S.Korean steel giant POSCO to donate $3 mil. to wartime labor foundation

South Korean steel giant POSCO has announced it will donate an additional 4 billion won, or about 3 million dollars, to a foundation that will compensate those who claim they were forced to work for Japanese firms during World War Two.

The South Korean government unveiled a plan earlier this month to have a government-affiliated foundation compensate the workers in place of the Japanese firms.

In 2018, the country's Supreme Court ordered two Japanese companies to make the payouts.

POSCO, which received economic assistance from Japan based on a 1965 bilateral agreement, has already contributed 6 billion won, or about 4.6 million dollars, to the foundation.

The company said on Wednesday it was making the donation voluntarily in line with the government's plan.

South Korean media say POSCO is the first local company to decide on a payout to the foundation after Seoul's announcement.

The wartime labor issue is expected to top the agenda on Thursday when Japanese Prime Minister Kishida Fumio and South Korean President Yoon Suk-yeol hold a summit in Tokyo.