Dongkuk Steel Signs Fair Trade Agreement

[Asia Economy Reporter Hwang Yoon-joo] Dongkuk Steel held the '2020 Fair Trade Agreement Signing Ceremony' with its partners on the 16th at its headquarters in Euljiro, Seoul.

This year, Dongkuk Steel expanded the number of partner companies subject to the agreement from 27 last year to 28 this year and decided to strengthen the support contents. To support the management activities of its partners, Dongkuk Steel plans to improve payment terms by increasing the proportion of cash payments and shortening payment periods.

In addition, it established a dispute resolution procedure for partners to enhance mutual communication, expanded the application of standard subcontract contracts, and conducted periodic monitoring of subcontract contracts to establish a fair trade system.

Furthermore, it decided to continuously support the capacity building of its partners by providing management and technical education to their executives and employees.

At the event, Moon Byung-hwa, Purchasing Director of Dongkuk Steel, said, "In a challenging business environment, cooperation between companies has become an essential condition for sustainable management."

Meanwhile, due to the spread of the novel coronavirus disease (COVID-19), Dongkuk Steel minimized the number of attendees at the signing ceremony and simplified the event by replacing on-site ceremonies at each business site with signing of the agreement documents.

Since the declaration of the Fair Trade Agreement in 2017, Dongkuk Steel has been signing the agreement for four consecutive years and received the 'Best' grade in the '2018 Fair Trade Agreement Implementation Evaluation' hosted by the Fair Trade Commission.

This content was produced with the assistance of AI translation services.