Andongil "Start of Enterprise-wide Innovation Activities"... Hyundai Steel Announces HIT Innovation Initiative

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Steel is launching the 'Innovation System (HIT)' to secure the core competitiveness of the steel industry on the occasion of the 10th anniversary of the steel mill operation.

According to Hyundai Steel on the 2nd, President Andong-il judged that the future of the process industry lies in securing profitability through equipment efficiency and equipment robustness. Through a video message to all employees the previous day, he announced a company-wide participatory innovation plan and specific directions for three divisions to execute it.

The innovation system is called 'HIT' (Hyundai steel: Innovation Together) and plans to carry out activities under the slogan "The start of innovation begins with small improvements."

The first company-wide innovation activity proposed by Hyundai Steel is performance innovation activities. The plan is to fundamentally make the company healthier and visibly generate financial results by identifying all waste elements and problems within the organization, turning them into tasks, and improving them.

The second is equipment robustness activities. In the steel industry, a representative process industry, safety, quality, and production results depend on equipment. The policy is to discover human and material irrational factors that degrade equipment performance and restore, refine, and advance equipment performance through fundamental improvements.

The third is leading encouragement activities. Recognizing that executives, managers, and senior staff must lead by example for company-wide innovation to succeed, senior staff including executives and managers will take the lead in innovation activities with sincerity and encourage employees' innovation activities to create a lively company atmosphere.

Hyundai Steel President Andong-il said to employees about the HIT system, "The steel industry has been in a prolonged slump over the past few years, compounded by the unexpected challenge of COVID-19, leading to an unprecedented crisis," adding, "We concluded that only company-wide innovation activities involving all employees can lead the company's future and new steel industry."

Meanwhile, Hyundai Steel will establish a separate reward system to increase employee participation in innovation activities and provide tangible benefits for their performance. The reward scale will be calculated based on the expected effects of performance innovation tasks, and a review committee will be formed to conduct step-by-step reviews and promote rewards.

This content was produced with the assistance of AI translation services.