Posco Foundation formed

Posco India Limited which is setting up a 12-million tonne per annum steel plant in Orissa has announced the formation of the Posco Foundation for carrying out various social welfare programmes focusing on development of underprivileged sections of the society.

It may be noted that on September 15 this year, Joon- Yang Chung, chief executive officer of Posco had met the state chief minister Naveen Patnaik and held discussions about Posco's project in Orissa. After the meeting, Chung had emphasized the importance of localization of overseas investments as well as social responsibilities at the invested regions.

He had hinted at creating policies to support people living at the site of steel plant construction to successfully resettle into their new residential environment, and had promised to take on the social responsibilities towards the development of the regional society.

To fulfill the company's commitment to its social responsibilities, Chung had announced to set up the Posco Foundation which has now been registered in Orissa. Education, Healthcare and Relief to Poor would the focus areas of the Foundation. Initially, the Posco Foundation would focus on the social development of the people in and around the proposed project site area in Jagatsinghpur district.

The Foundation would promote a wide range of activities like providing healthy nutrition for school going children, vocational training for improving employability.