Steel Maker POSCO Tops as Good Corporate Citizen
By Jane Han
Staff Reporter
Steel makers have long been stuck with an unflattering image. A not-so-glorious reputation of running smoke-belching plants, lobbying their way through regulatory loopholes, and working laborers around the clock, but these do not apply to the country's steel giant POSCO.
From management transparency to environmental care, the Pohang-based company often, if not always, tops many rankings of corporate image.
A poll of 450 college students showed Tuesday that the majority thought POSCO will best fulfill its corporate social responsibility, ahead of Samsung, KT and SK Energy.
The same survey ranked POSCO as the best company for raising public awareness of the environment, making the company the most sought after employer for the majority of respondents, according to online recruiter Job Korea.
``Many jobseekers now hope for much more than good pay. They want to work for a well-respected firm having a healthy, solid and forward-looking vision,'' said Job Korea spokeswoman Hyun Young-eun.
In that sense, POSCO seems a good fit for many.
``Corporate social responsibility activities aren't just about meeting responsibilities, it's part of our corporate culture,'' said POSCO spokesman Kim Dong-wan. The company's overall social contribution efforts are divided into four parts: nurturing talent, regional volunteerism, cultural and sports contributions, and social volunteerism.
POSCO said it spent 96.5 billion won on these activities last year, up from 86.3 billion won in 2006.
The firm heavily focuses on nurturing young talent, with almost 75 percent of its budget for corporate social responsibility allocated for this agenda.
The steel maker established the TJ Park Foundation in 2005 (named after company founder Park Tae-joon) to extend its program of supporting next-generation leaders. The Asia Fellowships project is one of the foundation's main initiatives, sponsoring outstanding Asian students to conduct Asia studies in Korea for two years.
Last year, the foundation chose 59 students from 11 countries including India, China and Vietnam, awarding 900 million won in tuition and living expenses.
Aside from the scholarships, Asia's third-largest steel firm also pays close attention to making significant contributions to where its plants are located ― Pohang and Gwangyang.
It runs free meal centers for senior citizens and the disabled and campaigns to fix aging homes for the needy. POSCO also invites college students nationwide to participate in Habitat for Humanity's home construction projects, building an average of 10 homes per year.
Blood donations and rescue packages to natural disaster-hit regions are also among other programs promoted by POSCO and its subsidiaries worldwide.