Since last February, CEO Kwon has visited Siemens, GE and other businesses in Silicon Valley to explore new technologies and expand POSCO Group’s smartization plan. At CES 2018, CEO Kwon saw first-hand the latest smart technologies and plans to implement them to all of POSCO’s core businesses including steel, construction, IT and energy. He also met officials from leading smart companies such as GE and DPR Construction, and examined possibilities for cooperation over commercializing POSCO’s smart solutions.

POSCO Kwon met Heilmann Matthias, President and CEO of Digital Solutions at Baker Hughes General Electric (BHGE). Matthias oversees the digital solution business of GE Group, and the two discussed the development of PosFrame, POSCO’s proprietary smart platform, its compatibility with Predix, GE’s smart platform, as well as the possibility for joint commercialization.

In particular, POSCO ICT is planning to sign an MOU with DPR Construction, the world leader in Smart Construction, to collaborate on smart projects and find opportunities to apply new ICT technologies to construction. Through this MOU, the two companies will cooperate on projects such as constructing and operating highly-efficient, low-cost data centers and smart factories controlled by PosFrame.

CEO Kwon also visited the automobiles, home appliances, smart city and smart home exhibition booths. He examined the latest tech trends of IT utilization in steel-consuming industries to develop compatible materials and steel solutions.

He also made sure to explore electric vehicle (EV) batteries and new IT technologies surrounding EVs, as lithium materials are the new growth engine of the company. CEO Kwon also evaluated the possibility of securing new markets for the group’s construction business at home and abroad.

POSCO Group plans to continue searching for new, innovative solutions to apply to its smartization efforts and actively develop domestic and overseas data centers and smart factory markets.

Cover photo courtesy of BGR.

It’s a common theme, and the images that pop into mind may be of early humans during the Iron Age.

But according to Professor Seohyung Kim of Inha University, the history of iron precedes the history of life, and so historians need to look back to the beginning of the universe to fully understand the way iron has shaped humankind and its environment. She gave a special lecture called “History of Iron: Universe, Life and Human,” as part of the exhibition on October 13. Professor Kim studies history from a Big History perspective, or a multi-disciplinary approach to the study of the past that combines science, geology, human history and more to get a better, bigger picture of the past, present and future.

So here’s a look back, way back, into history to see what iron has to do with the history of man.

Stars Exploded and then Iron Existed

Where did iron come from? The stars. To be exact, large, dying stars. In the beginning of the universe, there were only 2 elements in existence- helium and hydrogen. New elements are only created when protons and neutrons fuse together and this requires a lot of heat.

The temperature of a star rises when it uses up all of its hydrogen atoms, and when it uses up all of its helium atoms, it collapses, emitting even more heat. This cycle repeats itself, creating new elements in the process until finally, iron in created. Elements with greater mass than iron are created in a supernova, or the death of a really, really big star.

A piece of meteoric iron formed by the heating and collapsing of a star sits on display at the National Museum of Korea.

So, why is this important?

The variety of elements created by exploding stars are what planets are made of, including earth, and iron makes up 35 percent of the earth’s entire mass.

Humans and their Complex Brains

After the formation of the earth, simple life forms appeared, and then eventually primates and homo sapiens. Humans are the most powerful species on earth, largely due to their complex brains that allowed for the development of language and through it, collective learning.

Iron-rich red meat was an important factor in human-brain development. (Source: Omicrono)

What’s interesting is that around 2.5 million years ago, humans started eating meat rich in iron and calories. Before this change in diet, early humans spent most of their scarce energy on chewing and digesting large amounts of vegetation. With the introduction of meat, their brains got larger as it is a muscle that requires 20 times more energy than muscles in other parts of the body. When humans started cooking meat with fire around 500,000 years ago, they consumed even greater amounts of meat, meaning humans could meet their dietary iron needs, and put their larger brains to use for things like agriculture.

Agriculture and Civilization

Collective learning led to some of the most critical developments is history, including agriculture, which developed after the end of the last ice age about 11,700 years ago, as human populations increased due to the fact that they were able to cook and consume meat. Further advancements in farming tools during the Iron Age led to an abundance of food and massive civilizations.

