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Mar-11-2012 15:49printcomments

Appeal to POSCO Shareholders

"Effectively, your company has declared a war on us. An illegal war in which they are using paid mercenaries to kidnap and torture protesters."

POSCO protestors

(DELHI, India) - A new appeal relates to the POSCO project in India, which has increasingly been a subject of our reports; the people of India are increasingly speaking out against POSCO, Wikipedia offers this description:

    In June 2005, POSCO signed a memorandum of understanding with the State of Orissa in India. Under the agreement, POSCO plans to invest US$12 billion to construct a plant with four blast furnaces, an electricity plant, housing, and an annual production capacity of 12 million tons of steel, which is slated to start production in 2010.

However the problems spinning out of this project are adversely affecting the local population, the project is being carried out by the world's third-largest steel firm. POSCO is a multinational steel-making company headquartered in Pohang, South Korea.



    Dear Shareholders,

    We, the villagers of Dhenkia, Nuagaon, and Gobindpur share our concerns and grief with you. Your company POSCO is behaving like a medieval marauder in our villages.

    POSCO has influenced the Indian Government, the Odisha Government, and the local police and civilian administration to acquire our lands forcibly and destroy our homes and livelihoods. They have terrorizing our villagers over the last four years.

    The local police has slapped false criminal charges against peaceful protestors-men, women and even minor children as young as 12.

    Many have been beaten, tortured and jailed.

    People can’t live a normal life in our villages; children can’t go to school; patients requiring serious medical attention can’t go to a hospital.

    The entire area where POSCO wants to establish a port and steel plant illegally has been garrisoned. Please note that unless the landowners want, under Indian law, lands can’t be forcibly acquired from us. POSCO management knows these Constitutional Rights.

    Effectively, your company has declared a war on us. An illegal war in which they are using paid mercenaries to kidnap and torture protesters.

    Our struggle will go on. We want to ensure peaceful life and secured livelihoods that our forefathers gave us for our children, and their children.

    We are as proud people as you are. We care for our women and children just as you do.

    Please don’t support POSCO whose management is behaving like a bunch of criminals. Please withdraw your investments in POSCO.

    Thank you.

    The people of the villages of Dhenkia, Nuagaon, Gobindpur

    Abhay Sahu [From jail]
    Narayan Reddy [From Jail]
    Prashant Paikray
    Shirish Mahapatra


Arun Shrivastava is's South Asia Correspondent. An accredited management consultant, Arun is also a highly experienced researcher and writer. He studied in India and England and returned to India in 1989, after a brief stint as senior officer with Economic Development Unit of Birmingham (UK). From 1989 to 1994, he taught Strategic Management and Long Range Planning to MBA students at International Management Institute in Delhi.

About twenty years ago he founded two institutions, one for consulting and another for doing sponsored research work; today both are known for excellence. Since the events of 9/11, he has devoted much of his time to researching NWO issues. Arun also moderates International Human Rights Organizations’ discussion group. is very pleased that Arun Shrivastava chose to join our dynamic team which has been paying increasing attention to problems taking place in India. He is's 94th writer and his presence allows us to better cover important events in an increasingly interconnected world community.

You can send an email to Arun Shrivastava at this address:

Comments Leave a comment on this story.

All comments and messages are approved by people and self promotional links or unacceptable comments are denied.

March 14, 2012 8:39 am (Pacific time)

Scaring the people and terrorizing them into compliance is the same techniques used in the Congo and Sudan (among other hot spots in Africa) for ITS resources.

Anonymous March 11, 2012 8:37 pm (Pacific time)

The on-line fax system does not allow Korea faxes. But it does allow Canada and U.S. If anyone knows of an on-line system that allows faxes to Korea, please share.

Anonymous March 11, 2012 8:35 pm (Pacific time)

So you all have fax numbers. Here is a free on-line faxing system. It only allows two faxes per day. Please send your comments.

Anonymous March 11, 2012 8:02 pm (Pacific time)

 Editor: Well, this didn't take long, thank you.  If other readers have specific emails we will gladly add those also, it is the least we can do.

Their website is devoid of a lot of information... You have to read the annual reports to get anything worthwhile.

But their Investor's Relations documents were also devoid of any addresses or phone numbers.

If anyone with better databases can track down their directors, I will send a letter to them.

The only governance I could find are these. If anyone had emails for anyone, let's get the word out...

