POSCO & GE Discuss Smart Factory Solutions Partnership

POSCO & GE Discuss Smart Factory Solutions Partnership

After being named CEO on March 10, Ohjoon Kwon began his second three-year term by taking steps toward strengthening POSCO’s competitiveness. On March 13, Kwon met with Jeffrey Immelt, the chairman of the board and chief executive officer at GE, to discuss potential partnerships that could add more smart factory solutions to POSCO’s factories. In late February, Kwon made trips to Germany and the US to visit Siemens and GE factories. He met with executives to discuss best practices and share thoughts on potential collaborations. At that time, Kwon and Immelt were not able to meet so they took advantage of Immelt’s time in Korea for a face-to-face meeting. Kwon and Immelt discussed different ways that smart technologies could be...

POSCO Reappoints Ohjoon Kwon as CEO at General Shareholders' Meeting

POSCO Reappoints Ohjoon Kwon as CEO at General Shareholders’ Meeting

After his nomination in January, POSCO CEO Ohjoon Kwon was officially reappointed to a second three-year term as CEO at the 49th general meeting of shareholders on March 10 at POSCO Center. In addition, President In-hwan Oh and Vice President Jeong-woo Choi were re-elected as inside directors at the general shareholders’ meeting, and Vice Presidents In-hwa Chang and Seong Yu were newly appointed as inside directors. Those appointed as new outside directors were Shin-bae Kim, former vice chairman of SK Group; Seung-hwa Jang, a professor of law at Seoul National University, and Moon-ki Jung, an associate professor of Business Administration at Sungkyunkwan University. During his first three-year term that began in 2014, Ohjoon Kwon worked to enhance the corporate structure...

POSCO Group University Partners with POSTECH to Train AI Specialists

POSCO Group University Partners with POSTECH to Train AI Specialists

Artificial Intelligence (AI) is currently trending as a keyword in our daily lives as well as in industries such as manufacturing, healthcare, retail and finance, and this has led to the emergence of newly coined words like smart factory, self-driving cars, and robo-advisors. Due to this recent trend, the demand for corporations to apply smart technology is growing at an explosive rate, but there are not enough AI specialists to meet this demand. In order to bridge this gap, POSCO Group University and POSTECH (Pohang University of Science and Technology) will set out to build an AI ecosystem by nurturing AI specialists and conducting joint research. On February 28, POSCO Group University and POSTECH Information Research Laboratories (PIRL) signed an...

POSCO Expands Production of its Non-Oriented Silicon Steel

POSCO Expands Production of its Non-Oriented Silicon Steel

On February 20, POSCO held a ceremony to celebrate the expansion of its non-oriented silicon steel facility, which will provide environmentally-friendly electric vehicle drive motors. Clients, suppliers, and more than 100 officials from affiliates such as POSCO E&C and POSCO ICT joined POSCO CEO Ohjoon Kwon to celebrate the completion of its production capacity expansion project at Pohang Steel Works.   With the completion of the project, POSCO’s top-grade non-oriented silicon steel (Hyper NO) production has increased from 80,000 to 160,000 tons, which is enough to supply parts for approximately 2.6 million electric vehicle drive motors. Electric steel plates are made by adding 1-4% silicon to iron. They possess excellent electromagnetic properties and consist of high-grade steel material. Depending on...

PT Krakatau POSCO Strengthens Relationships with Trading Firms

PT Krakatau POSCO Strengthens Relationships with Trading Firms

On February 9, PT Krakatau POSCO held a sales strategy meeting to recognize its trading partners for their excellent performance and to discuss how to maintain momentum in the coming year. Attendees included executives and employees actively involved in exporting POSCO’s products. A total of 36 people from 19 trading companies in Europe and Japan attended the event. PT Krakatau POSCO recognized the three trading companies with the highest performance in 2016. These three companies included Samsung C&T Co., Hyosung (Europe), and ThyssenKrupp (Brazil). Samsung C&T Co. was recognized for achieving the highest number of sales (88,000 tons, which accounts for 17%), while Hyosung and ThyssenKrupp were recognized for pioneering new markets. Awards were handed out to Yong-soo Kim, a...

