Hyundai Steel has joined the steel global initiative "Responsible Steel" for the first time in Korea, the steel company said on Dec. 8.
'Responsible Steel' is an ESG initiative in the steel sector run by the Steel Stewardship Council, an Australian-based multinational non-profit organization, including steel makers such as ArcelorMittal, Aperam and Bluescope, as well as automakers such as BMW, mining company BHP, and financial firm HSBC.
To achieve its aim to become a 'sustainable steel company', Hyundai Steel is developing the first ESG standard and certification program in the steel sector.
“Hyundai Steel plans to become the first Korean company to join the Responsible Steel and actively respond to ESG issues by establishing a network with global advanced companies,” a company spokesman said.
Domestic and foreign investment institutions and evaluation agencies have recently expanded their evaluation of the ESG field, and the European Union (EU) has made it mandatory for companies to disclose ESG information and countermeasures since 2018.
Hyundai Steel is expected to establish a leading position in terms of strengthening its own ESG management while securing confidence in the ESG field from the market and society through joining.
The spokesman added, "As ESG plays an important role in the business environment, it is time to internalize ESG's requirements through a mid- to long-term sustainable management strategy.”