POSCO Inter Supports Overseas Expansion of Parts Suppliers Affected by COVID-19

[Asia Economy Reporter Su-yeon Woo] POSCO International is joining hands with the Export-Import Bank of Korea and Seoul Guarantee Insurance to support parts suppliers struggling due to the impact of the novel coronavirus disease (COVID-19).

On the 19th, POSCO International (hereafter POSCO Inter) signed a "New Financial Support Win-Win Platform Establishment Business Agreement" with the Export-Import Bank of Korea and Seoul Guarantee Insurance at the Export-Import Bank headquarters to establish an export foundation for domestic parts companies. Attendees at the event included Ju Si-bo, President and CEO of POSCO Inter, Bang Moon-kyu, Governor of the Export-Import Bank, and Kim Sang-taek, CEO of Seoul Guarantee Insurance, among other officials.

This agreement was prepared to assist small and medium-sized enterprises facing difficulties due to the prolonged COVID-19 crisis. The main content is that the three companies will help domestic strong small parts companies with weak overseas bases to pioneer export markets through the platform and provide financial support for the production of export products.

POSCO Inter will support parts companies in export and localization projects that are difficult to resolve independently and plans joint investments if necessary. Utilizing POSCO Inter’s strength in its global network, it will support localization projects such as post-processing and assembly demanded by recent automobile manufacturers locally and will work on opening sales channels.

Parts companies are currently facing difficulties in both sales and operations due to most overseas exports being blocked by the impact of COVID-19 and a decline in factory operating rates. POSCO Inter will support exports for parts companies wishing to participate and plans to hold platform briefing sessions while touring regional bases jointly with the three companies.

Ju Si-bo, President of POSCO Inter, said, "I hope today’s agreement ceremony will be an opportunity to overcome national difficulties together and grow." He added, "As a global comprehensive business company, we will seek various ways to grow together with domestic companies and practice the 'corporate citizen' philosophy of coexistence." Bang Moon-kyu, Governor of the Export-Import Bank, responded, "We expect this to promote win-win development between large corporations and small and medium-sized enterprises and contribute to expanding exports of domestic materials, parts, and equipment industries."

POSCO International has already been collaborating on localization projects for domestic parts companies in the United States and Germany. In Germany, it supported S&S’s parts post-processing process, and in the United States, it supported Dongjin Motor Industry’s parts test lab and S&S M-Tech’s post-processing process and the establishment of a cleanliness inspection room.

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