Innovation POSCO Grand Project Kick-Off

NEWSROOM

POSCO is setting a standard of operation for its Innovation POSCO Grand Project and held a kick-off event at the POSCO Center, October 30, to connect its Pohang, Gwangyang and Songdo locations.

POSCO set the operation standard of its IP G-Project (Innovation POSCO Grand Project), holding a kick-off event at the POSCO Center, connecting Pohang, Gwangyang and Songdo locations via video conference on October 30. By integrating the IP G-Project, assignments will be expedited through cooperation and executing concurrent engineering programs from planning through completion.

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POSCO held a kick-off event for its IP G-Project on October 30 to share project plans for six new projects

Eighty members attended, including CEO Ohjoon Kwon and Project Director of the IP G-Project, who shared the project plans for six new IP G-Projects and resolved to successfully complete the projects. CEO Kwon said, “Detailed plans for achieving the goals for the IP G-Project have been well established.” He also asked those in attendance to make effort to achieve their goals by working closely with other departments.

The IP G-Project integrates mutual IP projects, research assignments and programs into one strategy for efficiency, and started with the intent to expedite Innovation POSCO 2.0 by concentrating the capabilities of all its companies. Under the previous PWS (project-based working system), cooperation between companies and departments within the IP project was possible, but it was difficult to integrate with other activities. So POSCO renamed the projects which require cooperation between research assignments, IP projects and unique programs to the IP G-Project and decided to operate it at a group level.

IP G-Project facilitates the cooperation between all work areas, and is a top-down system that works by themes suggested by the board of directors, which is then approved by the CEO. The goal is to generate over 30 billion KRW in financial performance within the next three years. Unlike IP projects led by professional executives, IP G-Project is managed by c-level executives who operate as the project director.

By establishing a plan to complete each project, all related activities are integrated with concurrent engineering strategies, accelerating the performance outcome. Project progress is directly monitored and guided by the CEO. Through integrated VP (visual planning), the effect of cooperation is maximized.

At the end of the year, the continuation of the project will be reviewed by management and if necessary, performance will be constantly evaluated, even after completion of each project. POSCO plans to put all its efforts into creating outstanding results through the IP G-Project and to achieve Innovation POSCO 2.0 as soon as possible.

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