Posco International CEO Joo Si-bo (from left), Eximbank President Bang Moon-kyu and Seoul Guarantee Insurance President Kim Sang-taek pose for a photo at a ceremony held in May. (Posco International)
Posco International said Wednesday it has supported local parts manufacturers struggling from the pandemic.
The nation’s largest trading company said it recently provided 1 billion won ($861,000) in export growth funds to Hanmea Adm, a steel parts manufacturer that produces aluminum products to reduce car weight, in cooperation with the Export-Import Bank of Korea.
The funding is the result of the firm’s business partnership with Eximbank and Seoul Guarantee Insurance in May to build a win-win platform to support exports of local small-but-strong parts suppliers. The fund will be used to build an overseas logistics infrastructure for Hanmea Adm.
Posco International said it will serve as an export window by helping areas of information on customer demand and process, and Just-In-Time delivery in cooperation with Hanmea Adm, which had difficulties in responding to customers, financing and localization despite having good technologies.
Hanmea Adm currently supplies primary parts to global carmakers such as General Motors and FCA through Posco International. It has achieved cumulative sales of more than 200 billion won since 2010 when the two companies began their partnership, the logistics firm said.
By Shin Ji-hye (firstname.lastname@example.org