Samsung C&T, POSCO Engineering & Construction, and POSCO A&C Join Forces to Expand Global Modular Business

"Domestic and International Modular Project Execution and Product Improvement R&D Collaboration"

(From the right) Oh Se-cheol, President of Samsung C&T, Han Sung-hee, President of POSCO E&C, and Jung Hoon, President of POSCO A&C, are taking a commemorative photo after signing a memorandum of understanding (MOU) for modular business cooperation.
[Photo by Samsung C&T]

[Asia Economy Reporter Noh Kyung-jo] Samsung C&T Construction Division, POSCO Engineering & Construction, and POSCO A&C have joined forces to enter the global modular market.

These three companies announced on the 27th that they signed a 'Modular Business Cooperation Memorandum of Understanding (MOU)' the day before, agreeing to jointly enter the domestic and overseas modular markets by leveraging each company's capabilities and strengths.

The signing ceremony held at Samsung C&T headquarters in Sangil-dong, Gangdong-gu, Seoul was attended by O Se-cheol, President of Samsung C&T, Han Sung-hee, President of POSCO E&C, and Jung Hoon, President of POSCO A&C. The three representatives pledged cooperation and joint execution related to domestic and international modular-linked projects. They will also promote joint research and development (R&D) to enhance the marketability of modular units.

In particular, they agreed to combine efforts to pioneer the global modular market, including the Middle East as well as domestic markets. The modular market is growing so rapidly that it is expected to expand at an annual rate of around 9% worldwide by 2030.

The modular construction method is a technology that leverages the advantages of off-site construction (OSC), allowing simultaneous work in factories and on-site, significantly shortening construction periods. On-site work is reduced, and standardized factory work increases, resulting in relatively safer and more uniform quality.

Samsung C&T has completed the 'Smart Construction Support Center 2' within the Korea Institute of Civil Engineering and Building Technology using modular construction methods. Since then, it has been accelerating the development of core technologies to secure modular product quality and performance.

POSCO E&C and POSCO A&C have constructed the Pyeongchang Winter Olympics Media Residence Hotel, Ongjin Baengnyeong Public Silver Housing, and Incheon Green Building Education Research Facility using modular construction methods. Using Building Information Modeling (BIM)-based smart technology, they also built the Gwangyang Steelworks employee dormitory, the tallest modular building in Korea. Additionally, they developed a standardized model for modular accommodations and are utilizing reusable dormitories as accommodations at construction sites.

President O Se-cheol said, "We will seize opportunities in the expanding large-scale overseas modular projects through this agreement." President Han Sung-hee also stated, "We will do our best to strengthen competitiveness in the global modular market beyond Korea and lead a new architectural culture."

President Jung Hoon emphasized, "Fast, safe, and eco-friendly modular construction methods are presenting a new paradigm in the construction industry," adding, "Through cooperation among the three companies, we plan to proactively expand the modular market."