POSCO E&C Pays 42 Billion KRW Early to Partners Ahead of Lunar New Year

POSCO E&C announced on the 16th that it will advance payment of transaction funds to small and medium-sized partner companies by up to 21 days in celebration of the Lunar New Year holiday.

POSCO E&C Songdo Building. Provided by POSCO E&C

To facilitate smooth fund management for small and medium-sized partner companies, POSCO E&C plans to pay 42 billion KRW in transaction funds, which are due between the 20th of this month and the 7th of next month, on the 17th. The payment targets 633 small and medium-sized enterprises currently doing business with POSCO E&C, and the transaction funds will be paid entirely in cash.

This early payment of transaction funds aims to improve cash liquidity for partner companies struggling due to the sluggish construction market. 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 since 2010. Additionally, it has advanced payments ahead of the Lunar New Year and Chuseok holidays every year.

A POSCO E&C official said, "We hope to alleviate the financial burden of our partners who always do their best amid difficult business conditions and help stabilize their management. We plan to continue strengthening support for win-win cooperation with our business partners to create a better society."

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

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