POSCO chief visits KBIZ for first time in 11 years

[Photo by Yonhap]

Chang In-hwa, chairman of South Korea’s steelmaking POSCO Group, visited the Korea Federation of SMEs (KBIZ) for the first time in 11 years as the group’s chairman.

Chang’s visit to KBIZ, one of the country’s business organizations, since taking office in March 2024, signaled his determination to strengthen cooperation with small and medium-sized enterprises (SMEs) for mutual growth and establish an industrial ecosystem.

KBIZ announced on Wednesday that Chang visited its office in Yeouido, Seoul, and held a meeting with its Chairman Kim Ki-mun and other executives to discuss ways to create a new platform for mutual cooperation and shared growth between SMEs and POSCO.

The meeting was reportedly organized after the two chairmen met at a local event during President Yoon Suk Yeol’s visit to Kazakhstan in June 2024, where they formed a consensus on mutual cooperation.

According to sources from the steel industry, Chang said during his visit to KBIZ that “Korea’s national development involves both large and small companies working together” and that “there will be many opportunities for cooperation between large corporations and SMEs moving forward.”

He was further quoted as saying, “I hope we can work together and achieve results for the good of the country,” adding, “(POSCO) will seek new avenues of shared growth with the SME community by revitalizing communication and mutual cooperation with KBIZ.”

Chang’s visit to KBIZ underscores the necessity of close cooperation between the two organizations, given that POSCO serves as a major supplier of raw materials to SMEs.

According to POSCO Holdings Inc.’s 2023 Sustainability Report, the group has more than 1,700 suppliers, including small and medium-sized suppliers.

POSCO has been promoting cooperative projects with KBIZ since the two signed a mutual growth agreement in 2008, such as supporting smart factories and helping SMEs suffering from anti-dumping complaints on stainless steel.