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 national government, local governments and participating companies held the ceremony at the Jeonnam Creative Economy and Innovation Center to promote the development and diffusion of carbon reduction technology. It is considered an innovative greenhouse gas reduction measure that existed prior to the Paris Agreement, which took effect on November 4.

On November 3, four municipalities and 20 companies in Jeollanam-do signed a business agreement on the national strategic project to convert carbon into future resources. POSCO, second from right, signed the contract as a representative of the companies.

The national strategic project aims to produce useful goods by using carbon sources in by-product and greenhouse gases. This project, designed to cope with the new climate system, will proceed with the Carbon Conversion Flagship and the Carbon Mineralization Flagship by investing 47.5 billion won over six years starting from 2017. Once a budget is allocated to the project by the National Assembly, the government will start on it in full force by assembling a project group in early 2017.

When this technology is completed and applied to steel mills and petrochemical companies, it will contribute to reducing a considerable amount of greenhouse gas emissions.

Approximately 20 companies that participated in the agreement, including POSCO, LG Chem and Lotte Chemical, will contribute not only to slashing greenhouse gas emissions, but to revitalizing local economies by pushing ahead with carbon conversion and enforcing the national strategic project.

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Since the publication of Jules Verne’s 20,000 Leagues Under the Sea in 1869 up until the dawn of today’s sci-fi thrillers such as Stargate Atlantis, the concept of underwater exploration and civilization has captured the imagination of the public. Now, facing problems like overpopulation, rising sea levels and increasing natural disasters, humanity is seeking alternative living environments, and with ever-progressing technology, life under the sea no longer seems all that unrealistic.

In fact, some small underwater habitats already exist, and we have the technology to create and maintain larger ones that could easily support human sustenance. Might it be possible that one day there will be an entire network of undersea cities, brimming with futuristic technology and advanced ways of living? And if it is, how would these sub-aquatic societies be connected? 

Undersea Tunnels, a Brief History

Undersea tunnels, the most likely method of transportation in a world submerged by water, are not a new concept. In fact, the earliest example of such engineering endeavors dates back to around 2100 BCE, when the Babylonians used a tunnel to divert the Euphrates River. It wasn’t until the 19^th century that the world saw a succession of more challenging tunnel projects, made possible by vast improvements in surveying and ventilation techniques.

The first notion of the Channel Tunnel, which connects England and France, was proposed to Napoleon Bonaparte in 1802 by a French engineer named Mathieu-Favier, but it wasn’t until the 1960s that it became a reality. Instead, London’s Thames Tunnel became the first modern undersea tunnel in 1843, taking almost 20 years to complete. The tunnel was originally designed for, but never used by, horse-drawn carriages.

Noting the comparable advantages undersea tunnels have over bridges, such as their ability to divert traffic and not be affected by external factors such as wind or rain, city planners began incorporating them into city layouts in the late 1800s. But, at the time, the methods used to construct these tunnels consisted mainly of excavating in painstakingly small increments, and were incredibly time consuming.

The game changed in 1903 with a construction project beneath the Detroit River in America when engineers used a method that involved anchoring premade sections of steel tube into a pre-dug trench on the river floor. Then, in 1971, a new era of underwater tunneling began with the construction of the Seikan Railroad Tunnel, which currently stretches 53.85 kilometers beneath the Tsugaru Strait in Japan. Instead of using the antiquated tunneling techniques of the past, tunnel builders began to utilize giant tunnel boring machines to make the process go faster. Since then, tunneling projects that could once only be conceptualized have become a reality.

The Eurasia Tunnel Project, for example, is a 14.6 kilometer-long road tunnel that will link Europe and Asia via the Bosporus Strait, and is currently in the last stages of construction. It is a project that has long been discussed and aims to reduce traffic in Istanbul, the second-worst European city in terms of traffic congestion.

Tunneling to the Future

Of course transportation tunnels like these would be vital in aquatic lands, but a sustainable undersea city would also need gas, oil, electricity and, most importantly, oxygen. Yet, some of these types of undersea tunnels exist, and are constantly being positioned across the waters of the world.

In the most recent tunnel developments, POSCO, in coordination with GS Caltex and Jeonnam Development Coorporation, has made plans to construct a 3.98 kilometer-long undersea tunnel connecting Gwangyang Port and Yeosu Industrial Complex by the first half of 2019.

