Dongkuk Steel, Publishes Sustainability Management Report... Establishing Mid- to Long-Term ESG Strategy

Cover of Dongkuk Steel Sustainability Management Report. Photo by Dongkuk Steel

[Asia Economy Reporter Donghoon Jeong] Dongkuk Steel announced on the 1st that it has published its sustainability management report, "Steel for Green." The report includes last year's ESG activity achievements and the mid- to long-term ESG management direction.

In June last year, Dongkuk Steel established an ESG committee and a dedicated organization, conducting a half-year-long ESG management diagnosis. The company stated, "This sustainability management report contains activities in the environmental, social, and governance sectors, along with financial and non-financial quantitative data to communicate with stakeholders."

Steel for Green represents Dongkuk Steel's sustainable value. By leveraging Dongkuk Steel's specialized strengths in the environmental and business sectors, it established a mid- to long-term ESG management direction. Steel for Green encompasses Dongkuk Steel's three ESG management goals: ▲business based on environmental value ▲trusted management ▲social responsibility.

In the environmental sector of Steel for Green, the company aims to realize a circular and low-carbon society by promoting the "construction of eco-friendly factories" and "expansion of eco-friendly product production." Dongkuk Steel's carbon emissions account for about 2% of the domestic steel industry, and its waste recycling rate reaches 98%. Based on the advantages of eco-friendly electric furnace steelmaking, Dongkuk Steel is conducting additional research on scrap operations and carbon substitution technologies, and is working toward carbon neutrality (Net Zero) by 2050 through building hyper electric furnaces and renewable power supply chains.

Furthermore, Dongkuk Steel defines products that minimize resource input and pollutant emissions compared to other products during production as "eco-friendly products." Following the GR certification for wire rods and shaped steel acquired in November last year, the company plans to expand eco-friendly product production by pursuing EPD certification for products such as cold-rolled steel and heavy plates.

In the business sector of Steel for Green, sustainability strategies were established in four areas: production, products, brand, and services. The goals include enhancing production efficiency through smart factory construction via equipment automation, improving product competitiveness such as seismic rebar, large shaped steel, and special steel heavy plates, providing differentiated brand value with Luxsteel and Decoils, and promoting changes in steel sales methods such as Steelshop.

In the environmental and safety health areas, the report includes the environmental energy management promotion system and safety health management system. The social sector covers Dongkuk Steel's talent management, human rights management, and social contribution, and establishes supply chain management principles to build a sustainable supply chain. The governance sector includes transparent board operations, strengthening shareholder rights, ethical management, compliance management, risk management, information protection, and tax management.

The Dongkuk Steel sustainability management report is available on the official Dongkuk Steel website. Along with publishing the report, Dongkuk Steel revamped its website, adding ESG-related menus such as human rights management and governance to facilitate information access.

Dongkuk Steel plans to continue publishing the sustainability management report annually to transparently disclose information and maintain ongoing communication with stakeholders.

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