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POSCO-India to celebrate foundation day on Utkal Diwas

Company to set up HR training center for the people of Orissa

Bhubaneswar, March 31, 2006: POSCO-India, the Indian subsidiary of POSCO, will celebrate the 38th foundation day of POSCO on April 1. This landmark day for POSCO coincides with the 70th Foundation Day for Orissa, which is celebrated as Utkal Diwas.

Along with the celebration, POSCO-India has decided to set up a Human Resources Development Center at Paradip. The company is looking at recruiting locals for its various activities and operations, and the Human Resources Development Center will provide vocational training to the locals to facilitate job opportunities for them.

Extending his best wishes for the occasion, Mr Soung-Sik Cho, Managing Director of POSCO-India, said, “This day is particularly significant for us as the state of Orissa and POSCO share the same date of establishment. We have always considered this to be an auspicious sign that foretells the harmony with which POSCO and the government of Orissa will work together to make Orissa a modern and progressive state. It is inspiring to see the support given to us by the state of Orissa. We extend our heartfelt greetings to the people of Orissa, who have welcomed us so warmly, for their onward progress and prosperity. Through the POSCO-India project, on this day, we renew our pledge to work towards the social and economic betterment of the people and the state of Orissa.”

In keeping with its commitment towards spearheading social responsibility programmes in Orissa, as it does in Korea, POSCO-India has earmarked an estimated investment of about US$10 million (Rs 45 crore) for setting up the training center. The construction of the training center is expected to begin in June 2006 and to be completed in 2007. The center with its various training modules targeted at both POSCO-India employees and the local residents will be able to train about 250 people at a time.

About POSCO

Founded in 1968 and headquartered in the southeastern port city of Pohang in Korea, POSCO operates two of the world’s premier steel works--the Pohang and Gwangyang works. The Pohang works produces crude steel of 13 million tonnes and specializes in small-lot production of a broad range of products, including hot rolled and cold rolled sheet, plate, wire rod, electrical steel, and stainless steel. The Gwangyang works focuses on mass-production of limited high-demand products such as hot and cold rolled sheet and produces crude steel of 17 million tonnes. POSCO’s products are shipped to over 60 countries around the globe, satisfying some of the world’s most quality-sensitive customers.