POSCO Green Gas Technology will use the undersea pipe network to supply syngas produced at the Gwangyang SNG Plant to GS Caltex, which will then use the syngas for petroleum refining and enhancing processes. Furthermore, the undersea tunnel will minimize risks associated with transport and establish an efficient undersea logistics infrastructure by reducing production and logistical costs.

POSCO’s gas pipeline tunnel is indicative of what is to come. Perhaps the undersea tunnels of the future will allow for the transportation of fresh drinking water, alternative energy resources or even food sources from faraway lands. But with real-life projects concerning tunnels between Morocco and Spain, Japan and South Korea and the mainland of Canada and Prince Edward Island on the table, it is clear that such possibilities are not only realistic, but also limitless.

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Just about everything – from the roof over your head to the device you’re reading this on – contains steel. It is one of the most commonly used materials in the world and has been for quite some time.

World crude steel production added up to about 1.662 billion tons in 2014, based on the 2014 World Crude Steel Production Performances reported by the World Steel Association (worldsteel). Yet despite these numbers, the outlook for the steel industry suggests slow growth for global steel demand, which is mostly a result of the deceleration in China and structural adjustments in most world economies.

Nevertheless, The World Steel Association’s Short Range Outlook (SRO) for 2015 and 2016 notes that even though the growth is expected to be slow, demand is still growing. They forecast that the apparent steel growth will increase by 0.5% in 2015 and 1.4% in 2016. Additionally, in developing and emerging nations, there is an increased optimism for growth, as the steel markets are beginning to exhibit the characteristics of mature markets.

For more information on The World Steel Association’s expected outcomes for 2015 and 2016, click here.

So, which countries claim the spots of the world’s top steel producers for now? Read on to find out and to learn some interesting steel-related facts about each.

5. South Korea

Crude Steel Production: 71 million tons

Interesting Fact:

Rising 270 meters above sea level, The Yi Sun-shin Bridge was opened in 2012 and links the cities of Gwangyang and Yeosu. It is the first suspension bridge to be made solely with Korean state-of-the-art technology and equipment, including 26,000 tons of steel rods and 24,000 tons of steel products. Extending 2,260 meters, it is the longest in Korea and the fourth longest in the world, surpassing even the Golden Gate Bridge. (Source: http://bit.ly/1crFdzx)

4. India

Crude Steel Production: 83.2 million tons

Interesting Fact:

The Lotus Temple, a Bahá’í House of Worship, is one of Delhi’s most iconic architectural feats and was designed in the form of a lotus flower to symbolize the religion’s cornerstones of purity and simplicity. The lotus has three sets of leaves or petals which are made out of thin concrete shells. At the top, a glass and steel roof provides protection from the elements and facilitates the entry of natural light. The temple also utilizes a number of steel reinforcements and structural steel staging. (Source: http://bit.ly/1zWQCTh)

3. United States

Crude Steel Production: 88.3 million tons

Interesting Fact:

In 1943, more than 1 billion pennies were made with steel because the United States was, at the time, engaged in World War II and copper was being rationed to make artillery. Steel pennies weigh 2.70 grams and are fairly lighter than traditional copper Lincoln pennies that weigh 3.11 grams. Today, these pennies are quite popular among coin collectors and are worth about 25-75 cents each. (Source: http://bit.ly/1cooLjx)

2. Japan

Crude Steel Production: 110.7 million tons

Interesting Fact:

Tokyo Tower, a communications and observation tower in Japan’s capital city, was built in 1958. It was constructed of steel, a third of which was scrap metal taken from 90 US tanks damaged in the Korean War. At 4,000 tons, it is significantly lighter than the Eiffel Tower, which weighs 7,000 tons, a result of exceptional advances in construction technology and steel manufacturing. (Source: http://bit.ly/1K3tHbS)

1. China

Crude Steel Production: 822.7 million tons

Interesting Fact:

The Chinese were the first people to combine carbon and iron to make steel. They’ve been making it since the first century BC in blast furnaces powered by the Asian monsoon winds. In recent years, they’ve become the world’s largest producer of steel, and consume twice as much steel as the US, Europe and Japan combined. (Source: http://bit.ly/1KzAKpG)

Production rates according to the World Steel Association (worldsteel) 2014 World Crude Steel Production Performances.