POSCO E&C Pays 34 Billion Won Early to Partners Ahead of Chuseok... Practices 'Mutual Growth Management'

Early Payment Up to 16 Days for 497 SME Partners
Full Payment in Cash
"Our Partners' Difficulties Are Society's Problem"
Operating a Variety of Financial Support Programs

POSCO E&C announced on September 23 that it will pay a total of 34 billion won in transaction payments up to 16 days earlier than scheduled, in order to ease the financial burden of its small and medium-sized partner companies ahead of the Chuseok holiday.

POSCO E&C Songdo Headquarters. POSCO E&C.

This early payment initiative targets 497 small and medium-sized enterprises that do business with POSCO E&C. Payments originally scheduled between September 29 and October 15 will be paid in full in cash on September 29. Through this measure, partner companies are expected to receive practical support in securing operating funds flexibly for holiday bonuses, wages, and raw material costs.

Recently, the construction industry has been facing increased management burdens due to rising raw material prices, high interest rates, and expanded safety investments. In this context, POSCO E&C explained that it has put into practice its philosophy that "the difficulties of our partners are a problem for society as a whole," by promoting mutual growth and cooperation.

Since 2010, POSCO E&C has been the first in the industry to pay all transaction payments to small and medium-sized partners entirely in cash. Every year, the company makes early payments before major holidays such as Lunar New Year and Chuseok. In addition, POSCO E&C operates a variety of financial support programs, including the "Mutual Growth Fund" for low-interest loans and the "Together Mutual Growth Loan Program" to help partners secure loans from financial institutions. Last year alone, these programs provided approximately 70 billion won in support.

A POSCO E&C representative stated, "Mutual growth with our partners is a value we cannot give up, even in a rapidly changing industry environment," and added, "We will continue to ease the financial burden of our partners and further strengthen the foundation for mutual cooperation."