R H Tupkary, former principal of Viswesariya National Institute of Technology (VNIT), claims that this technology can save the steel-makers in the world a combined Rs 15,000 crore to Rs 25,000 crore a year.
It was demonstrated recently at Jindal group's Vijayanagar steel plant (Karnataka).
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Patent application has already been filed for this technology in India, while for international patenting, Patent Collaboration Treaty (PCT) search was asked for, and it has obtained certification from PCT's China office last month, which declares that it is 'a novelty', not in existence before, 'inventive' and has direct 'industrial applicability'.
Tupkary said at the present level of world steel production of over 1,400 million tonnes per annum, adoption of his technology meant value addition in the range of Rs 10,000 crore to Rs 25,000 crore per annum.
Also, it will reduce the power consumption at the steel factories, he said.
The cost-benefit performance of his process is four to five times superior to that of the usual magnetic processing, he claimed.
Steel production involves two stages: production of impure iron from ore, and its refining into steel. Slag is a byproduct of steel-making, which consists of oxides, which has to be separated from steel proper.
Tupkary's process improves on the current process which is used to retrieve steel from the slag.
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