South Korean steel giant POSCO, together with its three affiliates POSCO E&C, POSCO ICT, and Daewoo Engineering, on June 14 joined a government-run project for integrated small- and medium-sized nuclear reactors, ‘SMART', headed by the Korea Atomic Energy Research Institute.
The project, which established a private consortium of 13 South Korean companies also including the Korea Power and Electric Corporation and its affiliates, held a signing ceremony at the Seoul Lotte Hotel for the consortium formation, hosted by the South Korean Ministry of Education, Science and Technology.
When the SMART technology verification and standard design certification is acquired through this project, the companies participating in the consortium will hold joint ownership with the Korea Atomic Energy Research institute in the outputs of the standard design field and carry out succeeding domestic and overseas projects.
Of the total project budget of KRW 170 billion, the companies participating in the formation of the consortium are investing KRW 100 billion, in addition to the KRW 70 billion of government funds.
POSCO and affiliates will have a combined 28 percent of shares in the project.