Nippon Steel Corp. and POSCO have reached an agreement to enter into a definitive contract to establish a joint venture company to supply both companies with direct reduced iron, as well as establish a dry dust recycling program.
According to the contract, the two companies will establish the company in Korea to supply DRI and use the dry dust generated at POSCO’s steelworks.
The company will build and operate two units of Nippon Steel’s DRI making and dry-dust recycling equipment, each having a processing capacity of 200,000 tons of dry dust per year, one at Pohang Works and the other at Gwangyang Works of POSCO, which will produce DRI supplied to both companies.
The capital cost of the project is expected to be around $150 million. POSCO shareholders will have around 70 percent share of the joint venture.
The two units are expected to be completed by late in 2009. The two plants will have an annual recycle production capacity of 200,000 metric tons.
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