POSCO Group to Pay KRW 436.8 Billion Owed to Partner Companies Early Ahead of Chuseok

[Financial News] POSCO Group will pay a total of KRW 436.8 billion owed to partner companies up to 13 days earlier than scheduled ahead of the Chuseok holiday.
According to POSCO Group on the 15th, POSCO and POSCO FLOW will make early payments totaling KRW 366 billion to partner companies from the 16th through the 23rd. POSCO E&C will pay KRW 44.8 billion in full and in cash on the 17th. POSCO Future M and POSCO DX will each make early cash payments of approximately KRW 13 billion on the 22nd.
POSCO Group has advanced payments owed to partner companies ahead of the Lunar New Year and Chuseok holidays every year to reduce their financial costs before the holidays and support stable business operations.
In particular, POSCO has paid small and medium-sized companies’ supply payments entirely in cash since December 2004. Since November 2017, it has also applied full cash payments when settling accounts with mid-sized companies.
Meanwhile, POSCO Pohang Steelworks is supporting the local commercial district through department-by-department shopping at traditional markets. On the 21st, its plant executives will visit Songdo Nanumui Jip to volunteer in meal distribution.

[email protected] Kim Mi-hee Reporter