Korean Steekmaker Promises 70,000 Jobs

POSCO, Korea's largest steelmaker, yesterday said it would channel 10.7 trillion won ($8.2 billion) to create 70,000 new jobs in steel and related industries over the next five years.

Amid the climbing unemployment rate that has the government begging for corporations to engage more employees, the world's fourth-largest steel manufacturer announced the plans to spend the bulk of its funds toward job creation.

This year only, POSCO will spend 2.3 trillion won on local operations.

In addition, the company said it would increase its supply of high-end steel products, such as steel sheets for automobiles and stainless steel plates. In effect, it hopes to become one of the top three stainless makers in the world by 2008

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