The late Chairman Tae-joon Park, founder of POSCO, launched the Steel Scholarship Foundation, the predecessor of the POSCO TJ Park Foundation, in January 1971 with seed money of KRW 60 million. This was 2 years before the steel mill first started its operation (July 3, 1973). The reason the late chairman established the scholarship foundation even before producing molten metal for commercial use was because nurturing talents was a desperate task for the Korean society.

In its early stage, the Steel Scholarship Foundation focused on providing scholarships for the local community and nurturing technical talents in the steel industry. Based on the Steel Scholarship Foundation, the late Chairman Park established 14 schools (kindergarten, elementary, middle, and high schools) and nurtured countless talents. In 1986, he also established Pohang University of Science and Technology (POSTECH), the first research-centered university in Korea, and developed it into a world renowned university, fulfilling his words of contributing to the nation’s development in education.

In August 2005, the Steel Scholarship Foundation was reorganized into the POSCO TJ Park Foundation in commemoration of the late chairman to carry out diverse activities of corporate social responsibility in a systematic and broad way.