posco AMERICA

- POSCO buys 70% share in Australian coal mine

POSCO`s self-sufficiency ratio of coal rose to 36 percent from 30 percent after its acquired stake of an Australian coal mine.

POSCO Australia Pty. Ltd. (POSA), the steelmaker`s Australian unit, bought a 70 percent stake in Sutton Forest Mine, which was owned by the global mining giant Anglo American. POSCO said the purchase was aimed at promoting POSA`s resource-exploiting expertise and making the best of its surplus funds.

Sutton Forest Mine, located about 160 kilometers south of Sydney, is expected to have coal reserves up to 209 million tons. POSCO will be supplied 1.3 million tons of coal per year beginning 2016, when the mine will be in full operation.

- CEO Chung joins worldsteel executive committee meeting

Following a Mexico trip to accompany President Lee Myung-bak, POSCO CEO Chung Joon-yang took part in the 38th executive committee meeting of worldsteel in New York to discuss issues in the global steel industry.

Chung, who departed Korea on June 30, attended the meeting of the joint economic cooperation committee of Korea and Mexico. He also attended a luncheon for entrepreneurs from both countries, presided over by President Lee, and a dinner hosted by the Mexican government.

On July 2, Chung flew to Canada to take a look around an Elkview coalmine near Calgary, before moving on to Pittsburgh and meeting U.S. Steel Corp. CEO John P. Surma to discuss ways for mutual cooperation. On July 7, he took part in worldsteel`s Executive Committee meeting.

- Collegiate volunteer group launches with new members

Beyond, the collegiate volunteer group sponsored together by POSCO, Habitat Korea and Community Chest of Korea, launched in Yangpyeong, Gyeonggi Province, on June 30.

One-hundred new members of the group, whose membership will hold for one year, were selected from 51 nationwide colleges, through UCC video clip and essay contests.

After the launching ceremony, they all joined the orientation followed by team-spirit building activities.

For starters, the 100 volunteers worked at a construction site in Yangpyeong for three days to build houses for the needy. They will continue to work as construction workers during the summer vacation.

During the school semester, they will engage in outreach activities to serve local communities near their schools. During the winter vacation, they will go overseas to share hope and love throughout the world.