Weak steel market to delay Mesco-Posco Finex deal

The transfer of Finex, a technology patented by Posco, to Mesco Steel is now kept at bay because of the slow down in the steel industry. Both Posco and Mesco have mutually agreed to delay the project till the steel industry revives.

"The kind of technology they wanted to bring is too expensive and steel industries is not doing well. There is mutually agreement we will not do it for some time till the steel industry gets up", said Rita Singh, chairperson cum managing director of Mesco steel.

To facilitate the transfer of Finex technology, both Mesco and Posco had signed a