Steel Win-Win Cooperation Fund Fully Depleted in 6 Months
[Asia Economy Reporter Hwang Yoon-joo] The Steel Win-Win Cooperation Fund, jointly established by POSCO and Hyundai Steel to support the steel industry affected by COVID-19, was fully utilized within six months.
The Korea Iron & Steel Association announced on the 1st that POSCO has completed loans of 57.1 billion KRW to 87 companies, Hyundai Steel has provided 22.9 billion KRW to 42 companies, and the Steel Association has loaned 20 billion KRW to 29 companies, totaling 100 billion KRW in loans to 158 companies through the Steel Win-Win Cooperation Fund.
The Steel Association explained that this Steel Win-Win Cooperation Fund was depleted faster compared to other win-win cooperation funds. It was utilized not only by companies and partners trading with POSCO and Hyundai Steel but also by companies without direct business relations with the two firms through the Steel Association, greatly aiding the domestic steel industry in overcoming COVID-19.
Kim Chan-su, CEO of Motor Steel, who received an 800 million KRW loan through this fund, said, "The Steel Win-Win Cooperation Fund provided quick loans at low interest rates during the difficult times of COVID-19, which we used for operational and employment stability funds. Despite being a small company established only six years ago, we received meticulous consideration."
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The Steel Win-Win Cooperation Fund was established on June 17 last year with a signing ceremony attended by Sung Yun-mo, Minister of Trade, Industry and Energy; Choi Jung-woo, Chairman of the Korea Iron & Steel Association; and Ahn Dong-il, President of Hyundai Steel. POSCO contributed 71.4 billion KRW and Hyundai Steel 28.6 billion KRW, raising a total of 100 billion KRW, providing support at an interest rate approximately 1.05 percentage points lower than the market rate.
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