POSCO E&C to Advance Payment of 72 Billion KRW to Partners Ahead of Lunar New Year

POSCO E&C announced on the 26th that it will advance the payment of transaction funds to small and medium-sized partner companies by up to 9 days in celebration of the Lunar New Year holiday.

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

The payment targets are 928 small and medium-sized enterprises trading with POSCO E&C. The total amount is 72 billion KRW, which will be paid in a lump sum on the 6th of next month. The original payment period was from the 7th to the 15th of next month.

This initiative aims to help partner companies facing difficulties amid growing concerns over a sluggish construction market due to expanding domestic and international economic uncertainties, rising raw material prices, and increased financial costs caused by high interest rates, by improving their cash liquidity.

POSCO E&C has been paying the full transaction amount to small and medium-sized enterprises in cash since 2010, the first in the industry. Every year before the Lunar New Year and Chuseok holidays, it has expedited payments to alleviate the financial difficulties of its partner companies.

A POSCO E&C official said, "We hope to ease the financial burden of our partner companies who always do their best in a difficult business environment and help stabilize their management," adding, "We plan to strengthen support for win-win cooperation with our business partners and fulfill our role as a corporate citizen to create a better society."

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