POSCO Engineering & Construction (E&C) announced Wednesday that it will seek “Smart Innovation” in 2018 to differentiate itself from its competitors and enhance its prowess in the global market for the next decade
The new target is based on accomplishments made in 2017, under the slogan “Back to the Normal, Forward to the Future.”
Last July, POSCO E&C bolstered its position in the global energy market, winning a construction order for a coal-fired power plant on Matarbari Island, Bangladesh, which will be the biggest power plant in Southwest Asia. It also proved its competitiveness in port construction by winning a breakwater construction order from Ulsan New Port.
Following the successful construction of a hotel in Yangon, Myanmar, as well as the groundbreaking for the Rajawali Place, a mega-scale development project including skyscrapers, POSCO E&C was selected for Yangon's water supply improvement project. It also created a synergetic effect in the merger with POSCO Engineering, winning the Aewol LNG Terminal project on Jeju Island and a petrochemical plant project in the Philippines.
POSCO E&C also built 20,000 apartments last year based on the popularity of its apartment brand “The Sharp,” rated as the top apartment brand in the Korean Standard Quality Excellence Index for nine consecutive years.
Under the slogan “Smart Innovation 1.0,” the company plans to engage in diverse innovative efforts this year to create customer value, improve its financial structure and strengthen competitiveness in global projects.
To innovate “differentiation efforts,” the company plans to push for “Smart Construction” based on Fourth Industrial Revolution technologies. With the enhanced efficiency, it expects stronger competitiveness in strategic markets in Indonesia, Vietnam, Saudi Arabia and the Philippines, as well as in areas where it traditionally has been competitive such as steel, power generation, LNG, rail, water processing and housing. It also plans to expand projects based on its expertise in high-value added front end engineering design (FEED). To overcome limitations in the conventional construction industry, it will jump into the operation and maintenance business to expand as a stable growth engine.
POSCO E&C stressed that it will preemptively decrease risks by screening quality projects and strengthening cash flow management.
“On top of the advanced quality management and safety control system, we will strengthen the corporate culture of mutual respect to get the trust and affection of customers,” a POSCO E&C spokesman said.
(Advertorial)