FINEX
Encyclopedia
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
Iron
Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal in the first transition series. It is the most common element forming the planet Earth as a whole, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust...

 making technology developed by Siemens VAI and POSCO
POSCO
POSCO is a multinational steel-making company headquartered in Pohang, South Korea. It is the world's third-largest steelmaker by market value and the most profitable Asia-based steelmaker....

. Molten iron is produced directly using iron ore fines and non-coking coal rather than processing through sintering
Sintering
Sintering is a method used to create objects from powders. It is based on atomic diffusion. Diffusion occurs in any material above absolute zero, but it occurs much faster at higher temperatures. In most sintering processes, the powdered material is held in a mold and then heated to a temperature...

 and coke
Coke (fuel)
Coke is the solid carbonaceous material derived from destructive distillation of low-ash, low-sulfur bituminous coal. Cokes from coal are grey, hard, and porous. While coke can be formed naturally, the commonly used form is man-made.- History :...

 making which had been essential to traditional blast furnace
Blast furnace
A blast furnace is a type of metallurgical furnace used for smelting to produce industrial metals, generally iron.In a blast furnace, fuel and ore and flux are continuously supplied through the top of the furnace, while air is blown into the bottom of the chamber, so that the chemical reactions...

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.

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