POSCO Group announced it will advance a total of 436.8 billion won in payments to its partners, easing their financial burden ahead of the Chuseok holiday. This initiative aims to support smooth cash flow and liquidity for trading companies during the holiday season, when cash demand typically peaks.
From September 16 to 23, POSCO and POSCO Flow will provide early payments totaling 366 billion won to trading companies. POSCO E&C will pay 44.8 billion won in full cash on September 17, instead of the originally scheduled payment period from September 18 to 30. Additionally, POSCO Future M and POSCO DX will also advance approximately 13 billion won in payments in cash on September 22.
Every year, POSCO Group has expedited payments to partners before major holidays to reduce their financial costs and support stable management.
Since December 2004, POSCO has been paying small and medium-sized enterprises in full cash for their deliveries. Since November 2017, this cash payment policy has also been applied to mid-sized companies, extending the benefits to second- and third-tier suppliers.
POSCO Flow has been paying small partner companies in full cash since its launch in 2022, while POSCO E&C has been doing so since 2010, making it the first in the industry.
In addition to financial support, POSCO Group engages in various community activities to assist vulnerable groups in the areas where its major operations are located ahead of the holidays.
The Pohang Steelworks will support local businesses through traditional market shopping by different departments, and on September 21, executives will visit the 'Songdo Sharing House' to provide meal services. The Gwangyang Steelworks also plans to visit traditional markets and distribute essential goods to local people with disabilities, as well as participate in marine ecosystem cleanup activities.
POSCO E&C employees will deliver dumplings made by themselves to 200 underprivileged families in the Incheon area. POSCO Future M will also engage in community service activities tailored to local needs, including marine debris collection, support for free meal services, and environmental cleanup at facilities for people with disabilities across its sites in Pohang, Gwangyang, Sejong, and Seoul.
Meanwhile, POSCO has been actively fulfilling its social responsibility, including remodeling eight special education classrooms in elementary schools in Pohang, Gwangyang, and Seoul as of September 9.
* This article has been translated by AI.
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