POSCO Energy, First in Group to Incorporate 'Corporate Citizenship' Evaluation into Work Procedures

Include Analysis of Corporate Citizenship Expected Effects in Business Investment Review Process
Establish Corporate Citizenship Participation Evaluation System for Purchasing Department

[Asia Economy Reporter Hwang Yoon-joo] POSCO Energy is establishing procedures to incorporate the value of 'Corporate Citizenship' into company-wide work processes to internalize the management philosophy of corporate citizenship. 'Corporate Citizenship' is POSCO's new management philosophy following 'Steelmaking for the Nation,' newly announced by POSCO Chairman Choi Jeong-woo after his inauguration. Among POSCO group companies, POSCO Energy is the first to reflect the value of 'Corporate Citizenship' as an evaluation item in work procedures.

POSCO Energy announced on the 3rd that it has systematized the management philosophy of corporate citizenship into work procedures such as business development, investment, and procurement.

The business development and investment departments will now be required to include an analysis of the expected effects of corporate citizenship from business, society, and people perspectives in addition to the existing profitability and risk analyses during project planning, feasibility review, and investment deliberation processes.

The procurement department will also establish a corporate citizenship participation evaluation system for suppliers this year. When evaluating bidding and sourcing groups, POSCO Energy plans to implement a 'Supplier Evaluation and Corporate Citizenship Bidding System' that reflects the level of corporate citizenship participation and realization by partners and suppliers. Through this, POSCO Energy expects to continue building an ecosystem that achieves shared growth and co-prosperity values with partners and suppliers.

Kim Tae-gyun, Deputy General Manager of the Coal and Equipment Materials Procurement Group, said, "Until now, procurement work has prioritized economic value creation such as cost reduction. However, through the newly established supplier evaluation and corporate citizenship bidding system this year, we will go beyond economic value creation to also create social value, taking a step closer to becoming a global model citizen."

Meanwhile, POSCO Energy plans to actively address local community issues by leveraging the characteristics of its business. It also aims to lead the practice of corporate citizenship management philosophy not only in business but also in society and people dimensions by creating a safe workplace and establishing a culture of work-life balance.

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