As it celebrates the tenth anniversary of its steel mill operation, Hyundai Steel is carrying out a series of innovation activities to secure a competitive edge in the steel business. This series of innovation activities has been dubbed “HIT (Hyundai Steel: Innovation Together)” and is being operated under the slogan “Innovation Starts with Small Improvements.”
Recognizing that the future of the manufacturing business depends heavily on securing profitability and stabilizing equipment efficiency, President & CEO Ahn Tong-il has announced a company-wide innovation plan, organized under three practical directions.
When asked about the reasoning behind the new innovation activities, President Ahn Tong-il said, “Due to the stagnation of the steel business worldwide over the past few years and this year’s COVID-19 pandemic, we are facing an unprecedented crisis.” He added, “We have come to the conclusion that company-wide innovation activities, participated in by all employees, are the only way to lead the future of the company and the new steel business.”
In order to raise employee participation in innovation activities, Hyundai Steel is planning on operating an award system that provides real benefits to employees based on the expected outcomes of their performance of innovation tasks.