Some iron tools that made farming easier are on display at the National Museum of Korea.

Weapons Made Stronger with Iron

However, farming tools were not the only places where iron was applied. As communities developed around abundant agricultural centers, people decided they wanted more land, labor and power. So, cities waged war on one another with iron tools and armor that were fatally strong.

The Iron Age brought forth improvements in soldiers’ armor, and can be seen at the National Museum of Korea.

One vital invention in the evolution of weapons and tools alike was the wheel. The oldest artifact of the wheel is a potter’s wheel found in Mesopotamia and dates back to about 3500 BC. Then came the wooden wheel that were attached to chariots for effective warfare. Then finally, the Celtics applied iron rims on their chariots for added strength, durability and speed. Paired with iron swords and armor, wars became vastly efficient.

Iron wheels, like this one on display at the National Museum of Korea, enhanced existing wooden wheels.

After many years, the Chinese invented gunpowder triggering a new era of warfare. Iron was used to make rifles, cannons and other gunpowder machines to wipe out massive amounts of people at a time.

The invention of gunpowder led to new weapons such as these Iron rifles on display at the National Museum of Korea.

From Iron to Steel

After centuries of iron spearheading the development of new technologies and civilizations alike, a man named Henry Bessemer introduced a process to produce pure iron with a converter in 1856, known as the Bessemer Process. This invention would lead the way to the commercialization of steel and then eventually the industrial revolution near the end of the 18th century.

The steel industry was met with a rampant rise in steel demand during the second industrial revolution nearly a century later, with the introduction of electricity, gas and oil. Steel consumption continued to thrive into the third industrial revolution as it served the foundations for electronics, computers and automated production systems. As the world enters the fourth industrial revolution, steel will continue to be the bedrock of leading innovation and technology including electric vehicles, sustainable energy facilities and smart manufacturing factories.

Automated robots are part of what workplaces will look like in the fourth industrial revolution. (Source: Business Insider)

Looking back on history, the role and value of iron and steel in human development is indisputable. And to think, it all started with the death of a star.

Cover photo courtesy of BBC.

POSCO joins its partners in the energy industry at the Offshore Technology Conference held in Houston in May. The exhibition booth is prepared in collaboration with the high-profile offshore tool and material manufacturers in the energy industry.

Just as it did the previous year, POSCO presented a booth together with the offshore tool and material manufacturers in the energy industry. POSCO also consulted with various companies to expand new markets for its World Premium Products, including the high manganese steel for slurry pipes, steel for LNG terminals, and steel bars for tools and materials for energy mining.

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The Idea Marketplace (IMP) is POSCO’s representative venture start-up support program which connects venture companies with investors, or attracts direct investments by helping prospective venture businesses and investors build a network and compare with other compelling venture ideas.

POSCO CEO Ohjoon Kwon gives a speech at the 12th Idea Marketplace, addressing economic improvements through partnerships with local industries and fostering the growth of promising venture companies.

In a welcoming speech, POSCO CEO Ohjoon Kwon said, “The most obvious way to drive future growth in our slowing economic environment is to discover innovative ideas and commercialize them. I will actively support the creation of jobs that are combined with the local economy of Gwangyang city.”

POSCO selected and nurtured ten venture companies in their support program this year. Their fields ranged from medical, the internet of things (IoT), music to big data. They were verified by outside experts for their business feasibility and received mentoring in company briefing sessions for ten weeks.

During the IMP, an IR event was held for investors, and a prototype exhibition hall took place alongside. The event involved representatives of venture companies engaging in one-on-one Q&A sessions with members from the judging committee.

POSCO CEO Ohjoon Kwon, center, talks to guests at the Idea Marketplace venue. From right, Weonpyo Sun (president of the Yeosu and Gwangyang Port Authority), Hyunbok Jeong (mayor of Gwangyang) and Seongho Park (director of the POSCO Creative Economy Promotion Team).

In this Idea Marketplace event, the Excellence Prize went to Futures Bio Works (CEO Woosoon Chang), for its development of a shape memory polymer microneedle vascular anastomosis device. The company Algorigo (CEO Gilhwan Cha) took home the Excellent Start-up Prize for building a smart posture tracker platform that helps people to develop healthy sitting habits.

