SEOUL, Jul. 3 (Korea Bizwire) – South Korea’s top steelmaker POSCO said Wednesday it has been named a “lighthouse factory,” by the World Economic Forum (WEF) for its efforts to drive innovation of the manufacturing sector.
The WEF, an international organization for public-private cooperation, selects lighthouse factories twice a year that are considered front runners in applying fourth industrial revolution technologies.
POSCO said it became the first South Korean company to receive such recognition.
“This plant leverages artificial intelligence to drive productivity and quality improvements in the steel industry,” the WEF said.
“It is building its own smart-factory platform through a collaboration with a local ecosystem of academia, SMEs and startups.”
POSCO became one of the 10 new factories to join the WEF’s lighthouse network. Previously, there were 16 lighthouse factories, with nine of them based in Europe.