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Investment News

2018.02.13
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Posco, GE to cooperate on developing smart factory platform for steel mills
According to Pulse by Maeil Business News Korea


Korea’s largest steelmaker Posco has joined hands with the U.S.-based General Electric Co. (GE) to develop a smart factory platform that is expected to significantly improve steel mills’ production efficiency and prevent workplace accidents.

Posco said Tuesday that it signed a memorandum of understanding with GE for technical and business cooperation in developing a smart factory system. Under the agreement, two firms will work together to develop and commercialize ‘PosFrame+.’

The PosFrame+ is a smart factory platform specifically designed for steel makers, according to the company. It will be developed by integrating Posco’s self-developed smart factory platform ‘PosFrame’ and GE’s Asset Performance Management (APM) solution for monitoring plant facilities.

The two firms will first apply GE’s APM solution to Posco’s power generator No. 5 at its Pohang steel mill in North Gyeongsang Province to test its compatibility with Posco’s system. They aim to develop the integrated system by the end of this year.

The company expects PosFrame+ will not only help to boost operational efficiency but also prevent accidents at workplace, said a Posco official.

The steelmaker said it will also work together with GE to expand application of the smart factory platform to other related sectors and prepare for commercialization of the new system.


[Photo provided by Posco]

By Woo Je-yoon and Cho Jeehyun

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Feb. 13, 2018)


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