POSCO Group to Advance 421.6 Billion Won in Payments to Partners Before Lunar New Year

POSCO Group will advance payments totaling 421.6 billion won to partner companies by up to 20 days ahead of the Lunar New Year holiday to ease their cash burdens. This measure is intended to support smooth cash management and secure liquidity for partner companies during the holiday period, when demand for funds typically intensifies.

POSCO and POSCO FLOW will make early payments totaling 330 billion won over five days from February 9 to 13 to their partner companies. POSCO E&C will also pay, in cash and in full on February 12, the 91.6 billion won that was originally scheduled to be paid in stages from February 13 to 24.

POSCO Group said it will advance payments totaling 421.6 billion won to its partner companies by up to 20 days to ease their financial burdens ahead of the Lunar New Year holiday. Provided by POSCO Gwangyang Steelworks

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POSCO Group has been advancing payments to partner companies every year ahead of the Lunar New Year and Chuseok holidays to reduce their financing costs and support stable management. Last year as well, the group made early payments totaling 352 billion won before Lunar New Year and 464 billion won before Chuseok.

Since December 2004, POSCO has been paying the full amount of supply payments to small and medium-sized enterprises in cash. From November 2017, it has also applied full cash payments to transactions with mid-sized companies, thereby extending the benefits of cash settlements to second- and third-tier partner companies.

Since its launch in 2022, POSCO FLOW has been paying the full amount of transaction payments in cash to small logistics partners, and POSCO E&C has likewise been paying the full amount of transaction payments in cash to small partner companies since 2010, the first in the industry to do so.

POSCO Group has also carried out various shared-growth activities ahead of the holidays to support underprivileged groups in local communities and to revitalize regional economies.

On February 4, POSCO Gwangyang Steelworks delivered 1,340 bags of "Hope Rice" to disadvantaged residents in the local community and joined efforts to boost the local economy by shopping at traditional markets. On February 5, POSCO Pohang Steelworks supported meals for senior citizens at two free meal centers and contributed to strengthening local commercial districts by shopping at traditional markets.

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