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 Australia.

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 countries.

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 matching fund.

 “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.