Since 2011, POSCO has selected and fostered 132 companies, 59 of which have received direct investments of approximately KRW 9.2 billion from POSCO. The amount of foreign investments the growing companies has attracted reached 59.4 billion won, which contributed to the creation of jobs for 572 people.

Prospective business founders or venture companies that want to take part in the POSCO Idea Marketplace can apply for the program at any time via its website: http://www.poscoventure.co.kr.

Nurturing and Supporting 14 Startups This Year Through Idea Marketplace

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The city is centralized by the ethos of POSCO, and has earned its character from it – yet it isn’t a barren industrial site filled with furnaces and mills. While many of its attractions have been inspired by the steelmaker, Pohang maintains a unique identity of a beach town that uses industry to support its community.

A Storied Steelmaker’s Home

Pohang is home to one of the largest industrial companies in Korea, POSCO, and the POSCO Museum celebrates its legacy. After 4 years of planning and construction, the specialized museum opened its doors in 2003, allowing visitors to learn about steel and the company’s history in great detail.

Korea does not have many museums dedicated to individual companies, but the fact that POSCO has established one exhibits its importance to the national economy. Its history goes back almost 50 years, and the museum interlaces exhibitions of steel’s universal history with the company’s own.

Visitors can stroll down the hallways to learn about the origins of Korean steelmaking starting in the third century B.C., its uses of the metals in the Korean War and finally, to the founding of POSCO and the innovations that have come as a result of the company’s efforts.

It also houses the Samhwagoro, which is the first melting furnace in Korea. The museum is all-encompassing in the realm of steel’s development in Korea, incorporating the company’s impact on the country and eventually, worldwide.

Steel and Art Collide

We don’t necessarily associate steel with beauty, but through the Pohang Steel Art Festival, we are able to see the metal transform into aesthetic masterpieces.

There aren’t that many festivals dedicated to steel art – which makes the festival an interesting exception. Pohang is a city that is rooted in steel, in particular thanks to POSCO, and the festival serves as an emblem of its local culture. The steel art pieces that are showcased are usually incredibly grand and striking, made by artists from around the country.

The Pohang Steel Art Festival runs annually during a short period during the fall, and the exhibition is organized to form a sculpture park on the city’s edge. Visitors can visit this “Garden of Steel” at their own leisurely pace, and there’s usually an extensive schedule with related events, from art tours to craft classes, tied to the festival.

It’s an exhibition that caters to the entire community, so recreational and educational activities are available for both adults and children, in order for everyone to enjoy and appreciate the wondrous qualities of merging steel and art together.

Celebrating Community

Pohang is also frequently called the “City of Light and Fire”, so it’s no surprise that their yearly fireworks festival is one of the most noteworthy attractions. The Pohang International Fire and Light Festival takes place during the summer, so that everyone can view the beautiful sparks illuminating the city’s night sky.

The fireworks show and accompanying parade all are held at Yeongildae Beach over multiple days, and there is even a prize given to the top display during the festival. International fireworks companies from all around the world, including China, France, Poland, Italy and Canada, have all put on exciting shows to exhibit their cutting-edge fireworks, garnering large crowds into Pohang for this remarkable spectacle.

But the festival is not just about fireworks. There is much more for visitors to experience – water sports, street dance competitions, badminton tournaments and even traditional song and dance performances – bringing the city together for a lively midsummer gathering.

Seaside Marvels

Last but not least, there is the tucked-away gem known as Homigot, also known as the tiger’s tail of Korea, located on the easternmost edge of country. This area is particularly known for being the perfect place to observe a beautiful sunrise, as the sun rises the earliest in this part of the country.

The Sunrise Square in Homigot is considered the center of this unique area, and is also the venue for the Homigot Sunrise Festival. The festival, which started in 1999, invites millions of visitors to make wishes and resolutions while watching the first sunrise of the year.

