- Sets sights on expanding Cloud Computing, Smart Grid and Building Energy Management business
- Organized a Business Cooperation Committee……Pursuing the Discovery of the Common Business Model

POSCO ICT (CEO, Hur Nam-suk) and KT (CEO, Lee Suk-chae) caught the media’s attention with the signing of a memorandum of understanding to work together in convergence IT business including cloud computing, a rapidly growing piece of the IT market pie.

POSCO ICT and KT signed an MoU for business cooperation at KT’s Gwanghwamun Office on October 7 with the participation of company officials, including Hur Nam-suk, the CEO of POSCO ICT, and Lee Sang-hoon, director in charge of KT’s Corporate Customer Division.

The MOU inking formalizes the two companies’ actively cooperation primarily in cloud computing business. To that end, POSCO ICT and KT decided to integrate KT’s wire/wireless communication infrastructure with POSCO ICT’s IT and engineering technology and to jointly develop new business areas in convergence IT domain. The two companies will also cooperate in the development of the next-generation system to be promoted by KT, as well as in the IT infrastructure area. For systematic cooperation, POSCO ICT and KT plan to establish and operate business cooperation committee and joint teams to develop new business models.

The two companies plans on working together in developing, the next generation intelligent power network, smart grid business. POSCO ICT and KT are currently developing smart grid-related technology in Jeju Island and applying it to the actual environment to verify its performance. The two companies will seek a synergy effect from this project by combining POSCO ICT’s IT and engineering technology with KT’s communication network. Furthermore, the companies agreed to develop new service offerings together in intelligent building system (IBS) and building energy management sectors.

“This latest cooperative effort is designed to produce synergy in the convergence IT service area, combining KT’s strength in communication infrastructure with POSCO ICT’s excellent IT and engineering technology. The two companies will synergistically utilize their respective capabilities to the maximum extent, to develop new business,” said a POSCO ICT official.

“It is expected that cooperation with POSCO ICT on this occasion will accelerate the strengthening of the cloud computing capability accumulated by the two companies so far, and that the companies will continue to cooperate in developing new business areas,” declared a KT official.