OREANDA-NEWS. January 15, 2015. President Park Geun-hye visited the Creative Economy Innovation Center, where the creative DNA of POSCO is integrated, as well as POSCO`s no.3 FINEX plant, which operates on the basis of its successful development of technology that has marked a milestone in steel manufacturing.

The visit saw the President encourage executives and staff to take the lead in vitalizing the creative economy.

Following her attendance at the opening ceremony for the Creative Economy Innovation Center in Gumi, Gyeongbuk Province, President Park Geun-hye visited Pohang and looked around the POSCO`s no.3 FINEX plant. Upon seeing firsthand how the FINEX plant brings innovation to the steel manufacturing process, the President remarked that, ``The development of eco-friendly technologies has become a critical issue for business due to global warming and Certified Emission Reductions. A consequence of this is that interest in eco-friendly technologies such as FINEX have picked up. The development and commercialization of this innovative method to export steel overseas by reducing manufacturing costs is remarkable, making FINEX an eco-friendly technology that reduces carbon emissions.

``It is significant that FINEX has become a role model for the shared growth of conglomerates and small and medium-sized companies. Going forward, there are already 37 small and medium-sized companies that actively collaborate with POSCO,`` the President said.

After checking sailing out on the pillar, she praised the executives and staff of POSCO group and collaborative organizations for the way they have taken the lead in promoting the creative economy.

POSCO`s no.3 FINEX plant has a capacity of 2 million tons annually.

Introduced as the most significant outcome of POSCO`s creative economy, it has been operating successfully since January. FINEX is POSCO`s unique and innovative technology to make molten metal using powder iron ore and bituminous coal in its natural state, without requiring the preliminary treatment process for raw materials. As FINEX facilities use cheap power-type iron ore and bituminous coal directly without requiring the coke making or sintering process, it can reduce investment cost and the cost of production. In addition, it is an eco-friendly iron manufacturing method that reduces pollutants compared to a furnace method.

President Park Geun-hye visited the Creative Economy Innovation Center and participated in the signing ceremony of the MOU between POSCO group and collaborative organizations, local universities and small and medium-sized companies.

The organizations and corporations signed an MOU on the day to signal their shared decision to promote Pohang as a base for the creative economy in the energy and materials industries by organically sharing infrastructure, experts and industry, academic and institute services, with the Creative Economy Innovation Center as the center. Furthermore, they take the lead in shared growth to support the innovative ability enhancement of small and medium-sized companies, and cooperate to improve win-win cooperation and industrial competitiveness in the fuel cell industry in Korea.

President Park Geun-hye praised the Center, noting that, ``It offers a new model for Innovation Centers, as it is led autonomously by the private sector, rather than by the government. This is where the greatest potential of the creative economy lies: in the transformation from conglomerates at the center into shared growth with conglomerates and small and medium-sized companies, from energy-guzzling industry into energy-saving and eco-friendly industry that nevertheless generates greater added value.`` She entreated those present to help make the steel industry a more high value-added industry with advanced materials.

POSCO will open in 2015 a purely private sector-led Creative Economy Innovation Center that is differentiated from the existing Innovation Center. The new center will play the role of platform, creating an ecosystem of founding companies and supporting job creation by facilitating collaboration and mutual exchange between conglomerates and small and medium-sized companies, as well as the promotion of venture and local economy activation programs which have been operated autonomously by POSCO.

In the Creative Economy Innovation Center, which will be built in the POSTECH with a size of 1983m2 (600 pyeong), it will increase its potential to attract investment and product completion and maximize the creation of new employment, with 10 companies set to occupy the space.