 "Uttam Galva Metallics to deploy POSCO's tech at Wardha unit")
Uttam Galva Metallics, a part of Uttam Galva Group and South Korea-based POSCO, today signed a Memorandum of Agreement (MoA) to deploy technologies of the latter at the company's Wardha plant in Maharashtra.
In a release, Uttam Galva Metallics said POSCO's fine ore reduction process — an alternative iron making technology using iron ore fines (FINEX) and compact endless casting and rolling mill — a process to replace large portion among the cold-rolled products with thin hot rolled products' technologies will be used for its 1.5 million tonne plant in Wardha.
The plant is scheduled to be operational by April 2019.
"I am glad to announce that we will be installing two new state-of-the art technologies and processes from POSCO at Uttam Galva Metallics' Wardha unit, which will increase efficiencies at the plant. This collaboration with POSCO will help create a new direct to customer interface by replacing several cold rolled products with HR thin gauge products. This also reiterates POSCO's continuing interest in investing in India and its commitment to be a long term partner with the Uttam Group," Ankit Miglani, director at Uttam Galva was quoted as saying.
POSCO's technologies for the Wardha plant will also form its equity investment in Uttam Galva Metallics.
Apart from the Wardha plant, Shree Uttam Steel and Power, one of the unlisted arms of Miglani family-run Uttam Galva Group is carrying out a feasibility study for its $3-billion integrated steel plant in Maharashtra, jointly planned with South Korean company Posco, which is expected to be completed by February next year. This plant will be producing hot-rolled coils targeted to cater to the domestic market.