Synopsis: POSCO-India, a subsidiary of South Korean steel major POSCO, celebrated its first Foundation day on August 25 by introducing a code of conduct for its employees and pledged to adhere to its global ethical practices.
With the successful completion of one year, the company reaffirmed its commitment to its proposed 12 million greenfield steel project in Orissa. POSCO had set-up its Indian arm on August 25, 2005.
Reminiscing the experience in last one year on the project front, Soung-Sik Cho, chairman cum managing director, POSCO-India Private Limited, said, "POSCO-India, the most prestigious of all projects outside Korea is emerging stronger with every passing day. The progress of the project is steady and we are thankful to the people here, the state government and the government of India for supporting the project."
The Code of Conduct reflects the company's uncompromising commitment to integrity and discipline with high standard of work ethics and transparency, a release said. The CMD and one Indian staff on behalf of all employees of POSCO-India signed the pledge to abide by the Code of Conduct in all functions of the company.
Subsequently all 86 employees underwent a self test on Code of Conduct with focus on workplace conduct.
POSCO-India's Code of Conduct includes fundamental responsibilities of employees, stress on commitment to customers, business partners, competitors and investors; the company's commitment to employees.
The rules of conduct detail out adoption of sound and fair work practices along with protection of confidential information. It also lays emphasis on avoiding conflicts of interest and creating a culture of mutual trust and respect.
Further, the guiding principles laid down in the Code of Conduct details out the scope of benefits permissible in day to day dealings for employees.
Cho said, the project has been making steady progress.
The Orissa government has sanctioned 1,135 acres of land for the plant.
It has also appointed nodal officer, rehabilitation and resettlement officer and zonal officers to speed up the project work. The company had filed the prospective license application for iron ore mines in September 2005 and the grant for the same is expected soon.
In addition, the Committee for Coastal Regulation Zone and Environmental Impact Assessment has decided to send recommendation to the Central Government for the construction of captive port.
The recommendation for POSCO-India's SEZ proposal has been sent for approval to Board of Approval of the Central government.
POSCO-India plans to kick off site preparation for steel plant and piling work for port by April 2007. The arrangements for water and power supply for the construction are expected to be in place by March 2007. The construction for steel plant is projected to begin in September, 2008 and the commissioning of first phase is expected by end of 2010 in line with the original schedule.
