POSCO to establish welfare foundation in India

POSCO said that it is establishing a large welfare foundation in Orissa that is similar to its POSCO TJ Park Foundation in Korea.

POSCO said it is setting up the foundation alongside its project of building a steel processing plant in the Indian state of Orissa as part of its efforts to raise public awareness.

Mr Jung Jun yang CEO of POSCO announced that in India the company's plan to establish a large foundation focused on providing medical, education and job training.

POSCO has been planning the project since it signed a preliminary agreement with the Orissa government in 2005 to build a USD 12 billion plant with the capacity to produce 1,200 tonnes of steel a year. The company, however, said differences between the central government and the Orissa government have been delaying the project's progress.

(Sourced from http://www.steelguru.com/news/index/2009/09/19/MTEyMzg2/POSCO_to_establish_welfare_foundation_in_India.html)

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