Donates US$500,000 for Ukrainian Refugees
POSCO International will create a cotton cluster in Uzbekistan 120 times the size of Yeouido in Seoul.
The company's president Joo Si-bo signed a business agreement on the cotton cluster with Governor Khayrullo Bozarov of Fergana Region at its Songdo headquarters in Incheon.
Uzbekistan is one of the world's top five cotton exporters. The country encourages development of cotton clusters, in which processing companies directly participate in cotton cultivation.
POSCO International will invest in modernizing facilities and building eco-friendly production lines. It has decided to build a cluster on a 5,000 ha area in the Fergana area. It plans to expand the cultivation area to 35,000 ha by 2025.
Meanwhile, POSCO International has decided to donate US$500,000 (615.5 million won) in humanitarian support for Ukrainian refugees. Donations will be delivered to the Red Cross in Ukraine and neighboring countries and be used for local relief activities.
POSCO International runs a trading company in Kiev, the capital city of Ukraine, and a grain terminal on the Black Sea coast. It engages in corn and wheat trade in the Middle East, North Africa, and Asia through the 2.5 million-ton grain terminal in Mykolaiv Port on the Black Sea coast.