The Gung Zeuk Tong process technology system, which South Korean steelmaker POSCO first introduced in 2009, has saved costs and helped the company overcome the global economic downturn, according to a company press release.
The steelmaker launched the program aimed at encouraging new technology in April 2009, in order to improve cost, productivity and quality indexes by over 30 percent.
Other than the financial achievement, the system also contributed to POSCO's securing technologies peculiar to the company. A total of 141 technologies were credited throughout 2009 under the system, and are estimated to have saved POSCO some KRW 600 billion ($529.5 million) by solving various problems closely related to the company's key strategies.