POSCO Develops Magnesium Sheets for Samsung’s Ultra-light Notebook 9 Series

POSCO Develops Magnesium Sheets for Samsung’s Ultra-light Notebook 9 Series

Samsung Notebook has been working to develop laptops that are slim and lightweight without having to sacrifice durability. Typically, durable laptops and electronics had to come with heavy metals. In order to keep their laptops lightweight, Samsung previously used magnesium-lithium sheets from overseas suppliers, which had good machinability, but low hardness, making them vulnerable to dents. Starting with duralumin (a high-strength aluminum alloy made by mixing copper, magnesium and other elements) in 2011, Samsung has been aggressively pursuing metals that are lightweight yet durable. In 2016, POSCO began supplying its magnesium sheets for the Notebook 9 that was just 840g. In 2017, Samsung’s Notebook 9 was brought down even further to 799g – helping to significantly expand Samsung’s presence in...

POSCO CEO Visits Smart Factories at SIEMENS and GE

POSCO CEO Plans for More Smart Factories, Visits SIEMENS and GE

To make POSCO more competitive through advanced technologies and smart factory integration, CEO Ohjoon Kwon will visit SIEMENS in Germany and GE in the United States, both of which are known to have successfully operated advanced smart factories. From February 26 to early March, Kwon will meet with executives who have all played an important role in developing their company’s smart factories, including Klaus Helmrich & Roland Busch (members of the managing board of SIEMENS) and Bill Ruh (CEO of GE Digital). During his trip, Kwon will be accompanied by Doo-hwan Choi, president of POSCO ICT, and Mi-hwa Park, who is the head of the Office of Information Planning and the managing director of POSCO ICT. SIEMENS is a digital...

POSCO’s Smart Factory Introduces Artificial Intelligence

POSCO’s Smart Factory Introduces Artificial Intelligence

POSCO recently partnered with POSCO Technical Research Laboratories, the Department of Systems Management Engineering at Sungkyunkwan University and other steel mills to develop a smart solution to more efficiently manufacture automotive steel. It was tested in January and represents just one example of a successful partnership between POSCO and academic institutions. Automotive coated steel, one of POSCO’s World Premium Products (WPP), is a high-grade product that requires a high level of sophisticated technology. Only 20 out of 800 steel companies in the world can produce it at this time. Last year, POSCO sold approximately 9 million tons of automotive steel sheets, accounting for 10% of the global automotive steel sheet market. The ‘Smart Solution for Coating Weight Control Based on...

S&P Upgrades POSCO’s Outlook to “Stable”

S&P Upgrades POSCO’s Outlook to “Stable”

On February 16, international credit rating agency Standard & Poor’s (S&P) revised its outlook for POSCO’s BBB-plus credit rating from “negative” to “stable.” S&P forecast that POSCO would maintain its EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) at 20%, which is higher than that of its global competitors. This is, in large part, a result of improved performance in sales (due to the increased sales of high valued-added products), its excellent operating efficiency, and a decrease in the oversupply of steel in the region. S&P added that POSCO is expected to maintain its adjusted debt-to-EBITDA ratio at 2.5 – 3.0 over the next two years by creating a stable free cash flow and continuously reducing borrowings. As a result,...

POSCO Increases Investments in the Cathode Materials Business

POSCO Increases Investments in the Cathode Materials Business

On February 10, POSCO CEO Ohjoon Kwon visited POSCO ESM’s (POSCO Energy Storage Materials) cathode materials factory located in Gumi, South Korea, to personally inspect the production status and shipping processes. Since his nomination to serve a second term as POSCO CEO, Ohjoon Kwon has shown his commitment to strengthen and reinforce POSCO’s non-steel business ventures.     POSCO ESM produces cathode materials, which are essential for the manufacturing of secondary batteries for portable IT devices such as electric vehicles, laptops, and cell phones. Since last month, it succeeded in mass-producing ‘PG-NCM’ (POSCO Gradient Nickel Cobalt Manganese), the high-capacity cathode material for low-speed electric vehicles.* They have also been supplying these materials to LG Chem. Presently, POSCO ESM is focused...

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