), Siemens Industry Solutions posted sales of €6.0 billion in fiscal year 2010.