POSCO, the Korean steel industry giant, has decided to try their hand at manufacturing LEDs. The news came on Wednesday when they announced the formation of POSCO LED. The new venture's headquarters will be in Seongnam, Gyeonggi Province.
POSCO LED believes that they will be able to take a spot in the top 10 companies in the business within five years, and generate W1 trillion in sales.
Partners in the new company include POSCO ICT (63.3 percent), the IT and engineering arm of POSCO steel, POSCO Steel (16.7-percent) and Seoul Semiconductor (20 percent). POSCO ICT CEO Hur Nam-suk will have leadership responsibility for the venture.
The LED company will undoubtedly benefit greatly from their relationship with other POSCO units to create competitive products in the green LED segment of the lighting industry.
