POSCO Energy to Advance Payment to Partners Ahead of Chuseok

Leading the Practice of Corporate Citizenship Management Philosophy by Establishing Financial Support Programs for Small and Medium Partner Companies

[Asia Economy Reporter Hwang Yoon-joo] POSCO Energy announced on the 18th that it will make early payments to small and medium-sized partner companies ahead of Chuseok.

POSCO Energy has been continuing early payments to promote mutual growth and coexistence with small and medium-sized partner companies in line with POSCO Group's management philosophy of "Corporate Citizenship Growing Together." Especially this Chuseok, due to the expected difficulties many small and medium-sized partners face from the spread of COVID-19, payments will be made earlier than in previous years.

POSCO Energy expects that many small and medium-sized partner companies will benefit from this early payment. The payments are planned to be completed by the 29th.

Jung Ki-seop, CEO of POSCO Energy, said, "We hope this can be of some help to small and medium-sized partners struggling due to the prolonged COVID-19 pandemic," adding, "POSCO Energy will actively practice POSCO Group's corporate citizenship management philosophy by building a partnership relationship with our partners and sharing greater value."

Meanwhile, POSCO Energy operates a financial support program for small and medium-sized partners facing difficulties in fund management. Purchase payments are made 100% in cash twice a week, allowing partner companies to receive payments within a maximum of five days. From the second half of this year, a system has been established to provide an advance payment of 30% upon request to smaller partners with fewer employees, actively supporting the reduction of financial burdens and cash liquidity for partners.

Additionally, since February this year, POSCO Energy has introduced funeral support services for the spouses, parents, and employees themselves of partner company staff working on-site in ten areas including maintenance and facility management, taking the lead in improving partner welfare.

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