It’s also home to one of the most famous national sculptures, the Hands of Harmony. Gigantic bronze installations of two hands reaching out from the earth and ocean are an awe-inspiring sight, and the sculptures are meant to represent unity and coexistence. Visitors can experience the glowing sunrise through the hands’ fingers, taking in the calming presence of the sun and the sea.

The tallest lighthouse in Korea is also based in Homigot, alongside the National Lighthouse Museum.

A City of Tradition and Industry

Steel shapes the city of Pohang, but it still is able to maintain a singular charm through its cultural attractions, rather than surrendering to the industrial nature of the crucial metal. It is a city that is able to thrive through building its own history alongside POSCO’s permeating presence, and also comes through as a bastion of Korea’s significant relationship with steel.

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SMK has been held biennially since 2010 and is an exhibition that highlights steel and nonferrous metals. The event receives great attention globally for its focus on metal materials but also on other technological aspects, including tubing, piping, metallurgy technology, equipment, and the metal business.

By participating in SMK for four consecutive years, POSCO has experienced the accompanied growth of small business participants through close interaction. Through exhibiting the high technical skills it maintains as the leading domestic steel company, POSCO has also contributed to the growth of small businesses.

For this year, POSCO set up a booth at the convention with four different zones, all under the concept of attracting visitors. The booth introduced how WP products can be used in daily life through differentiated exhibitions.

Introducing POSCO’s world-class steel technology

Visitors could experience how WP products could be used in different industries through the divided zones: “Automotive”, which revealed how WP products could be applied to an automobile’s interior and exterior, “Living”, which showed customers how to get acquainted with WP products for daily home use along with “Infra” (infrastructure), which is meant to increase and encourage customer partnerships.

The last and most popular area was the “Hero” zone, which allowed visitors to experience a 360-degree view of the complete steel production process through VR. The footage showed everything from loading and unloading raw materials, to shipping the products.

Since the Automotive zone displayed cars made from POSCO steel sheets, it was possible for consumers to see the technology applied to both the interiors and exteriors of the cars. Models that were displayed included the POSCO Body Concept-Electric Vehicle (PBC-EV), Renault’s Chassis and SM6 BIW (Body in White), as well as examples from MG. All models were manufactured with high-strength body and chassis parts from POSCO.

The company brought car body parts to the exhibition, and incorporated them to show which areas of the automobiles used their special steel sheets. The exhibition also drew the highest attention because of an inclined display, which showed how the inner dynamics of the car would appear as if it were driving on a hill.

The Living zone had a setting modeled after a real home, introducing WP products for daily life usage. Visitors could see the premium home appliances and household products made from POSCO steel in each room of the house, including the living room, utility room, study room and kitchen.

Widely used POSCO WP products were displayed in each room: a washer and an air conditioner in the utility room, a refrigerator, sink, and cooking tools in the kitchen, a computer and a printer in the study room and a TV in the living room.

The Infra zone helped visitors have a better understanding of the principles behind making stronger and safer construction sites, LGN carriers and suspension bridges with POSCO’s structural steel products, such as PosCozy, PosMAC and UL700. Visitors could touch the products, including high manganese, high damping steel and cable bridges that prevent noise between floors. The exhibition also compared POSCO’s steel products to products made from average steel, to help visitors experience the true quality of the company’s premium steel.

Lastly, the Hero zone was highlighted as the most future-oriented space at SMK 2016. The VR component provided a realistic and exciting video tour of the production process at the steelworks – a 360-degree video and immersive sound experience made viewers feel as if they were actually standing in the center of the steelworks.

Besides the featured products in the Hero zone, visitors could also enjoy the kinetic art performance that took place every 30 minutes in the center of the exhibition space. This performance utilized POSCO’s stainless steel in the form of wires, showcasing a fluid steel movement show with a background of beautiful music.

POSCO displayed yet another substantial and high-quality exhibition at SMK 2016, and we are already looking forward to seeing what the company has in store for the next time around.

