POSCO Chairman Choi Jeong-woo.

Under the stewardship of Chairman Choi Jeong-woo, who took office as ninth chairman, POSCO has come up with the new vision “With POSCO” to ready itself with the new values that are needed to comply with demands of modern times and seek new pathways toward a centennial company. It means that the company looks to co-exist and cohabitate as a member of society.

The vision calls for POSCO to pursue shared growth together with stakeholders such as shareholders, customers, contractors and cooperative companies, and regional communities.

POSCO is lending a helping hand to help SMEs establish themselves as mid-size superstars to provide assistance to local society as part its efforts to purse shared growth.

Last October, POSCO joined forces in signing a contract on narrowing wage differences between large- and small-sized companies through shared growth along with other members of the top eight conglomerates designated by the Korea Commission for Corporate Partnership (KCCP).

The agreement calls for enhancing the rationality of determining and paying contract unit prices to reduce wage differences and purse shared growth. It also calls for providing 6.2 trillion won in a fund to help SMEs over three years.

Among programs to extend financial support to SMEs are steps to support wages and welfare, raising solvency and financial support for stabilizing management.

POSCO, POSCO E&C, and three other POSCO companies decided to provide support to narrow wage differences between large- and small-sized companies. The POSCO companies are implementing programs to purse shared growth. Under the programs, they plan to select excellent cooperative companies, offer incentives and support a rise in wages for their executives and staff members.

Every year, POSCO hosts the Idea Marketplace designed to explore and cultivate SME venture companies. Under the program, POSCO succeeded in nurturing 173 venture companies between 2011 and 2018 and invested 12.5 billion won into them. Fifty-four succeeded in attracting a combined 172.4 billion won in financial support to outside investment and R&D.

In November 2013, POSCO Group inaugurated the “POSCO 1 Percent Sharing Foundation” a charity foundation operated by POSCO Group and its partner company executives and staff members. Donations amounting to 1 percent of their monthly salaries funds the charity.

The companies also contribute donations equivalent to those of their executives and staff members. The donated money is used to promote the wellbeing of the underprivileged, provide support for the self-sufficiency of local communities, and promote culture preservation at several places around the world where POSCO has a presence.

The foundation has sponsored a session at the POSCO Center to present excellent examples of a program to support multiethnic youth.

The event is the third rendition of the program, which made its debut in 2014 as part of POSCO’s social contribution, volunteer activities targeting poor multicultural youth. The program is named after the Chinchin (winding tightly) Rainbow, meaning that “Youth with diverse backgrounds become friends to realize dreams like a rainbow.”

The POSCO 1 Percent Sharing Foundation selects 60 students to provide such educational support programs as one designed to supplement academic achievements for Korean language tests for general equivalency diplomas in arts and sports. It also fronts education fees annually in cooperation with the Ministry of Gender Equality and Family and Rainbow Youth Center.

POSCO Chairman Choi Jeong-woo and SME presidents hold each other hands side by side after they signed a contract on narrowing wage differences between large- and small-sized companies through shared growth. (Photos: POSCO)