POSCO-GE Cooperation
POSCO Chairman Kwon Oh-joon met GE Chairman Jeffrey Immelt, who is in Seoul for business, on March 13 to discuss ways to cooperate in digital transformation, which sees a growing interest in the industry, and POSCO’s smart industry.
They agreed to collaborate to create a new smart industrial solution by combining GE’s strength in equipment manufacturing and POSCO’s expertise in steelmaking, and seek cooperation opportunities to establish the group-level smart industry in POSCO’s material, energy and construction business.
Right after the meeting with Immelt, Kwon left for Jakarta, Indonesia, to attend a bilateral economic forum, and visited Krakatau POSCO, a steel mill at Cilegon, to encourage employees who are striving to secure the competitiveness even in difficult business environments.
Last year, POSCO posted 218.2 billion won (US$190.15 million) in operating profits in the overseas steel sector, up 648.1 billion won (US$564.79 million) from a year earlier. This is largely due to the growing sales of lucrative products and production cost cuts.
In its bid to strengthen the competitiveness in the overseas steel sector this year, POSCO plans to expand world premium products and stabilize the financial structure by reinforcing its viability with the optimization of local sourcing of product materials.