Gwangyang Steelworks Leads Local Cooperation by Purchasing 8.2 Billion KRW Worth of Gwangyang Sarang Gift Certificates

Gwangyang Steelworks 3.7 Billion KRW, Partners 4.5 Billion KRW... Total 8.2 Billion KRW Purchases

Double Benefit of Boosting Local Economy and Encouraging Employees for Chuseok

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] POSCO Gwangyang Steelworks (Director Kim Ji-yong) purchased over 8.2 billion KRW worth of Gwangyang Love Gift Certificates to revitalize the local economy in celebration of Chuseok.

At the purchase agreement ceremony held on the 14th, Kim Kyung-ho, Deputy Mayor of Gwangyang City; Lee Cheol-ho, Deputy Director of Gwangyang Steelworks; Lee Kwang-yong, Chairman of the Gwangyang Steelworks Partners Association; Shin Dong-in, Head of the POSCO Labor Union Branch; Kim Yoo-young, Co-chairman of the Gwangyang Partners Win-Win Council; and Baek Yoon-sik, Chairman of the Gwangyang Economic Revitalization Movement Headquarters, attended and brightened the event.

Following the resolution of this year's wage and collective bargaining, POSCO plans to encourage employees who strive to enhance the company's competitiveness and realize coexistence with the local community by purchasing a total of over 18.2 billion KRW worth of local love gift certificates and distributing them to all employees, including POSCO partners.

Gwangyang Steelworks purchased over 8.2 billion KRW worth of Gwangyang Love Gift Certificates, which can be used in Gwangyang City, and will distribute approximately 3.7 billion KRW and 4.5 billion KRW worth to direct employees and partner company employees, respectively.

In particular, since this purchase of Gwangyang Love Gift Certificates by Gwangyang Steelworks is ahead of Chuseok, active use of the gift certificates by executives and employees of Gwangyang Steelworks and POSCO partner companies is expected for Chuseok-related items such as ritual supplies, which is anticipated to invigorate the local economy that has been stagnant due to the prolonged COVID-19 pandemic.

Following the purchase of approximately 7.8 billion KRW worth of Gwangyang Love Gift Certificates on POSCO's founding anniversary in April, the total economic effect generated in the region by purchasing 8.2 billion KRW worth of Gwangyang Love Gift Certificates for Chuseok is estimated to be about 16 billion KRW.

At the agreement ceremony, Kim Kyung-ho, Deputy Mayor of Gwangyang City, said, "Thanks to Gwangyang Steelworks, the opportunity to extend a warm hand to the local community has increased, for which we are very grateful," and added, "We will continue to increase communication for win-win development so that the citizens of Gwangyang can be happier."

Lee Cheol-ho, Deputy Director of Gwangyang Steelworks, stated, "As POSCO Gwangyang Steelworks, a company representing the region, I hope this purchase of Gwangyang Love Gift Certificates will help revitalize the local economy," and added, "Since discovering and supporting what the local community needs is one of our roles, we will continue to lead the development of the local economy and realize the value of coexistence."

Meanwhile, POSCO established the 'Corporate Citizen Friends Club' in March last year and, together with about 90 suppliers delivering equipment materials to the Gwangyang and Pohang areas, has been actively promoting the 'Good Prepayment Movement,' a consumer campaign that makes advance payments to traditional markets and small business owners and promises to revisit, thereby presenting a model of 'a company with the local community' that develops together with society through revitalizing the local economy and coexisting with the community.

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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