Posco, the nation’s largest steelmaker, plans to hire 5,500 additional workers over the next five years and expand corporate social responsibility programs under its new vision “With Posco” announced by its new chief in July.

The company signed an agreement on Oct. 10 with the Korea Commission for Corporate Partnership, along with eight businesses including Samsung Electronics and Hyundai Motor, to reduce the income gap between large and smaller companies, the company said in a statement. 

Under the agreement, Posco will review whether unit prices paid to subcontractors and methods of payment are appropriate, and participate in 6.2 trillion won ($5.49 billion) program designed to support smaller firms’ growth and sustainability.

In an effort to nurture small and medium-sized venture enterprises, Posco held an idea market place to create a network for budding companies and venture capitalists. 

Since 2011, Posco has supported 173 venture firms and invested 12.5 billion won in 79 companies.

As part of CSR activities, Posco officials and executives have been donating 1 percent of their wages to build a better community for all. The matching grant fund is spent on various projects including the construction of share houses for young workers. In September, Posco opened a share house in Seodaemun in Seoul to house 18 singles between 19 and 35 years old.

For underprivileged families, the company plans to build houses, bridges and welfare centers by using steel as a construction material. In July, a group of volunteers built a steel house for an elderly couple in Pohang who lost their home in a fire.

By Cho Chung-un (christory@heraldcorp.com)