The 10 billion KRW in funds comprises 8 billion KRW from POSCO, 500 million from Daewoo International, 400 million each from POSCO E&C and POSCO Specialty Steel, 300 million from POSCO Energy, and 200 million each from POSCO ICT and POSCO CHEMTECH.  30 employees attended the delivery ceremony, including Vice President Hwang Eunyeon, Vice Chair of the Community Chest of Korea, Lee Jaehu, and other POSCO and Community Chest personnel.

Vice President Hwang Eunyeon said, “There is a DNA of sharing and public good at POSCO. We will continue to implement a range of volunteer activities in local society and fulfill our social responsibilities as a company.”

POSCO has been donating year-end charity funds annually since its founding. The company has donated 10 billion won for the less fortunate every year together with POSCO-funded companies since 2007.

POSCO also established a ‘POSCO 1% Sharing Foundation’ this November to effectively manage donations collected through the ‘1% Sharing Campaign’( a charity program) in which employees donate 1% of their wages. To promote the sharing and donating culture, officers and senior managers of POSCO-funded companies have been voluntarily participating for the past two years, which encouraged the participation of other employees. Over 90% of POSCO employees joined the donation, and the overall participation rate of 26 POSCO-funded companies has been also increased. The company has also been donating via a matching grant.

The ‘1% Sharing Foundation’ launched this day starting with POSCO officers and senior managers donating 1% of their wages in October of 2011. This then led to voluntary participation of all family company employees, spreading quickly throughout the POSCO Family.

As of November, POSCO and 26 family companies have participated in the 1% sharing campaign. Accordingly, POSCO reviewed establishment of the 1% Sharing Foundation to more effectively operate the funds formed from the donations of more than 90% of the family company employees.

The Board of Directors consists of 6 members including Foundation Chairman CEO Chung Joon-yang, Korea Soongsil Cyber University Vice President Jeong Mu-seong, Community Chest of Korea Division Head Jeong Jin-ok, Global Village Love-Sharing President Kim Hae-seong, SESNet Executive Director Jeong Seon-hee, and Pohang External Partner Company Association Chairman Kim Byeong-pil. In addition to the directors, Labor-Management Council Labor Committee Head Lee Ju-hyeong and Samil PricewaterhouseCoopers Executive Director Kim Jae-yun also attended the founding ceremony.

The 1% Sharing Foundation will start carrying out sharing projects with the 4 billion KRW of funds consisting of POSCO Family company employee donations and the company’s matching grants. Starting in 2014, donations from external partner companies will also be included, with the annual funds expected to reach 7 billion KRW.

CEO Chung Joon-yang said, “Sharing activities carried out consistently since the founding of POSCO with a dream of shared growth with the local community has bloomed into a flower of all employees sharing 1% of their wages. I find it deeply meaningful that we are able to provide support to the typhoon victims in the Philippines with the sincere donations of 37,000 POSCO Family members.”

Meanwhile, the Social Contribution Team employees, who will essentially operate the foundation, pledged to carry out various projects such as cultural welfare initiatives for the underprivileged, cultural inheritance protection, and promotion of social welfare both domestically and internationally to spread the culture of sharing all around.