Korea's leading steelmaker POSCO has won the highest level of corporate partnership index in an annual evaluation by the Korea Commission for Corporate Partnership (KCCP). The company said it is the country's only steelmaker that has been ranked at the highest level by the commission in its latest corporate partnership index evaluation.
POSCO, based on its 2022 activities, has won the highest level of the four-tier grading system according to the index released on Sept. 18. It is an achievement the company has won four years in a row.
The KCCP's 76th meeting on Sept. 18 evaluated 214 medium-to-large-size companies in Korea regarding their partnership records in 2022. Including POSCO, 41 companies have been selected for the highest grade.
The index purportedly evaluates how medium- and large-size companies mutually grow in business by jointly using comprehensive assessment metrics by the KCCP and the Free Trade Commission.
The latest evaluation has acknowledged that POSCO last year invested distinguished efforts in setting fair trade culture within its distribution network and promoted mutual partnerships with business partners.
POSCO launched its own corporate partnership support group in 2020. As of last year, the group has supported 60 small-to-medium-sized companies by providing them with 189 business solutions and generating financial effects altogether worth 16.5 billion won ($12.3 million).
Since 2019, the company has been investing a total of 20 billion won in supporting both its business partners and non-partners so that the corporate partnership could help them grow to the point of being capable of operating smart factories.
Starting to evaluate and release the index in 2012, the KCCP said the latest index's highest level has been mostly won by large-size firms. Samsung Electronics has the most years evaluated in the highest corporate partnership level in a row among local companies with 12 years. It is followed by SK Telecom with 11 years, KIA with 10 years and Hyundai Transys, KT and SK Inc. with nine years.