POSCO's 'Good Prepayment'

[Asia Economy Reporter Park So-yeon] POSCO is practicing good consumption to revive the stagnant local economy.

Last month, POSCO held a good prepayment event through shopping at traditional local markets together with about 90 suppliers delivering equipment materials to the Pohang and Gwangyang areas. The event was held simultaneously in Pohang and Gwangyang to revitalize the local economy, which has been depressed due to COVID-19. It was conducted as part of the government's "domestic demand support measures through prepayment and pre-purchase" and was carried out in the form of the "Good Prepayment National Campaign," a nationwide campaign led by the Ministry of SMEs and Startups, adding significance to the event. The good prepayment movement is a consumer movement that makes prepayments at traditional markets or small business operators and promises to revisit. POSCO Group and supplier employees visited Yeonil Market in Nam-gu, Pohang, and Jungma Market in Gwangyang to make prepayments to small business owners and delivered usage rights to vulnerable groups. The support method was carried out in a matching grant format, where POSCO provided 10 million KRW each in Pohang and Gwangyang, and the local partner company volunteer groups (Corporate Citizen Friends) donated the same amount of 10 million KRW.

Corporate Citizen Friends means "partner companies like friends who participate in the corporate citizenship management philosophy." Since its launch in June last year by POSCO suppliers and partners, it has been carrying out various social contribution activities. To practice this more actively, in March this year, the "Corporate Citizen Friends Club," consisting of 81 suppliers, was newly established. In addition, POSCO held the "Global Model Citizen Week" this month. This event is a special volunteer activity conducted for 10 years since 2010, where POSCO Group employees participate in solving social problems and contribute to better local community development.

POSCO plans to continue to actively engage in corporate citizenship activities to solve social problems as well as co-grow through regular communication with suppliers who participate in the corporate citizenship management philosophy. In March, when school meals delivery farmers' sales channels were blocked due to the prolonged COVID-19 and delayed school openings, employees purchased agricultural products from the Pohang area. The Pohang School Meal Support Center came up with the idea to produce and sell agricultural product bundle sets consisting of nine types of eco-friendly certified agricultural products such as mushrooms, onions, garlic, eggs, and brown rice. In addition, employees at the Pohang and Gwangyang steelworks continue to purchase local specialties by visiting sister villages.

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