- “Smart Factory” expansion in Pohang Gwangyang steel yards, collaboration with global companies
- Enhance the core competitiveness of the group’s main business, create business opportunities in “Smart Industry”

POSCO ICT is preparing for the 4th industrial revolution through the additional securement of “Smart X” solution. This is a strategic step by the company to build a new growth power for the company’s future.

POSCO ICT held a shareholders meeting on March 13, during which it decided to expand the business of integrating and fusing ICT technology – otherwise known as “Smart Business,” into other traditional industries. The company also decided to invest in the “Smart X” solution to apply the “Smart Business” concept in other industrial sectors. “Smart X” is the brand name of smart solutions developed by POSCO ICT through its Smart Factory, Smart Building & City, and Smart Energy projects that can be used in other industry sectors.

Through these activities, POSCO ICT will be able to support efforts for improving the core competitiveness of the group’s flagship businesses including the steel making business. Such activities will also lead to new business opportunities for integrating and fusing IoT, Big Data, and AI with various industries, referred to as the “Smart Industry.” POSCO ICT is pursuing collaborations with global companies to grow its “Smart Business.” Recently, CEO, Kwon Oh-joon and President, Choi Doo-whan visited SIEMENS and GE and discussed areas of cooperation with these global players.

In 2015, the company formed the Smart Solution Council (SSC) with POSCO to focus on solution procurement, an initiative that has produced visible results. The company is expecting the expansion of the business starting this year. As a council made up of representatives of POSCO, POSCO Construction, POSCO Energy, and POSCO ICT, SSC operates through 3 committees: Smart Factory, Smart Building & City, and Smart Energy.

In the Smart Factory area, the company has been working with POSCO since 2015 to transform its Gwangyang steel yard plate mill plant into a Smart Factory. The production equipment have been connected with the IoT network, and plant operating data collected through IoT are analyzed/estimated using Big Data. AI with self-learning capabilities ensures the most optimal operation of the Smart Factory. This is the world’s first case of Smart Factory becoming operational in the steel industry. In the process, POSCO ICT developed PosFrame, a smart industry platform that can be applied in other industries. The company is planning to expand the Smart Factory model to its entire steel yard production in Gwangyang & Pohang steel works while pursuing business opportunities outside the company.

In the Smart Building & City and Smart Energy area, the company is working with other affiliates to export the Korean Smart City concept to countries that are planning the construction of new cities such as Kuwait, Saudi Arabia, and Vietnam. At the same time, the company is developing projects for optimizing the generation and consumption of energy and improving the operational efficiency of power plants.

POSCO ICT held on March 13 a general meeting of shareholders to decide on management changes. The company and its shareholders decided to reappoint Mr. Choi Doo-whan to the CEO position and appointed Mr. Go Seok-beom, Director of POSCO’s Management Support Division (Vice President), to a non-executive director position and Mr. Jeong Deok-gyun, General Manager of Smart IT Business (Executive Director), to an internal director position.