POSCO Engineering & Construction Issues $100 Million Sustainable Bonds

[Asia Economy Reporter Yoo In-ho] POSCO Engineering & Construction announced on the 13th that it issued $100 million (120 billion KRW) worth of sustainability bonds on the 10th.

Sustainability bonds are a type of Environmental, Social, and Governance (ESG) bond aimed at socially responsible investment. They combine green bonds and social bonds.

The maturity of these bonds is 2 years, with an interest rate of 1.58%.

POSCO Engineering & Construction explained that the funds raised from the bond issuance will be used for projects such as developing eco-friendly building technologies, renewable energy, expanding social infrastructure, and improving aging residential environments.

A POSCO Engineering & Construction official stated, “To be the first domestic construction company to issue ESG bonds, we established a sustainable finance system in accordance with international standards and received certification from a global certification body last month. Based on the group’s management philosophy of Corporate Citizenship, we will actively fulfill our social responsibilities.”