South Korea’s largest steelmaker Posco plans to support small steel companies to build their smart factories, investing 20 billion won ($16.9 million) over the next five years, according to the company on Sunday.
A total of 30 billion won in investment -- including 10 billion won from the Ministry of SMEs and Startups -- will be injected to help around 500 selected companies, Posco said.
Through the project, companies willing to build smart factories will be provided with up to 100 million won per factory. They will also be given consulting services from Posco and professional consultants to build smart factories and innovate manufacturing processes.
Posco will form a group of specialists from its affiliates, including Posco ICT, the Research Institute of Industrial Science and Technology and Posco Group University. They will visit companies to help them improve energy saving, inventory management and manufacturing automation.
By Shin Ji-hye (firstname.lastname@example.org)