[THE INVESTOR] Posco Chairman Kwon Oh-joon met GE Chairman Jeffrey Immelt on March 13 to discuss ways to add smart features to its major businesses including steelmaking.
Kwon was meeting the GE chief who was in Seoul for business. The two exchanged their views on the growing interests on digital transformation, the use of technology to radically improve performance, particularly on the traditional manufacturing sector.
Posco Chairman Kwon Oh-joon shakes hands with GE Chairman Jeffrey Immelt at a meeting held on March 13 in Seoul. Posco
They agreed to collaborate to devise a smart industrial solution by combining GE’s strength in equipment manufacturing and Posco’s leadership in steel industry, the company said. They would seek business partnership in adding smart features to Posco’s material, energy and construction business. The meeting was held three days after Kwon was approved at a shareholders’ meeting to continue the chairman post for the second term.
At a press conference held on March 14, the chairman said the company will prepare for the upcoming 50 years by emphasizing smart industry initiatives that utilizes artificial intelligence, big data and internet of things solution.
The researcher-turned-CEO has been seeking new opportunities to transform Posco’s heavy businesses ranging from steelmaking to construction, and nurture new businesses at the same time. The chairman travelled to Germany and US to visit head offices of Siemens and GE, leaders of digital transformation of industries last month, the company said.
Later in the afternoon, Kwon left for Jakarta for a bilateral economic forum and visited Krakatau Posco, a steel mill at Cilegon, Indonesia. The steel mill, capable of producing 3 million tons of steel, is Posco’s first overseas factory. Since 2013, Posco has secured the business competitiveness of the factory by cutting down the cost and improve the product quality, the company said. The world’s fourth-largest steelmaker saw 218.2 billion in profit from its overseas operations.
By Cho Chung-un/The Korea Herald (email@example.com)