South Korea’s leading steelmaker Posco said Wednesday it will continue to assist communities in need around the world as part of its corporate citizenship efforts.
Most recently it reached out to the people of Wuhan, the Chinese city that was the epicenter of the new coronavirus outbreak.
The company sent 1 billion won ($820,159) worth of supplies for city’s citizens on Jan. 31, including masks and hand sanitizers to help prevent the further spread of COVID-19.
Earlier in January, Posco’s Australia branch donated 400 million won to the Australian Red Cross to help the country recover from the massive wildfires that started in October.
The steelmaker also makes financial contributions to benefit diverse communities worldwide.
From left: Yancoal CEO Reinhold Schmidt, Yancoal Vice Chairman Fucun Wang, Clontarf Foundation Chairman Ross Kelly, Posco Chairman Choi Jeong-woo and Posco Senior Vice President Kang Sung-wook pose after signing a sponsorship agreement for the GEM Matching Fund on Nov. 13. (Posco)
Together with Xcoal, one of the company’s raw material suppliers, and Tree Planet, a Korea-based eco-friendly social enterprise, Posco established its second GEM Matching Fund, which will provide a total of $100,000 each year on an alternating basis for communities in need in Korea and the US.
The second fund was recently used to restore 4 hectares of fire-ravaged forestland in Gangwon Province.
The first GEM Matching Fund was launched in November in partnership with Australian coal supplier Yancoal. The fund, Opal, is named after the most common gemstone in the country.
In Mexico, the steelmaker runs a facility in Altamira, Tamaulipas state, called Centro de Esperanza Posco Amigos, to help low-income families. The center carries out various corporate social responsibility activities, such as child care and educational programs.
By Song Su-hyun (email@example.com)