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Posco vows to utilize ICT in key industries

Posco, South Korea’s top steel maker by sales, vowed to bolster new growth drivers by incorporating information and communications technology across a slew of key sectors.

The company celebrates its 50th anniversary this year after wrapping up four years of restructuring last year.

Through the overhaul, Posco reduced the number of local affiliates to 38 from 71 and overseas affiliates to 124 from 181, ultimately preventing some 400 billion won ($376 million) in annual losses, the company said.

“We ask all executive and staff to be mindful of the path Posco has to walk and make efforts for improvement in the 50th anniversary year,” said Posco Chairman Kwon Oh-joon during a New Year’s address made at the company’s headquarters in Pohang.

Chairman Kwon Oh-joon during a New Year’s address (Posco)
Chairman Kwon Oh-joon during a New Year’s address (Posco)

With an aim to enhance competitiveness in the era of the “fourth industrial revolution,” Posco will begin ICT-incorporated ‘smartiza-tion’ of its businesses across steel, energy, chemical and construction.

It will also speed up the development of smart factories, which utilize big data and artificial intelligence, to complete a high efficiency eco-friendly steel mill in the near future, the company said.

By repaying over 5 trillion won of debt, Posco has lowered its debt ratio to the lowest level since 2010 to 67.6 percent, the company said.

It has also recovered liquid asset levels to 8.5 trillion won as of the third quarter of 2017. 

By Kim Bo-gyung (