POSCO Also Hosts 'Corporate Citizen Festival'... Expanding the SV Ecosystem Further

Chairman Choi Jung-woo to Host Event Next Month for Sharing Management Philosophy Achievements

Investing 20 Billion KRW by 2023 to Establish Smart Factories for Over 1,000 SMEs

Venture Startup and Fund Creation through Incubating Centers in Seoul, Pohang, and Gwangyang

[Asia Economy Reporter Park So-yeon] POSCO will hold a festival next month to share the achievements of its 'Corporate Citizenship' initiative. Corporate Citizenship is a management philosophy promoted by POSCO Chairman Choi Jeong-woo, which embodies the idea that companies themselves should evolve into citizens who pursue the values of coexistence and symbiosis as members of society.

According to industry sources on the 9th, POSCO plans to hold the '2020 Corporate Citizenship POSCO Achievement Sharing Event' at the POSCO Center in early next month. Considering the spread of the novel coronavirus (COVID-19), the event will be conducted both online and offline, including an online conference. Chairman Choi will deliver a welcoming speech and light up sculptures and trees symbolizing the commitment to practicing corporate citizenship. Unlike last year, when various external figures such as SK Group Chairman Chey Tae-won attended, this year the number of external attendees will be minimized due to the COVID-19 situation.

POSCO will also share the progress and social outcomes of the corporate citizenship projects it has been conducting. These include sharing achievements with SMEs and nurturing talent, supporting youth employment, fostering venture companies, and constructing daycare centers, all aimed at practicing the corporate citizenship philosophy.

Support for SMEs, especially centered on partner companies, has been particularly notable. POSCO is currently running a project to establish smart factories for over 1,000 SMEs. The goal is to support these companies with an investment of 20 billion KRW by 2023. Participating SMEs can establish smart factories by bearing a maximum cost of only 67 million KRW.

Creating a foundation for venture startups is also considered a major achievement of corporate citizenship. POSCO is investing a total of 200 billion KRW to establish incubating centers in Seoul, Pohang, and Gwangyang. The first center opened in Seoul. In July, the first public-private partnership incubating center, 'Changeup Ground,' was inaugurated on Yeoksam-ro in Seoul. In Pohang, Changeup Ground is under construction with a total of seven floors and a gross floor area of 28,000 square meters, scheduled for completion in the first half of 2021. More than 100 companies will be housed there. Additionally, an 800 billion KRW venture fund has been created as an investment for future growth engines.

Beyond economic aspects, POSCO is also actively addressing social issues. This year, it opened a win-win type joint workplace daycare center on idle land within the steelworks site, where over 50% of the children are from partner companies. Furthermore, it offers up to six years of childcare telecommuting for employees with children under eight years old and has established an emergency patient transport system within the company using a corporate helicopter, the first of its kind in Korea. POSCO is also committed to spreading the corporate citizenship philosophy among its employees. A POSCO official stated, "We will naturally practice corporate citizenship in all management activities by creating a robust industrial ecosystem together with our business partners and take the lead in solving social problems and realizing a better society."

Choi Jung-woo, Chairman of POSCO

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