[2020 Asia Construction Awards] POSCO Construction Receives Minister of Land, Infrastructure and Transport Commendation for Win-Win Cooperation

[Asia Economy Reporter Yoo In-ho] Posco Engineering & Construction, which received the Minister of Land, Infrastructure and Transport Award in the Win-Win Cooperation Technology Support category, is striving for mutual growth with its partners through various programs such as Business, Society, and People to practice Posco Group's management philosophy of 'Corporate Citizenship Growing Together.'

In the business area, Posco Engineering & Construction abolished the 'lowest bid system,' the first in the construction industry, and introduced the 'restricted low bid system' so that partners can secure appropriate profits. This method sets a minimum bid limit and excludes bidders below the standard amount, then selects the winning bidder in order of the lowest bid.

Posco Engineering & Construction operates a 'mobile purchasing system' in addition to the PC-based purchasing system, the first among domestic construction companies, to efficiently deliver purchasing information to partners. Partners can easily check purchasing tasks such as bidding, contract inquiries, and progress payment applications via mobile regardless of time and place.

In the society area, various programs are operated for the development of local partner companies and communities. Posco Engineering & Construction conducts job training for high school and junior college graduates in the Pohang and Gwangyang regions to promote local community development, including operating the 'local company bidding recommendation system.'

In the people area, the company operates the 'On-site Worker Voice Box' mobile app, which allows workers to easily register difficulties and unfair treatment experienced on-site via smartphone (QR code scan).

Furthermore, Posco Engineering & Construction is leading the spread of a win-win cooperation culture in the construction industry by implementing various preferential policies for partners under the slogan 'Build Value Together.'

Since 2018, Posco Engineering & Construction has operated the 'Win-Win Cooperation Platform' for technical cooperation with partners to enhance the technological competitiveness of small and medium-sized partners. Through this, partners can propose technical cooperation at any time, and Posco Engineering & Construction provides free equipment for technology demonstration. When the results are verified, they are linked to a performance-sharing system that offers practical compensation through unit price contracts and long-term supply rights.

For partners facing difficulties in financing, Posco Engineering & Construction has jointly established a 52 billion KRW 'Win-Win Cooperation Fund' with Woori Bank since 2011 to support low-interest loans.

In 2018, it signed a business agreement with the Win-Win Committee and Shinhan Bank for the industry's first 'Partner Financial Support Project' and launched the 'Together Win-Win Loan' product. As a result, partners can obtain loans solely with contracts with Posco Engineering & Construction.

Additionally, it continuously supports the cash flow of small and medium-sized partners through the industry's first 100% cash payment for subcontracting transaction payments and early payment of holiday allowances.

A Posco Engineering & Construction official said, "We will continue to operate practical programs in each activity area of 'Corporate Citizenship Growing Together' for mutual growth and win-win cooperation with our business partners." He added, "We will prioritize creating a safe and happy workplace and lead the establishment of an advanced win-win cooperation culture with partners and on-site workers."

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