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Our Bureau

New Delhi, May 31

Posco Co Ltd, the world's fourth-biggest steelmaker, began production from a 1.06 trillion won ($1.14 billion) furnace using technology the company says will cut production costs and pollution emissions.

A release from the Pohang-based company said that the plant would produce 1.5 million tonnes of steel a year and cut costs by about 15 per cent through Posco's Finex technology. The company also plans to use the Finex technology for its proposed 12-million-tonnes-per-annum integrated steel project in Orissa. Posco, South Korea's largest steelmaker, began construction of its Finex plant, which is 20 per cent cheaper to build than a conventional furnace, in August, 2004.

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