Korea's largest steelmaker, Posco, unveiled plans on Thursday to invest 2.5 trillion won ($2.2 billion) to diversify the company's portfolio, with the goal of achieving 5 trillion won in operating profit by 2019. "We will sustain growth by digitalizing our business platforms and services for the next 50 years," Posco CEO Kwon Oh-joon said at a forum in Yeouido, western Seoul, on Thursday. "We will establish smart factories, buildings and cities in hand with our affiliates in response to quickly changing industry paradigms." As the steel industry faces headwinds due to protectionist policies worldwide and heated competition, Posco said it aims to find new "growth engines" by combining its manufacturing expertise with internet communications technology. It wants to operate smart factories based on Internet of Things and big-data technology. The company expects long-term cost reduction and quality improvement by shifting to smarter facilities.