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POSCO and Lotte E&C Sign MOU on Applying INNOVILT Products

2020/07/30

l On July 27, POSCO signs MOU on applying INNOVILT, establishing a model complex using eco-friendly construction material, and steel modular business cooperation
l The agreement is a response to environmental issues regarding construction waste and fine dust
l Lotte E&C plans to apply inkjet printed steel plate replacing marble and wood and recyclable steel modular construction method

POSCO (CEO Jeong-Woo Choi) joins hands with Korea’s major construction company Lotte E&C (CEO Suk-Joo Ha) to expand the use of eco-friendly construction materials with INNOVILT, POSCO’s premium construction material brand.

On July 27, POSCO signed an MOU with Lotte E&C on building a model complex utilizing eco-friendly construction material ‘INNOVILT’ and steel modular business cooperation. The MOU is significant in the construction industry, with the two companies working together to solve the environmental problems caused at construction sites.

Under this agreement, POSCO and Lotte E&C will build a model complex using eco-friendly construction materials. For example, PosART (inkjet printed steel plate) will be applied to the Lotte Tower in Seocho-gu, Seoul. PosART embodies the texture and looks of various materials, like marble, wood, and fabric, and provides an excellent substitute for natural marble and wood. Recyclable steel walls are also eco-friendly since they can replace conventional plasterboards.

POSCO is to strengthen modular business cooperation by offering Lotte E&C its Steel Modular technique, a next-generation eco-friendly construction method. Unlike conventional wet construction methods using concrete, steel modular applies a dry construction method with steel products as the main structural material. Steel modular not only shortens the overall construction period by more than a year, but it’s also recyclable, thus, minimizing construction waste. POSCO’s INNOVILT products, such as steel curtain walls and deck plates will be used in constructing the steel modular building.

At the signing ceremony, President of POSCO In-Hwa Chang said, “POSCO will strongly support Lotte E&C’s model complex of eco-friendly construction material with its outstanding steel products and applied technology of steel construction materials. We look forward to the synergy in the modular construction business, where the two companies will cooperate with each other.” Lotte E&C CEO Suk-Joo Ha said, “When POSCO’s Steel Modular construction method and INNOVILT products come together with Lotte E&C’s construction technology, we will be able to resolve many environmental issues and improve quality of construction as well.”

Along with its customers last year, POSCO launched INNOVILT, a premium brand of steel construction material products, to promote premium steel products in the construction market. POSCO has designated INNOVILT products made by customers that have outstanding stability, technology, and marketability. So far, a total of 50 products from 31 companies have been registered.

▲ Lotte E&C CEO Suk-Joo Ha (left) and President of POSCO In-Hwa Chang (right) at the MOU signing ceremony

▲ Gochang High School built with Steel Modular, the next-generation eco-friendly construction method

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