POSCO E&C to Advance Payment of 79.7 Billion KRW to Partners Before Chuseok

POSCO E&C announced on the 14th that it will advance the payment of transaction funds to small and medium-sized partner companies by up to 18 days in celebration of the Chuseok holiday.

Incheon Songdo POSCO E&C Building / Photo by POSCO E&C

The payment date is the 15th, and the recipients are 921 small and medium-sized enterprises trading with POSCO E&C. The payment will be made entirely in cash, totaling 79.7 billion KRW. Originally, the payments were scheduled to be made from the 16th of this month to the 3rd of next month.

Since 2010, POSCO E&C has been the first in the industry to pay the full amount of transaction funds to small and medium-sized enterprises in cash. Every year before the Lunar New Year and Chuseok holidays, it has expedited payments to help alleviate the financial difficulties of its small and medium-sized partners. This time as well, it is expected to help improve cash liquidity for partners' holiday bonuses, salaries, and raw material payments.

A POSCO E&C official said, "We hope this will help ease the financial burdens of our partners who always do their best despite difficult business conditions," adding, "We will strengthen support for win-win cooperation with our business partners and fulfill our role as a corporate citizen to create a better society."

Meanwhile, since 2011, POSCO E&C has been supporting its partners by operating the 'Win-Win Growth Fund,' which allows borrowing operating funds at low interest rates, and the 'Together Win-Win Loan' program, which enables loans from financial institutions secured by contracts with the company.

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