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Venezuela's role in the merchant DRI market 
The use of scrap substitutes for EAF steelmaking worldwide, is rapidly increasing. Although it is generally conceded that there will not be a scrap shortage due to the large amount of obsolete scrap available, this type of scrap is of poorer quality than is generally required for higher grades of steels, and scrap substitutes will have to be used to control residuals for these grades.  


Finmet® HBI the feedstock for the 21ST. century steelmaking industry
Venezuela presently produces around 3 million mt/y of steel, all through EAF steelmaking processes. The percentage of scrap used in the production of steel is about 20% overall, with the rest being provided by direct reduced iron either as DRI or HBI. The steelmaking industry depends heavily upon direct reduction as a source for metallics units, and over the years the direct reduction industry in Venezuela has also become export oriented, making the country the leading exporter of HBI.  
Developments in the Venezuelan DRI Industry
In the early 1990s FIOR de Venezuela, operators of the existing FIOR (rDI) plant at Puerto Ordaz (Venezuela) since 1976, and VAI entered into a joint cooperation for the purpose of developing a new and improved fine-ore reduction process. Following initial engineering work and tests carried out on a lab scale, pilot plant tests were then carried out in VAI installations in Linz, Austria. Process and equipment tests were simultaneously carried out at the FIOR Plant in Venezuela to verify and optimize operating conditions of the FINMET® Process.  
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