FINEX

For FINEX (Financial Instruments Exchange), the currency derivatives exchange, see New York Board of Trade. For the corporation FINEX Management Services, Inc., see FINEX Management Services.

In finance, the term "Finex" is an acronym for "financial exchange."

In the technology world, the term FINEX is the name for an innovative iron making technology developed by Siemens VAI and POSCO. Molten iron is produced directly using iron ore fines and non-coking coal rather than processing through sintering and coke making which had been essential to traditional blast furnace methods. Because the preliminary processing of raw materials is eliminated, the construction of the FINEX plant costs less to build than a blast furnace facility of the same scale. Furthermore, a 10-15% reduction in production costs is expected through cheaper raw materials, reduction of facility cost, pollutant exhaustion, maintenance staff and production time. In addition, it is eco-friendly in that it produces less pollutants such as SOx, NOx, and carbon dioxide than traditional methods.

See also

• Steel making

External links

• Posco Commence Construction of New Steel Plant That Will Use FINEX Technology
• POSCO To Scrap 100-Year-Old Furnace Technology
• POSCO company website
• Siemens description