POSCO to donate 10 billion won for needy

By Park Jae-hyuk

POSCO and its affiliates will donate 10 billion won ($8.9 million) for disadvantaged people, the steelmaker said Monday.

“We have underscored the duties of corporate citizens who fulfill social responsibilities beyond the economic scope of generating profit,” a POSCO official said. “Our affiliates therefore decided to make the donation for our neighbors in need of love and hope during the year end.”

According to the company, the 10 billion won will be comprised of 8 billion won raised by POSCO and 2 billion won from its affiliates.

POSCO Daewoo, POSCO E&C and POSCO Chemtech will spend 500 million won each, while POSCO C&C, POSCO M-Tech and POSCO Terminal donating 100 million won each. POSCO Energy will raise 200 million won for the donation.

POSCO will give the money to the Community Chest of Korea, and the charity fund will use it towards basic living expenses and education for children, adolescents and senior citizens. The money will be spent on improving their living conditions and medical treatments.

Since 1999, POSCO has donated money to the charity fund every year. As its affiliates also began making donations starting 2004, the amount of donations made by POSCO Group reached 132 billion won as of 2017.