The total investment of the project is estimated at KRW 600 billion ($451 million) and the electric arc furnace construction, which started on 6 February, is expected to be completed by the end of 2025. Formal operation will begin in 2026.
Posco has ordered the continuous scrap charging system from Consteel and will utilise Italian supplier Tenova's Consterrer electromagnetic mixing system.
Posco plans to produce steel products using molten steel produced directly in the EAF or by mixing it with pig iron produced in blast furnaces. In addition, the company aims to improve energy efficiency by utilising the waste gas generated during the operation of the electric arc furnace to preheat scrap steel.
Posco said that once this electric arc furnace reaches production of 2.5 million tonnes per year, it could reduce carbon dioxide emissions by about 3.5 million tonnes/year compared with blast furnace operation.
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