Gwangyang City Council Issues Statement Urging POSCO for Regional Cooperation

New Business Investment, Local Talent Recruitment, and Call for Win-Win Cooperation with the Community

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] On the 22nd, the Gwangyang City Council in Jeollanam-do held an emergency council meeting and strongly conveyed the growing concerns spreading throughout the local community regarding the launch of POSCO Group’s holding company, while issuing a statement urging POSCO to coexist harmoniously with the local community.

In the statement, the Gwangyang City Council opened by saying that the citizens of Gwangyang are well aware of the unprecedented history of POSCO Gwangyang Steelworks, which created something out of nothing in the 1980s on Geumhodo Island, historically known as the “Lake of Iron,” driven by the belief in “steel for national prosperity.”

Regarding the establishment of the holding company, the council pointed out that citizens’ concerns are growing over the steel business being downgraded to a subsidiary, the marginalization of the steel business compared to future new businesses, and the contraction of investment plans in the Gwangyang area due to political conflicts surrounding the holding company’s business sites.

They further argued that POSCO must never forget the citizens of Gwangyang, who have cooperated in the development of local enterprises with the belief of “Our Gwangyang, Our POSCO,” despite having surrendered their ancestral lands to POSCO and endured the pain caused by environmental damage and industrialization.

The council also expressed regret over the lack of communication with the local community during POSCO’s process of transitioning to a holding company and urged POSCO to respect the will of Gwangyang citizens and cooperate more actively for regional development going forward.

The statement included demands that POSCO ▲ proceed with the major new business investments in the Gwangyang area as originally planned, and ▲ prioritize investment in Gwangyang, which significantly contributes to POSCO’s growth, in future new businesses such as secondary batteries and hydrogen.

All members of the Gwangyang City Council also strongly demanded that POSCO fulfill its role as a corporate citizen by ▲ improving unreasonable procurement systems and utilizing local companies, expanding the hiring of local talent, and ▲ strengthening communication with the local community, raising their voices to actively pursue mutual growth with the local community.

POSCO held an extraordinary shareholders’ meeting on January 28 and resolved to transition to a holding company system responsible for future new business development and investment management to ensure the group’s sustainable growth and enhance corporate value. The official launch of the holding company is scheduled for March 2.

Jin Su-hwa, chairperson of the Gwangyang City Council, emphasized, “Just as POSCO and Gwangyang City have grown and developed together over the years, POSCO must now demonstrate sincerity in alleviating the local community’s concerns arising from the launch of the holding company.”

Chairperson Jin added, “As POSCO embarks on this new journey, it is time for all citizens to show strong determination to promote mutual development with Gwangyang City.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

This content was produced with the assistance of AI translation services.