Steelmaker Posco said Wednesday it has become the first South Korean company to be included among 10 leading firms joining the World Economic Forum’s global Lighthouse Network.

The Lighthouse Network consists of facilities of leading manufacturers, dubbed “Lighthouse Factories,” in various industries across the world, which are advanced in applying technologies of the “fourth industrial revolution” -- such as the internet of things, artificial intelligence and big data -- into operations.

These factories are selected from over 1,000 manufacturing facilities worldwide, with global consulting firm McKinsey & Co. conducting onsite surveys.

Posco’s facility in Pohang, North Gyeongsang Province, became the first South Korean plant to be listed as a lighthouse factory, particularly for its utilization of artificial intelligence “to drive productivity and quality improvements in the steel industry,” WEF said. 

It was also recognized for its collaboration with local small and midsized enterprises to build smart factories that help foster innovation and efficiency in manufacturing goods.

Posco’s smart furnace and Continuous Galvanizing Line plating technology were lauded as core AI technologies in the industry, Posco said.

According to the company, it will continue to lead in AI technologies while investing in smart factory projects to nurture more local SMEs.