POSCO and Fortescue Metals Group (Fortescue), an Australian iron ore supplier, have signed an agreement to form POSCO’s third GEM Matching Fund. GEM is a POSCO initiative and stands for “Go Extra Mile.” It aims to curb unemployment and assist with productivity among local communities in both Australia and Korea. Under the agreement, POSCO and Fortescue will donate $100,000 USD every year ($50,000 USD each) to support communities in both countries on an alternating basis. This year the fund will be donated to Jeollanam-do Human Resources Development Foundation to support youth and local talents.
POSCO established the first GEM Matching Fund, called ‘Opal,’ with AKBC member Yancoal Australia Ltd in November 2019. Opal is helping provide job training for Indigenous Australians. POSCO’s second GEM Matching Fund, Emerald, with Xcoal was created in February 2020 and involved supporting reforestation projects in Korea’s Gangwon Province.
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