Pohang University of Science and Technology, also known as POSTECH, is a research-oriented university founded in 1986. The university was founded by Steel Education Foundation, a foundation run by Pohang Iron and Steel Company, better known as the current name of POSCO. Due to its roots, the university has close industry-academia relationships with the company. Research institutes such as the Pohang Accelerator Laboratory and Research Institute of Industrial Science & Technology were all opened with funding from POSCO. The university is also well-known for its steel-related majors, with its Graduate Institute of Ferrous & Energy Materials Technology being the only institute in the world that teaches students about iron and steel technology. POSTECH is located in Pohang, North Gyeongsang. All first-year and second-year students are required to live in the university's residential college.