Depositary and Transfer Agent for American Depositary Receipts (ADRs)

Holders of ADRs should deal directly with the depositary,
The Bank of New York Mellon, on all matters relating to their ADRs.
The Bank of New York Mellon
Depositary Receipts Division
101 Barclay Street, 22nd Floor
New York, NY 10286
Tel: 1-212-815-2293
Fax: 1-212-571-3050/1/2

Investor Relations Team
POSCO Center, 892 Daechi4-dong,
Gangnam-gu, Seoul 135-777, Korea
Tel: 82-2-3457-1420
Fax: 82-2-3457-1997

Tel : 82-54-220-0114
Fax: 82-54-220-6000

POSCO Center
Tel : 82-2-3457-0114
Fax: 82-2-3457-6000

Gwangyang Works
Tel : 82-61-790-0114
Fax: 82-61-790-6000

POSCO America
Tel : 1-201-585-3071
Fax: 1-201-585-6001
POSCO Canada
Tel : 1-604-688-9174
Fax: 1-604-669-5805


Young-Tae Kwon
Head of Raw Materials Division

Oh-Joon Kwon
Chief Technology Officer

Sang-Young Kim
Head of Corporate Relations Division

Noi-Ha Cho
Head of Carbon Steel Business Division


Ki-Hong Park
Head of Growth and Investment Division

Joon-Sik Kim
General Superintendent / Gwangyang Works

Bong-Rae Cho
General Superintendent / Pohang Works

Sebin Song
Legal Affairs Department

Sung-Kwan Baek
Steel Business Department II

Kyung-Hoon Lee
Environment and Energy Planning Department

Jong-Soo Woo
General Superintendent (Technical Research La

Eun-Yeon Hwang
Head of Carbon Steel Marketing Division

Yeung-Gyu Kim
Human Resources and Innovation Department

Dae-Gyu Byun
- Director Candidate Recommendation
- Evaluation and Compensation Committee
- Chairman and CEO, Humax Co., Ltd.

Sang-Kil Park
- Audit Committee
- Related Party Transaction Committee
- Lawyer, Kim and Chang

Yong Nam
- Director Candidate Recommendation
- Finance and Operation Committee
- Advisor, LG Electronics

Chang-Hee Lee
- Chairman of the Audit Committee
- Chairman of the Related Party
Transaction Committee
- Evaluation and Compensation
- Professor, Seoul National University

Byung-Ki Kim
- Chairman of the Evaluation and
Compensation Committee
- Audit Committee
- Related Party Transaction Committee
- Visiting Professor, Technology
Management Economics and Policy
Graduate Program, Seoul National University

Young-Sun Lee
- Chairman of the Director Candidate
Recommendation Committee
- Finance and Operation Committee
- President, Hallym University

Joon-Ho Han
- Chairman of the Finance and
Operation Committee
- Evaluation and Compensation
- CEO, Samchully Co., Ltd.


Jang-Hee Yoo
- Presiding Director of the Board of
- President, East Asian Economic


Joon-Yang Chung
Chief Executive Officer, Representative Director
- Chairman of the Executive Management Committee

Jong-Tae Choi
President, Representative Director
- Chief Financial and Planning Officer
- Director Candidate Recommendation Committee
- Executive Management Committee

Han-Yong Park
Senior Executive Vice President,
Representative Director
- Chief Staff Officer
- Finance and Operation Committee
- Executive Management Committee

Chang-Kwan Oh
Senior Executive Vice President,
Representative Director
- Head of Stainless Steel Business Division
- Finance and Operation Committee
- Executive Management Committee

Jin-Il Kim
Senior Executive Vice President
- Executive Management Committee


Director Candidate Recommendation Committee
Young-Sun Lee, Chair
Yong Nam / Dae-Gyu Byun / Jong-Tae Choi

Evaluation and Compensation Committee
Byung-Ki Kim, Chair
Joon-Ho Han / Chang-Hee Lee / Dae-Gyu Byun

Finance and Operation Committee
Joon-Ho Han, Chair
Young-Sun Lee / Yong Nam / Han-Yong Park /
Chang-Kwan Oh

Audit Committee
Chang-Hee Lee, Chair
Byung-Ki Kim / Sang-Kil Park

Related Party Transaction Committee
Chang-Hee Lee, Chair
Byung-Ki Kim / Sang-Kil Park

Executive Management Committee
Joon-Yang Chung, Chair
Jong-Tae Choi / Han-Yong Park /
Chang-Kwan Oh / Jin-Il Kim


Who is on the The Social Contribution Committee?

[The Social Contribution Committeeholds two meetings per year with active participation of CEOs across POSCO affiliates. Two separate organizations, the Social Contribution Group and the Bureau of Corporate Ethics, were established to ensure management transparency.]

They also state er: Upholding business ethics - "Establishing and expanding ethics management in our daily business is a companywide priority. POSCO
operates several ethics programs for business units, affiliates and overseas

Maybe we could harass their auditor until we know that the responsible parties are informed about what is going on:

KPMG SAMJONG Accounting Corp.
10th Floor, Gangnam Finance Center,
737 Yeoksam-dong, Gangnam-gu,
Seoul 135-984, Republic of Korea
Tel: 82-2-2112-0100
Fax: 82-2-2112-0101

Anonymous March 11, 2012 6:59 pm (Pacific time)

What is the email address for these pieces of shit?

I think we might be able to get a few people to write to the company.

How about their mailing address and phone number?

Editor: I can't see that being a problem, let's see if our friends in India can shortcut this information for us.

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