Fortescue joins forces with South Korean steelmaker POSCO to support community initiatives
Jun 26, 2020
Fortescue Metals Group (Fortescue) is pleased to announce a
joint social funding initiative with its customer POSCO, South Korea’s largest
steel company, to benefit community programs in South Korea and Western
The ‘Go the Extra Mile (GEM)’ fund was established by POSCO in
July 2019. Under the agreement, the two companies will contribute US$200,000
over two years which will be used to support selected projects in both
In its first year, US$100,000 will be provided to the Jeonnam
Human Resource Development Foundation to support a range of opportunities for
young people in the South Jeolla Province of South Korea, where POSCO’s Gwangyang
Steel Works is located, to participate in skills development and educational
programs. A further US$100,000 will be used to support a West Australian
community project chosen by Fortescue in 2021.
Fortescue Chief Operating Officer Greg Lilleyman said, “We are
honoured to be invited by POSCO to participate in the GEM fund, which is a
demonstration of both companies’ strong commitment to ensuring local
communities benefit from our growth and development.
“Since our first shipment to POSCO in 2009, Fortescue and POSCO
have built a strong and mutually beneficial relationship and we look forward to
strengthening our relationship beyond the supply of iron ore.
“Empowerment is a key Fortescue value and we are pleased to be
able to support the Jeonnam Human Resource Development Foundation, which aligns
with Fortescue’s commitment to providing training and education opportunities
to local communities here in Western Australia,” Mr Lilleyman said.
POSCO Senior Vice President Sung-won Yoon said, “We would like
to extend our heartfelt appreciation to Fortescue for participating in the GEM
“We hope that this joint effort will become the foundation of
fulfilling the social responsibility to our local community’s development. In
the long term, we hope that the spirit of the GEM fund can be spread and
contribute to making a better world,” Mr Yoon said.