POSCO Holdings President Lee Ju-tae, fourth from left, poses with Fair Trade Commission Chairman Ju Biung-ghi, fifth from left, during a signing ceremony for the agreement between the group and the commission on shared growth at POSCO Center in Gangnam District, Seoul, Thursday. Yonhap
POSCO Group has partnered with the Fair Trade Commission (FTC) to expand its shared growth initiatives, which support supplier financing, technology development and market access, beyond direct suppliers to include second and third-tier vendors.
The group announced that it inked an agreement with the commission on Thursday, aimed at strengthening supply chain competitiveness and promoting fair trade practices across about 5,300 partner companies.
Under the agreement, the group pledged to improve payment terms, expand the use of its shared growth payment system that guarantees cash settlement on due dates and allows suppliers to convert receivables into cash early at lower financing costs.
It also committed to providing incentives to first-tier suppliers that promote shared growth with lower-tier partners and broadening support programs to enhance supplier competitiveness.
