Posco creates social project fund with US’ Xcoal

Published : Feb 24, 2020 - 16:35 Updated : Feb 24, 2020 - 21:47

Yoo Byeong-Og, Senior Executive Vice President and the head of Purchasing and Investment Division at POSCO (right), Ernie Thrasher, Chief Executive Officer of Xcoal Energy & Resources (center) and Kim Hyung-soo, Chief Executive Officer of Tree Planet pose at the signing ceremony for GEM matching fund, held in Seoul on Monday. (Posco)

South Korea’s leading steelmaker, Posco, said Monday that it had established a matching fund called “Emerald” with Xcoal Energy and Resources, a US-based coal producer, as part of Posco’s GEM matching fund initiative.

The two companies signed the agreement Monday, with each promising to pay $50,000 a year into the one-on-one matching grant system. The money will be used for social causes in the two countries on an alternating basis.

Posco started its GEM matching fund initiative in July 2019, in an effort to form bonds with its trade partners in the coal industry and conduct activities that foster community development. GEM means jewel, and it also stands for “Go the Extra Mile” for the good of society, the company said.

Emerald is the second matching fund in the GEM initiative. The first, Opal, was established with Australian coal producer Yancoal in November last year.

Xcoal, the biggest exporter of coal for steel manufacturing in the United States, exports around 1 million tons of coal annually to Posco, the company said.

By Jo He-rim (herim@heraldcorp.com)