POSCO Creates Third ‘GEM Matching Fund’ with an Australian Supplier.
l POSCO signs a 1 to 1 matching fund with Australian iron ore supplier FMG on June 25
l A scholarship fund to support young talents in Jeollanam-do Province established as the initial project
l POSCO spreads its management philosophy, “Corporate Citizenship” through expansion of matching funds with overseas raw materials suppliers
POSCO (CEO Jeong-Woo Choi) establishes the third GEM Matching Fund with Australian iron ore supplier FMG to foster talent in local areas.
* In addition to the dictionary meaning of ‘jewel’, GEM also stands for ‘Go the Extra Mile,’ symbolizing POSCO’s efforts to build a better society.
POSCO signed an agreement to form ‘The Third GEM Matching Fund’ at the POSCO Center on June 25th. The signing was attended by Byeong-Og Yoo, the Head of POSCO’s Purchasing and Investment Division, and Man-Kyu Lim, the Chairman of the Jeollanam-do Human Resources Development Foundation. In the aftermath of COVID-19, FMG couldn’t attend but delivered a pre-made video regarding its participation in the fund.
FMG is the fourth largest iron ore company in the world after BHP, Rio Tinto, and Vale. Jeollanam-do Human Resources Development Foundation has been running customized scholarship projects to foster local talent for 12 years.
The third fund adopts the same one-to-one matching grant scheme applied to the first and second ones as well. Under the agreement, POSCO and FMG will donate 100,000 USD every year contributing 50,000 USD each. The fund will be used for community support projects of both countries on an alternating basis. This year marks the first year of the GEM fund, and it will be donated to Jeollanam-do Human Resources Development Foundation.
Jeollanam-do Human Resources Development Foundation will use the fund to support youth and local talent in difficult conditions, and also provide winners of the National Skills Competition and academically excelling students at Meister High School with opportunities to attend overseas training programs.
Byeong-Og Yoo, the Head of POSCO’s Purchasing and Investment Division, said, “We hope that the cooperation between both companies will continue in the future. Together, we can help resolve the problems in the local communities.”
Man-Kyu Lim, the Chairman of the Jeollanam-do Human Resources Development Foundation, said, “We are grateful to POSCO for its deep interest in nurturing local talent. We will make sure that the provided scholarship fund be properly used to support youth who will grow into future leaders.”
The GEM Matching Fund, established by POSCO after the declaration of the Corporate Citizens Charter in July last year, is the first global matching fund organized with overseas raw materials suppliers. The initial fund named ‘Opal’ was created last November with Australian coal supplier Yancoal and used to provide job training for Indigenous Australians. The second fund named ‘Emerald’ was signed with U.S. supplier Xcoal in February and used in reforestation projects in Gangwon Province, which was severely damaged by wildfire.
POSCO plans to expand the matching fund program and fulfill its role as a Global Corporate Citizen.
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