South Korean steel giant POSCO on April 6 was named ‘Supplier of the Year' by Shanghai General Motors (GM) for 2009.
According to a POSCO press release, POSCO formed a partnership with Shanghai GM in 2007, ensuring timely supply for the company.
Recently, the steelmaker has actively joined the automaker's integrated purchase policy to supply high-quality auto parts on a stable basis. Shanghai GM is the largest automaker in China.
"The production capacity of the Chinese auto industry has grown to 13 million units a year," said the purchasing director of Shanghai GM. "POSCO's stable supply of raw materials contributed a lot to the growth of Shanghai GM," he continued, commenting on the award.
Founded in 1997, Shanghai GM aims to produce 1 million vehicles this year. It started to give the award from 1998 as part of efforts to ensure supplies of high-quality parts. Thirty-six recipients were selected this year out of more than 1,000 suppliers.
On March 11, POSCO also received the same award from the General Motors headquarters, being the only steelmaker to win the award.