Hyundai Steel Leads Global ESG Sector in Steel Industry

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Steel is taking a leading role in the global ESG (Environmental, Social, and Governance) sector of the steel industry.

On the 8th, Hyundai Steel announced that it has joined the global steel initiative 'Responsible Steel' for the first time in Korea.

'Responsible Steel' is an ESG initiative in the steel sector operated by the Steel Stewardship Council, a multinational non-profit organization based in Australia. It includes 71 participating steel and related organizations such as steel companies ArcelorMittal, Aperam, Bluescope, automobile maker BMW, mining company BHP, and financial institution HSBC.

Responsible Steel is currently developing the first ESG standards and certification program in the steel sector with the goal of 'sustainable steel.'

Hyundai Steel plans to actively respond to ESG issues by joining Responsible Steel as the first domestic company and building a network with global advanced companies for systematic ESG management.

Domestic and international investment and evaluation institutions have recently expanded their incorporation of ESG assessments for companies, and the European Union (EU) has mandated the disclosure of corporate ESG information and response measures since 2018, making ESG increasingly important for companies.

Through its membership, Hyundai Steel expects to secure trust in the ESG sector from the market and society, while also establishing a leading position in strengthening its own ESG management.

A Hyundai Steel official said, "As ESG plays an important role in the management environment, it is time to internalize ESG requirements through a mid- to long-term sustainable management strategy," adding, "We must complement ESG shortcomings by sector and become a company that grows together with stakeholders."

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