POSCO Chairman Choi Jeong-woo. (Photos: POSCO)

POSCO is devoting itself to fulfilling its corporate responsibilities by joining efforts to solve social problems facing our society and make a better future.

POSCO is executing its management tenet of corporate citizenship by implementing six representative projects, including ones on shared growth, a model solving the low birth rate, creation of “sea woods,” support of youth employment and business startups, venture platform buildup, and exemplary global citizens.

In the 2019 Report on Corporate Citizenship, POSCO Chairman Choi Jeong-woo said,“ Corporate citizenship means not only a company’s roles as an economic activity leader but also devoting itself of fulfilling roles and responsibility as a constituent of contemporary society.”

He stressed: “POSCO should put corporate citizenship into practice in their daily life and work so that it can be evolved into POSCO’s intrinsic culture and POSCO can be developed into a 100-year old, sustainable company.”

POSCO is establishing a sound industry trade environment through win-win shared growth activities with business partners.

The group is spreading common values through diverse activities in Korea and abroad such as joining efforts to address social problems under UN Social Development Goals (SDGs) in order to help POSCO staff be reborn as corporate citizens corresponding to global standards.

POSCO Receives Highest Grade in 2019 Win-Win Growth Index

POSCO was evaluated to be “excellent,” the highest grade, in the 2019 Win-Win Growth Index evaluation announced by the National Commission for Corporate Partnership. NCCP held its 63rd commission on Sept. 8.

POSCO has been credited with actively implementing its management philosophy, ‘Corporate Citizenship,’ among group companies through seven major shared growth programs. POSCO is the only company in the steel industry to receive the highest grade.

The seven shared growth programs operated by POSCO under the name of “Change Up Together” are Open Sourcing (e-catalog); Fairly, Timely Payment; Benefit Sharing; POSCO-type Productivity Innovation; Innovation and Growth Support Group; POSCO Youth Dream Job Matching; and Corporate Citizen Friends.

The Win-Win Growth Index shows the level of shared growth between large companies and SMEs. Since 2011, NCCP has been announcing the INDEX once a year.

NCCP measures the Win-Win Growth Index based on the following:

1) comprehensive evaluation of shared growth by NCCP, and

2) evaluation of fair trade implementation by the Fair Trade Commission (FTC).

The companies, subject to the index evaluation, include those that are among the top companies in domestic sales and are receiving high social interest from the public.

The target companies for the 2019 Win-Win Growth Index reached a total of 193.

POSCO has been subject to evaluation since the beginning of the index announcement.

The company set up a separate organization dedicated to shared growth from 2005 and has been committing to share growth with SMEs and to create a sound industrial ecosystem where economic and social values are in a virtuous circle.

Recently, POSCO has branded its shared growth program under the name “Change Up Together” and is operating 33 related programs, including the seven major programs.

The target of the shared growth activities includes primary suppliers, partner companies, and clients, as well as secondary suppliers and companies that have no direct business with POSCO.

In addition, POSCO co-created the ‘Steel Shared Growth Fund’ worth 100 billion KRW in June with Hyundai Steel to support SMEs in the steel industry suffering from the aftermath of the COVID-19 issue.

The fund offers a loan rate that is 1.05 percent point lower than the market, providing practical support to companies that are struggling with liquidity.

Views of a steel bridge, constructed by POSCO in the Cai Rang district of Can Tho city, Vietnam.

POSCO Dedicates Steel Bridge in Vietnam; Bridging Korea and Vietnam

POSCO completed a steel bridge for residents in the Cai Rang district of Can Tho city, Vietnam, where social overhead capital (SOC) infrastructure is relatively poor.

Due to the COVID-19, only a minimum number of people attended the completion ceremony of the steel bridge held on September 17, including POSCO-Vietnam President Hoon Yun, Vice Chairman of the People’s Committee of Cai Rang, and director of the Hunger Countermeasures Vietnam Division Sun-Jeong Park.

The construction of the steel bridge is the third time after the first steel bridge in Ba Ria - Vung Tau province, Vietnam, in 2016, and the second one in Yeowa Village, Myanmar, in 2017.

The completed steel bridge is 4.5 meters wide and 18 meters long and applies the modular bridge technology, which means that parts are produced in local factories and transported to, assembled, and installed on site.

POSCO and the Ho Chi Minh Transportation Authority jointly developed a small-scale modular bridge model that fits the design standards of Vietnam and enables swift construction in places where poor on-site conditions make the transportation of heavy equipment difficult.

Since the main parts of the bridge, such as top plates and girders, are pre-manufactured at a factory, the quality and safety could be secured.

POSCO plans to take further steps from its current community contribution activities and continue to cooperate with Can Tho City to create a safe residential area. It will also carry out activities to realize symbiotic values, such as pioneering a market.

POSCO Steel Village Project is one of POSCO’s social contribution activities that build residential buildings, bridges, and other welfare facilities with POSCO’s steel and construction methods.

Since 2009, POSCO has been carrying out the project in Thailand, Myanmar, and Indonesia, where its overseas offices are located. In Vietnam, POSCO built a Steel Village consisting of 104 houses, a steel playground, and a steel bridge, a project that continued for three years since 2014.

The project was recognized by the United Nations in 2018 and listed as a case of excellence of the UN’s Sustainable Development Goals.