Korea Federation of SMEs to Host 4th Stainless Steel SME Idea Contest

Promoting Win-Win Cooperation Between Large Corporations and SMEs
in the Stainless Steel Industry

The Korea Federation of SMEs announced on June 8 that, together with the Korea Iron & Steel Association, it will host the 4th Stainless Steel SME Idea Contest to promote mutual cooperation between large and small businesses and to support the sustainable development of the steel industry.

This contest, now in its fourth year since its launch in 2022, aims to discover products, technologies, and ideas applicable to stainless steel. The event is supported by the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, POSCO, and Hyundai BNG Steel.

In particular, this year's contest has broadened its scope to include "all ideas related to stainless steel," encompassing practical, everyday applications, in order to foster innovation in the steel industry through creative ideas. The range of eligible participants has also been expanded from company-centered groups to include all employees of small and medium-sized enterprises.

A total of 40 million KRW in mutual growth support funds will be awarded to the winners selected through this contest. In addition, customized support programs will be offered in collaboration with POSCO and the Korea Iron & Steel Association, including consulting for obtaining eco-friendly and green technology certifications.

To participate, applicants can submit their proposals via the contest page on the Korea Federation of SMEs website. All submitted products, technologies, and ideas will be evaluated by experts, and the final selections will be announced in September. For those requiring in-depth consultation regarding their proposals, it is possible to request an on-site briefing session with experts from the Korea Iron & Steel Association and POSCO.

Yang Chanhoe, Head of the Innovation Growth Division at the Korea Federation of SMEs, stated, "Since the stainless steel industry is a core field underpinning various manufacturing sectors, it is important to establish a collaborative ecosystem between SMEs and large corporations."