POSCO to Use VR Content to Promote Its Steel Products and Exceptional Manufacturing Process

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POSCO-India (under the direction of Chairman & Managing Director Gee Woong Sung) participated at the REI 2016 Expo by jointly sharing the exhibit space with Ganges Internationale (a client and India’s main solar structure manufacturer), intending to popularize PosMAC steel in the solar panel market in India. At present, Ganges International is procuring PosMAC steel from POSCO, making solar structures and supplying it to end users. During the expo, POSCO-India intensively promoted the application of PosMAC in the solar industry through targeting major IPP and EPC companies such as Adani, NEXTracker, Acme, etc.

Gee Woong Sung, Chairman & Managing Director of POSCO-India, during the 2016 REI expo.

The demand for highly durable PosMAC is on the rise and POSCO-India aims to make it a widely used product in the solar power industry by strengthening the sales of POSCO’s solutions marketing and World Premium (WP) products in India. The exhibition gave a great platform for POSCO to interact with visitors from varied industries and from different countries across the globe. It was a remarkable opportunity to promote PosMAC as well as to identify the customer needs. The visitors and potential clients showed keen interest for the product, made queries on product specifications and seemed quite impressed with the benefits offered by PosMAC.

POSCO-India officials interact with visitors during the 2016 REI expo.

Owing to the business interactions that took place during the expo, the PosMAC sales volume is expected to increase. POSCO-India aims to grab this opportunity and accelerate the PosMAC sales by strengthening solution marketing and taking advantage of the growing solar energy market in India.

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PosMAC Seminar Promotes POSCO’s World Premium Products in India

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POSCO Named World’s Most Competitive Steelmaker for 7th Consecutive Year

In World Steel Dynamics (WSD) latest World-Class Steelmaker Rankings of 37 steelmakers around the world, POSCO once again topped the list. In the ranking, POSCO was recognized for reorganizing its corporate structure, making use of innovative technologies like FINEX and CEM, and increasing sales of high-end products like World Premium (WP) products. POSCO has led the WSD rankings for seven years in a row.

Two Automotive Steel Sheet Processing Centers in China Complete Construction

With the completion of two automotive steel sheet processing centers in Chongqing and Chengdu—the hub of China’s auto industry—POSCO is aiming at expanding sales of its high value steel products. The plant in Chongqing alone has an annual production capacity of 140,000 tons and can produce World Premium (WP) steel products. POSCO now operates 21 processing centers in 13 cities around China.

POSCO Global Volunteer Week 2016 Launches in 52 Countries

During POSCO Global Volunteer Week 2016 in the week of May 28 to June 3, 84,000 POSCO employees in 52 countries carried out a wide range of activities to help out their local communities. CEO Ohjoon Kwon participated, too, joining 40 employees to improve facilities at a rehabilitation center near the POSCO Center in Seoul. POSCO, through its seventh annual Global Volunteer Week, sought to actively spread its corporate culture of sharing and communicating with local communities worldwide.

CEO Ohjoon Kwon Receives the Korea Society’s 2016 Van Fleet Award

This year’s Van Fleet Award went to POSCO CEO Ohjoon Kwon in recognition of his efforts in promoting Korea-U.S. relations. The Van Fleet Award has been given by the Korea Society annually since 1995 to honor those that have contributed to improving the relationship between U.S. and Korea. Past recipients include UN Secretary-General Kimoon Ban, former U.S. President George H.W. Bush and former Korean President Daejung Kim. “If the U.S. had not come to the aid of the Korean people, or if we in the South had lost the war, I would not be standing here,” said CEO Kwon in his acceptance speech.

POSCO Develops High-Resolution Inkjet-Printed Steel

POSCO has developed a high-resolution inkjet-printed steel that integrates inkjet printing and steel, using the company’s own technology. The new inkjet-printed steel can be printed in full color with a resolution of more than 1,200 dots per inch—four times higher than existing materials. This new inkjet-printed steel also has high corrosion resistance, a shortened work process, and can be produced in more vivid colors.

POSCO Participates in Offshore Technology Conference 2016

This is the ninth consecutive year that POSCO has participated in the Offshore Technology Conference, the biggest international conference for offshore operation technology. For this year’s Offshore Technology Conference, POSCO set up an exhibition booth with domestic offshore equipment manufacturers, maximizing the company’s promotional effectiveness.

