NCT 127 "Creating a Healthy Steel Industry Ecosystem as a 'Good Friend' in ESG Management"

POSCO Group's MRO Specialist Company 'N2B'
Presented ESG Cases at Venture Innovation Society Conference
"Solving Customer and Social Issues, Public Interest Activities"

On the 17th, at the Korea Economic Research Institute building in Yeouido, Seoul, during the Korean Venture Innovation Society's Autumn Academic Conference themed "ESG Management of Small and Medium Venture Innovative Companies," key guests and speakers, including Jung Woon-chan, Chairman of the Win-Win Growth Research Institute (fifth from the left), and Lee Ui-cheol, CEO of Asia Economy (third from the left), are taking a commemorative photo. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] N2B announced on the 17th that through its ESG (Environmental, Social, and Governance) management program 'Joheun Chingu' (Good Friend), it will create social value together with its clients and foster a healthy industrial ecosystem.

Shin Seung-ho, head of N2B's Management Planning Group, presented a case study on ESG management at the Korean Venture Innovation Society's Fall Academic Conference held at the Federation of Korean Industries Building in Yeouido, Seoul. Established in 2000, N2B is a POSCO Group company specializing in steel MRO (Maintenance, Repair, and Operations) consumables procurement agency services.

N2B defines not only steel companies that receive MRO materials but also partner companies supplying MRO materials as its clients, and introduced the 'Joheun Chingu' program in May. It is promoting ESG management activities with purchasing clients and small and medium-sized enterprises supplying goods.

Through this program, N2B utilizes a portion of the profits generated from transactions with clients to address local community issues. It jointly promotes corporate citizenship-based ESG activities with clients, including ▲carbon reduction within industrial complexes ▲SME safety ▲environmental improvement ▲support for vulnerable groups.

For example, N2B's ESG project 'Safe Together' involves Hyundai Steel, SeAH Steel, and Simpack. It supports the installation of rear safety devices on forklifts to create a safe working environment for about 40 small and medium-sized partner and supplier companies. The company plans to expand the Joheun Chingu program throughout the steel industry to promote an ESG-based win-win cooperation model.

Additionally, based on this program, N2B plans to contribute to creating a sound industrial ecosystem with clients and suppliers and continuously pursue public interest activities with clients to solve social issues.

Group head Shin stated, "We are presenting a new role model that includes the concept of coexistence in a competition-oriented business world," and added, "We have demonstrated that mutual win-win is possible by discovering collaboration areas among competing companies."

Meanwhile, N2B's main clients are POSCO, POSCO Construction, POSCO Chemical, and other POSCO Group companies. The group's dependency is high, with POSCO Group companies accounting for 85% of last year's sales of 606.4 billion KRW. Through acquiring new clients via the Joheun Chingu program, N2B has set a management goal to achieve 1 trillion KRW in sales by 2025 and reduce POSCO Group dependency to below 60%.

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