POSCO creates co-prosperity fund such as 'GEM' with overseas supplier
POSCO creates co-prosperity fund such as 'GEM' with overseas supplier
  • Lee Kap-soo
  • 승인 2019.11.14 11:35
  • 댓글 0
이 기사를 공유합니다

POSCO and Australia's coal supplier Yancoal signed a GEM (Go Extra Mile) matching fund sponsorship agreement to engage in symbiotic value-creating activities on Nov. 13 in Sydney, Australia. (Courtesy of POSCO)

POSCO has decided to set up a matching fund with a global raw material supplier to foster human resources, a company spokesman said on Nov. 14.

POSCO signed an agreement with Yancoal on the GEM matching fund on Nov. 13 in Sydney, Australia, attended by POSCO Chairman Choi Jeong-woo and Yancoal CEO Reinhold Schmidt.

In addition to the dictionary meaning "GEM (jewel)," the GEM also means "Go Extra Mile," symbolizing that a corporate citizen, POSCO, takes a step forward in social development.

Yancoal, the world's third-largest coal supplier, is a joint partner of Mt. Thorley Mine, POSCO's first investment in Australia in 1981, and it has been supplying good-quality coal to POSCO in a stable manner since 2006.

POSCO and Yancoal plan to pay $50,000 each year in a one-on-one matching grant scheme, raising $100,000 each year, and then providing the two countries alternately for one year. The funds raised will be used in activities aimed at developing community development and robust industrial ecosystems, such as regional scholarship projects, safety and environment improvement activities, and education support for business partners, to differentiate them from simple donation activities.

Under the first year project in 2020, the two companies plan to run education programs tailored to the employment links of indigenous people with the Clontaf Foundation, an Aborigine-backed organization.

Some of the students supported by the foundation will be selected to provide customized training for mines, including mining and mineral transportation, and will be hired by Yancoal as regular employees after the training.

Programs to be operated in South Korea in 2021 will be selected by future steering committees of both companies.

"We are pleased to contribute to creating symbiotic value for corporate citizens and to further strengthen our business partnership with Yancoal through the GEM matching fund with a raw material supplier," said POCO Chairman Choi.


댓글삭제
삭제한 댓글은 다시 복구할 수 없습니다.
그래도 삭제하시겠습니까?
댓글 0
댓글쓰기
계정을 선택하시면 로그인·계정인증을 통해
댓글을 남기실 수 있습니다.

  • #1206, 36-4 Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea(Postal Code 07331)
  • 서울특별시 영등포구 여의도동 36-4 (국제금융로8길 34) / 오륜빌딩 1206호
  • URL: www.koreaittimes.com / m.koreaittimes.com. Editorial Div. 02-578-0434 / 010-2442-9446. Email: info@koreaittimes.com.
  • Publisher: Monica Younsoo Chung. CEO: Lee Kap-soo. Editor: Jung Yeon-jin. Juvenile Protection Manager: Yeon Choul-woong.
  • IT Times Canada: Willow St. Vancouver BC, Canada / 070-7008-0005.
  • Copyright(C) Korea IT Times, Allrights reserved.
ND소프트