POSCO 'Co-prosperity with Partners' Moving Forward Together as a 100-Year Company

Announcement of 'POSCO-Cooperative Companies Win-Win Development Joint Declaration'... Seeking Improvement of Working Conditions and Competitiveness

Voluntary Social Agreement to Bridge Large and Small-Medium Gaps and Solve Win-Win Era Challenges..

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] POSCO (Chairman Choi Jeong-woo) is strengthening the competitiveness of the steel industry through win-win development with its partner companies and addressing the era’s challenge of bridging the gap between large and small-medium enterprises.

On the 24th, POSCO announced that it held the ‘Win-Win Cooperation Council for Partner Companies’ and the ‘POSCO-Partner Companies Win-Win Development Joint Declaration Ceremony’ at POSCO headquarters in Pohang, composed of labor and management representatives from POSCO partner companies in the Pohang and Gwangyang regions.

The event was attended by Moon Sung-hyun, Chairman of the Economic, Social and Labor Council (hereafter ESLC), Lee Cheol-woo, Governor of Gyeongbuk Province, Lee Kang-deok, Mayor of Pohang, National Assembly members Kim Jeong-jae and Kim Byeong-wook, Kim Yoon-tae, Head of Daegu Regional Employment and Labor Office, labor and management representatives of POSCO partner companies, Kim Kyung-seok, Chairman of the POSCO Labor Union, and POSCO Chairman Choi Jeong-woo.

POSCO and the ‘Win-Win Cooperation Council for Partner Companies’ announced the ‘POSCO-Partner Companies Win-Win Development Joint Declaration’ and agreed to strengthen global corporate competitiveness along with mutual development between large and small-medium enterprises through autonomous social consensus.

They also shared the intention to establish this as a model leading the growth and development of the regional industrial ecosystem and to spread positive influence throughout the industry.

According to the social agreement called the ‘Win-Win Development Joint Declaration,’ POSCO will strive to create safe working conditions for partner company employees, resolve wage gaps, improve welfare benefits, and do its best to help partner companies grow into specialized strong small and medium enterprises.

About 90 partner companies in each region pledged to respect the joint declaration and actively participate in strengthening technological competitiveness as co-growth partners and creating a safe working environment based on stable labor-management relations.

Moon Sung-hyun, Chairman of ESLC, said, “This joint declaration ceremony is a model case of social dialogue for realizing inclusive growth and has high value for use in the industry as a model of dialogue and communication between large and small-medium enterprises.”

Kim Yu-young, Co-Chairman of the Gwangyang Partner Companies Win-Win Cooperation Council, stated, “Based on the improvement of working conditions for partner company employees through this declaration ceremony, each partner employee will devote their utmost effort to continuously maintain the most competitive position in the steel industry.”

Kim Heon-deok, Co-Chairman of the Pohang Partner Companies Win-Win Cooperation Council, said, “It is always a pride to be with the global company POSCO, and we will help POSCO maintain its top competitiveness and grow as a strong small and medium enterprise.”

Kim Kyung-seok, Chairman of the POSCO Labor Union, said, “Let’s create a better workplace by finding ways to achieve a win-win situation for both POSCO and partner companies under a safe working environment through dialogue.”

POSCO Chairman Choi Jeong-woo urged, “POSCO exists today thanks to the dedication and exemplary leadership of partner companies. For the new leap as a 100-year company, let us realize the fundamental value of win-win development and work together to become reliable partners for each other.”

As an action plan following the ‘POSCO-Partner Companies Win-Win Development Joint Declaration,’ partner companies will establish ‘Joint Labor Welfare Funds’ in Pohang and Gwangyang within this year, with POSCO providing the funding.

The fund will be used primarily to establish a scholarship system for employees’ children, which is of greatest interest to partner company employees, and will be applied broadly to improve welfare benefits. Approximately 16,000 partner company employees will benefit from this joint declaration.

Meanwhile, five groups including POSCO signed a business agreement in 2018 to support a plan worth 777.1 billion KRW over three years to reduce wage gaps between large and small-medium enterprises.

Additionally, POSCO has expanded recreational facilities for joint use with partner companies and operates a ‘Win-Win Type Joint Workplace Daycare Center’ that partner company employees’ children in Pohang and Gwangyang can use together.

In particular, earlier this year, POSCO established an organization dedicated to supporting safe operations for partner companies to ensure a safe working environment for partner company employees.

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