POSCO Announced First Quarter Earnings During IR Conference Call

POSCO announced in April that its first-quarter operating profit and net income have both increased from the previous quarter. Operating profit rose KRW 319.3 billion to reach KRW 659.8 billion while net income was KRW 352.5 billion, rising from KRW 243 billion. However, POSCO’s total revenue was down slightly on a consolidated basis, declining to KRW 12.46 trillion. POSCO credited the improved results to better performance from the steel and trading divisions.

These are exciting days for POSCO. With new technology, new processing centers, and new awards, POSCO is continuing to make its mark in the international steel industry. Expect the big news and major achievements to continue in the second half of 2016.

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POSCO partook in this year’s Offshore Technology Conference (OTC), held between May 2 and 5 in Houston.

OTC is the biggest international conference for offshore operation technology, and consists of technology seminars and exhibitions related to offshore plants and equipment.

POSCO has participated in the OTC for nine consecutive years, starting in 2008. This year, specifically, POSCO maximized its promotional effectiveness by setting up an exhibition booth with domestic offshore equipment manufacturers to promote finished solutions that ranged from World Premium (WP) products to equipment.

POSCO and offshore equipment manufacturers have actively and collectively sought new clients by holding technology meetings with engineering, procurement and construction (EPC) companies.

POSCO configured the OTC exhibition booth, which focused on technology solutions for thick plate and high manganese steel, and showcased various products and technologies to visitors, including four types of high manganese steel and 13 types of utilization technologies and component solutions.

In addition, POSCO promoted technology agreements and strengthened its network with material certificate authorities, ordering bodies, EPC companies and manufacturers in order to stimulate new orders for high manganese steel.

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Marking its eighth anniversary this year, VIETSHIP is the largest international exhibition in Vietnam and is hosted by the Ship Building Industry Corporation (SBIC). Approximately 130 shipbuilding companies and equipment suppliers from around the world, including POSCO (South Korea) and DAMEN (Netherland), participated in the exhibition.

Attended by major government and corporate officials including Nguyen Van Cong, Vice Minister of Transportation of Vietnam, and Nguyen Ngoc Su, Chairman of SBIC, the exhibition started with an opening ceremony followed by various events such as a forum for buyers.

POSCO’s Unique Energy and Shipbuilding Technology Attracts Vietnamese Interests

On February 24, the opening day of VIETSHIP 2016, Youngho Choi, Sales Manager of POSCO Vietnam Holdings, talks business with a representative of the Dung Quat shipbuilding company during the buyers’ forum.

 During the buyer’s forum, POSCO Vietnam Holdings introduced POSCO’s steel plate for shipbuilding and POSCO SS VINA’s shape steel products to buyers from 12 major Vietnamese shipbuilding companies.

They were especially impressed with the fact that shape steel, which is highly dependent on imports, can be supplied within Vietnam. Many buyers inquired about POSCO SS VINA’s product supply and new product development plans.

On the following day, a conference was held under the theme “Outlook for the Shipbuilding Market in Vietnam.” Jongkyo Choi, Group Leader of the Energy and Shipbuilding Materials Marketing Department of POSCO, captured the audience’s attention when introducing the company’s unique customer-oriented marketing strategies for the shipbuilding industry, such as welding technology for high strength steel and low temperature steel.

VIETSHIP provided a chance for POSCO to raise company awareness and discover new business opportunities, as over 200 buyers visited the company’s booth, showing great interest in POSCO SS VINA’s shape steel products.

Customers at the POSCO booth admire POSCO SS VINA’s shape steel products.

“We had no previous knowledge about POSCO SS VINA, so the exhibition provided a good opportunity to learn about its shape steel products,” said Thanh Xuan of Ha Long Shipbuilding Company.

POSCO Vietnam Holdings will strive to become not only a supplier of materials, but also a business partner that enables customer success through Solution Marketing.

About POSCO SS VINA

POSCO SS VINA began operations in June 2015. It currently produces high-quality steel reinforcement products, and is the only manufacturer of large- and medium-sized shape steel. The plant is located in Vung Tau—a region with a large demand for steel—as well as Ho Chi Minh, the country’s economic hub.

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