OREANDA-NEWS.  August 09, 2012. The POSCO type benefit sharing program is greatly contributing to shared growth as well as to increased competitiveness of small and medium companies, reported the press-centre of POSCO.

POSCO hosted a Session i Follow-up event at the POSTECH POSCO International Center where executives and staff members from about 100 cooperating small and medium companies attended to receive 16.4 billion KRW in benefit funds accumulated during this first half of the year.

Cooperating companies in equipment and material sector such as Samwoo ECO, Sinil Intech, Stollberg & Samil, Dongbang Plantech, Chosun Refractories, Unicoh Specialty Chemicals, Dong Joo Industrial, and Unitech each received funds ranging from 190 million to 760 million KRW.

Benefit sharing system is a program first introduced in 2004 by POSCO for shared growth with small and medium companies where these companies carry out improvement tasks and POSCO compensates the results from the tasks in the form of cash, adjusted unit prices, or offering long-term supply rights.

This program is the core project of POSCO`s shared growth activities, allowing POSCO to secure competitiveness while small and medium companies establish self-reliance bases, increasing the overall competitiveness of the supply chain and allowing a win-win shared growth culture to settle in.

POSCO operates a benefit sharing management system which manages task registration to benefit compensation in one process. Since the benefit sharing program was introduced in 2004 up until 2012, 810 companies carried out 1,816 benefit sharing tasks, executing a total of 99 billion KRW scale of benefit compensation.

Meanwhile, POSCO explained plans to promote `FOCUS,` the benefit sharing program introduced last month, and announced that the company will work to promote it to become an industrial standard model of shared growth.

`FOCUS,` the new name of POSCO`s unique benefit sharing program, expresses the company`s will to focus on shared growth through benefit sharing, proactively `Fostering` small and medium companies, and carry out `Open Innovation` based on `Collaboration` to `Upgrade` results such as product lifespan, time of delivery, and quality, and `Sharing` these results.