[ESG Management Era] Hyundai Steel Leading ESG Management in the Steel Industry

Hyundai Steel has received the 'ResponsibleSteel' certification, which is granted to steel companies that have maintained transparency and sustainable business practices.

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Steel is taking the lead as a leader in the ESG (Environmental, Social, Governance) sector of the steel industry through multifaceted efforts.

Since 2017, Hyundai Steel has been preparing for ESG management by introducing a mid- to long-term management system. Initially, it focused on external evaluations such as the Dow Jones Sustainability Index (DJSI) and established strategic response plans, but since 2020, it has been establishing full-fledged ESG strategies and advancing its operational system.

In particular, Hyundai Steel has derived ESG management into three major directions, four major promotion strategies, and 16 fields, establishing and promoting roadmaps for each of the environmental, social, and economic sectors. The main contents of the environmental sector include establishing an integrated environmental policy management system and formulating greenhouse gas reduction strategies. The social sector includes human rights due diligence and building an ESG performance management system, while the economic sector involves revising governance regulations and operational methods and establishing a supply chain ESG management system. As a result, in the 2020 Dow Jones Sustainability Index (DJSI) announced last November, Hyundai Steel was included in the ‘DJSI World Index’ for three consecutive years and was selected as the Industry Leader in the global steel industry sector for two consecutive years. It was also included in the DJSI Asia Pacific Index for 12 consecutive years and the DJSI Korea Index for three consecutive years.

Measures are also being prepared to efficiently respond to the rapidly increasing requests for ESG information from various external organizations. This year, to prepare for expanded information disclosure, Hyundai Steel plans to manage ESG information quickly and accurately by establishing a ‘quantitative ESG data system.’