POSCO Holdings Publishes 'Corporate Citizenship Report' Detailing Group-Level ESG Strategy

Summary of 2030 Growth Vision and ESG Management Status of 8 Major Business Companies

Cover of POSCO Holdings Corporate Citizenship Report. Photo by POSCO Holdings

[Asia Economy Reporter Jeong Dong-hoon] POSCO Holdings announced on the 1st that it has published its first Corporate Citizenship Report since transitioning to a holding company system.

The '2021 POSCO Holdings Corporate Citizenship Report,' released by POSCO Holdings the day before, contains the group's ESG (Environmental, Social, Governance) strategies, policies, and achievements. It also clearly summarizes the ESG management status of eight major business subsidiaries, including POSCO, POSCO International, POSCO Engineering & Construction, POSCO Chemical, and POSCO Energy.

Through this report, POSCO Holdings stated that based on the corporate citizenship management philosophy, it has established 'Green Tomorrow, With POSCO' as the group's new vision slogan and ESG vision to grow into a 'global business leader leading a sustainable future for humanity.' Green Tomorrow, With POSCO reflects the business identity transformation and the meaning of corporate citizenship in leading the completion of an eco-friendly future society through eco-friendly steel, secondary battery materials, hydrogen business, and other sectors amid the mega-trend shift represented by carbon neutrality.

The 2030 growth vision of the POSCO Group is also described in detail. Starting with the background of the holding company transition, it includes the management status of each business company, the role of the holding company, and the group's growth vision and goals. Centered on seven core businesses?steel, secondary battery materials, lithium/nickel, hydrogen, energy, construction/infrastructure, and Agri-Bio?the report allows a comprehensive view of how the business strategies executed by each subsidiary create synergy at the group level through five key directions: completing carbon neutrality in the steel industry, driving new mobility, leading green energy, realizing future housing, and securing global food resources.

The report also includes that POSCO Group introduced and analyzed the 'double materiality assessment' for the first time, considering not only environmental and social impacts but also financial impacts when selecting ESG issues facing the group. Additionally, it disclosed various activities and achievements for biodiversity conservation, having joined TNFD (Taskforce on Nature-related Financial Disclosures) in May as the first non-financial company in Korea.

Chairman Choi Jeong-woo of POSCO Group said in the report, "In July 2018, POSCO Group declared corporate citizenship as its management philosophy and presented a new path for future management." He added, "To proactively capture the flow of change and actively respond to revolutionary environmental changes, we transitioned to a holding company system in March this year to complete the structural foundation for real value management." He also emphasized, "Based on the successful experience of the steel business achieved over the past half-century, we will transform into a leading eco-friendly future materials company in the low-carbon circular economy era."

Meanwhile, POSCO Holdings plans to continuously expand the scope of ESG performance reporting according to consolidated sales and proactively respond to the mandatory ESG disclosures by the International Sustainability Standards Board (ISSB). The POSCO Holdings Corporate Citizenship Report can be viewed on the POSCO Holdings website.

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