Outotec increases its input in new-generation steel recycling
Outotec has agreed with Finland-based Real Time Systems Ltd. on co-operation in the development of a new-generation measuring and regulating system for electric arc furnaces, which are used by steel mills in the production of steel from steel scrap.
The funder of the development work, Outotec, will become a minor shareholder of Real Time Systems Ltd. and will also have a call option on the company.
Outotec estimates the co-operation to bring about successful results within a year. By that time the development work of the measuring and regulating system is expected be finished with the first new system installation of an electric arc furnace in 2010.
The new furnaces will provide accurate real-time measuring results and regulate the furnace operations. They will therefore reduce electric energy and maintenance costs, shortening thus throughput time as well as increasing the furnace capacity.
-There are more than one thousand electric arc furnaces in the world, and their share in steel production is set to increase. The cost saving benefits offered by the new measuring and regulating system will secure lucrative markets for this new product. Cooperation with Real Time Systems is also in line with our plans to grow our service business," says Tapani Järvinen, CEO of Outotec.
Outotec, the former Outokumpu Techonologies, is a large international mineral and metal technology developer and supplier. Last year the company had an over 1,2 billion turnover.
For more information:
www.outotec.com
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