South Korean steelmaker Posco on Thursday vowed to pursue shared growth with its approximately 90 partners and suppliers.

Posco Chairman Choi Jeong-woo proclaimed the new doctrine at a ceremony attended by representatives of labor unions at local firms tied to the steelmaker, as well as dignitaries such as Moon Sung-hyun, chairperson of the Economic, Social, and Labor Council under the presidential office, North Gyeongsang Province Gov. Lee Cheol-woo, Pohang Mayor Lee Kang-deok and lawmakers from constituencies in the region.

“Today’s Posco was only possible because of the sacrifices and contributions of our partners. As we prepare for the next leap forward, let’s make efforts for shared growth and to be a better partner for each other,” said Posco chief Choi at its headquarters in Pohang, North Gyeongsang Province.

During the event, a joint declaration was officially adopted in which Posco pledged efforts toward the better well-being of workers not just on its payroll, but in the ecosystem it belongs to, while supporting corporate partners to grow stronger and more competitive in their respective fields.

The smaller firms vowed to join in and make efforts on their own for a better future together. They also agreed to develop their pact into a model of a voluntary social partnership that brings about a virtuous circle of enrichment of work and life in the given industry and the regional economy.

“The joint declaration (of Posco and its partners) is an exemplary case of social dialogue promoting inclusive growth,” praised Moon, who heads the presidential council, expressing hope that it spreads to other companies and industries.

Posco and the companies plan to follow up on their pledges, establishing a joint fund for workers’ welfare and a scholarship foundation for their children. Posco said nearly 16,000 workers at its partner firms would be eligible for the benefits.

By Korea Herald staff (khnews@heraldcorp.com)