MMFX Technologies Corp. announced completion of a $55 million commitment in secured debt financing and receipt of final funding that was contingent upon the startup of its Welland, Ontario, steel mill, which opened Sept. 18. The mill’s state-of-the-art equipment will be used to produce MMFX’s high-quality steel. Production will be more economical and yield a better end product. MMFX, headquartered in Irvine, Calif., was formed to commercialize its proprietary, micro and nanotechnologies that enable the manipulation of the microstructures of materials to obtain optimum microstructural properties.
The current focus for MMFX’s technology is uncoated steel that has a microstructure fundamentally different from conventional steel. The use of controlled-atmosphere specialty equipment at the mill will allow MMFX to reduce the use of high-cost raw materials and make a cleaner steel.