[Asia Economy Reporter Oh Hyung-gil] Andong-il, CEO of Hyundai Steel, expressed his ambition to leap forward as an 'environmentally friendly steel company capable of sustainable growth.'
Through Hyundai Steel's integrated report "Beyond Steel" published on the 5th, CEO Ahn introduced, "We will build a foundation to achieve the 2050 carbon neutrality goal," and "We have launched the Carbon Neutrality Promotion Team, which serves as the control tower for carbon neutrality strategies and mid- to long-term system transitions."
He continued, "Last year, we established the Low-Carbon Process Research Office, a dedicated organization within the R&D headquarters to promote carbon neutrality-related technologies, and deployed research personnel to the front lines to actively begin developing low-carbon technologies. We have also signed agreements with global mining companies to strengthen cooperation for developing low-carbon raw materials and plan to efficiently secure application technologies utilizing these materials," he emphasized.
He added, "Through the implementation of three strategic directions?building a carbon-neutral foundation, restructuring future electrification-centered businesses, and specializing domestic and overseas business bases?we aim to grow into a company leading the global steel market."
CEO Ahn evaluated that last year, while expanding investments in eco-friendly facilities such as nitrogen oxide reduction equipment, Hyundai Steel also laid the groundwork to reduce local environmental pollution by developing eco-friendly operational methods that utilize waste resources in the steelmaking process.
He elaborated, "We strengthened business competitiveness by transitioning to a profitability-centered steel company, expanding high value-added product development, introducing a divisional system for responsible management, and continuously restructuring the business structure focused on core businesses. As a result of consolidating the capabilities of each business unit in line with the global market recovery, we achieved a significant improvement in management performance."
CEO Ahn emphasized, "We will strengthen capabilities to respond to paradigm shifts in the automotive industry driven by power energy transitions such as electricity and hydrogen, and pioneer new paths by securing optimized domestic and overseas business bases adapted to changes in supply chain systems triggered by carbon neutrality and trade barriers."
Since 2016, Hyundai Steel has been publishing integrated reports to transparently disclose and communicate its commitment and activities toward sustainable management, including both financial and non-financial performance, to stakeholders.
This year’s report includes achievements in the environmental sector such as carbon neutrality goals, Hyundai Steel’s unique electric furnace-based carbon-neutral steel production system called 'Hi-Cube,' investments in eco-friendly facilities like nitrogen oxide reduction equipment, and the development of eco-friendly operational methods utilizing waste resources in the steelmaking process.
In the social sector, it covers activities to strengthen safety systems, culture, and organizational capabilities for industrial safety and health, as well as community contribution activities such as recycling coffee grounds. In governance and economic sectors, it addresses strengthening board diversity and achievements in product and technology development to respond to the future mobility market.
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