By Kang Seung-woo
POSCO is helping to start up venture businesses in line with the government’s push for mutual growth between major and smaller companies.
The world’s No. 3 steelmaker has gathered ideas for fresh enterprises from not only its executives and employees, but others including college students, jobless youth and those from small- and medium-sized companies, looking to expand its fields beyond the steel industry.
As of the end of July, POSCO received a total of 1,363 plans for one and a half months and the company intends to select the best ones by the end of August.
For those wanting to commercialize a selected idea, POSCO will give support by setting up a joint venture, or by providing a financial reward for the plan alone.
The firm said that the campaign for mutual growth is reflected by its Chairman Chung Joon-yang’s drive to help local venture firms grow.
“As part of seeking mutual growth, POSCO needs to look to a number of ordinary people as well as the company’s staff in coming up with new ideas for new business,” he said in a meeting in February.
In order to push ahead with the plan, the steel manufacturer will set up a team to help establish a new venture this year.
In addition, POSCO will invest in existing ventures to create jobs amid growing youth unemployment.
Instead of short-term investment for higher returns, POSCO will invest long-term, which it believes can substantially help smaller enterprises.
“We expect the campaign to help not only promote mutual growth but also strengthen POSCO’s competitiveness,” said an official of the steelmaker.
Meanwhile, POSCO and its investment companies donated 3 billion won for those who were hit hard by torrential downpours last week.
It also formed a volunteer team, which provided those affected by the heavy rain in Incheon with everyday essentials.