Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
POSCO collaborates with startups to lead innovation in technology
A POSCO flag flies at POSCO Center in Seoul in this undated photo. Courtesy of POSCO
By Park Jae-hyuk
POSCO is working with startups to lead innovation in technology, navigating an unprecedented crisis in the steel industry caused by slow global demand, U.S. tariffs and a glut of low-priced Chinese products.
In August, the steelmaker established a 50 billion won ($36 million) fund to invest in startups developing technologies in digital transformation, energy efficiency, carbon reduction and renewable energy — areas aligned with the company's future growth strategies.
POSCO has allocated 20 percent of the fund to invest in promising overseas startups. The company also plans to continue seeking investment opportunities, conducting thorough reviews of both domestic and overseas startups' technologies, financial health and strategic relevance.
POSCO is also considering joint research with startups and integrating their products and technologies into its own operations to maximize synergy and secure new growth drivers.
“We will keep partnering with small- and medium-sized enterprises and startups that have high-potential technologies,” a POSCO official said. “By driving innovation in low-carbon and smart manufacturing processes, our goal is to become a global leader.”
Prior to launching the 50 billion won fund, POSCO implemented various programs to support startups.
The company's team of 55 researchers with advanced degrees has offered systematic technology support to startups in Gwangyang, South Jeolla Province, and Pohang, North Gyeongsang Province, since August 2024.
Last year, the team provided 31 technology consultations for 16 companies, assisting with smart factory construction and robotic automation. POSCO also selected 11 local startups specializing in equipment, control devices, composite materials and secondary battery materials, providing them with tailored technical consulting.