Posco, South Korea’s top steelmaker by sales, inked a memorandum of understanding with US-based conglomerate GE to develop a hybrid smart factory platform aimed at heightening efficiency of steel mills, the company said Tuesday.

The hybrid smart factory platform PosFrame+ is to be a combination of steelmaker’s PosFrame smart factory platform alongside GE’s representative smart factory solution Asset Performance Management.

“Developing smart technology for facilities will serve as a momentum-triggering smart solution business in the global market,” said Posco Chairman Kwon Oh-joon.

The signing took place at Posco Center in southern Seoul on Monday in the presence of Kwon, Wouter Van Wersch, CEO of GE’s Asia-Pacific region, Posco ICT President Choi Doo-hwan and Matthias L. Heilmann, chief digital officer of industrial service company Baker Hughes, a GE Company.

PosFrame compiles and analyzes information gathered while producing steel products, the company said.

GE’s Asset Performance Management system sends early warnings based on a failure prediction system, helping maintain optimal facility condition and operation rate.

The system restarted a combined cycle power plant in Turin, Italy, which had been shuttered for two years on low profitability.

Posco said, it expects PosFrame+ to boost efficiency and safety of steel factories.

By Kim Bo-gyung (lisakim425@heraldcorp.com)