2023, the Year of the Rabbit, is here.
With the start of the new year,
I would like to wish all our staff a healthy and fruitful year.
I would also like to express my heartfelt gratitude to our shareholders, customers, suppliers, and partners, who have been unwavering in their support of Hyundai Steel.
Dear associates,
The year 2023 is a landmark year for Hyundai Steel.
On the first day of the new year, the Seoul office, which had been spread across three different buildings, was relocated to Pangyo, the epicenter of many future industries.
Above all, this year is particularly meaningful for us as it marks the 70th anniversary of Hyundai Steel.
Hyundai Steel was originally launched in 1953 as the Korea Heavy Industry Corporation, and since our establishment, we have continued to grow in step with the Korean national economy.
We must take pride in our illustrious history and work to design and paint our story as it continues over the next 70 years.
Dear associates,
Over the past year, the entire industry has struggled due to the low-growth trend in a stagnant global economy.
The aftermath of a pandemic that never seems to end.
The skyrocketing prices of raw materials and oil caused by the Russian-Ukrainian war.
Global inflation and the resulting enforcement of the “Big Step.”
These and countless other factors have made our path difficult, but we have pressed onward, making efforts in all business areas to find solutions and fulfill our corporate mission.
The year 2023 must become the starting point where these efforts turn into actual results.
To this end, we have set a direction for the company—an “eco-friendly steelmaker capable of sustainable growth”—that we all must work towards and keep in mind.
This year’s goal is similar to our goal from the previous year.
By maintaining a consistent direction for our organization in the midst of the global economic downturn that continues into this year, we will be able to build a clear and steadfast corporate identity that can overcome such difficulties.
We aim to implement the following three business strategies to help us achieve our goal:
Our first strategy is to strengthen our business foundation by focusing on profits.
Leading institutions both at home and abroad anticipate low-growth trends in terms of this year’s global economic outlook.
At times like these, we must weather the waves of the global economic downturn by concentrating on building capacities and establishing strategies that prioritize profitability while also strengthening the competitiveness of our existing businesses.
Additionally, in order to keep up with changing social values, now is the time for us to prepare and implement practical ESG management.
We must remember that our business sustainability is not only determined by financial factors, but also by our ability to conform to social values.
Our second strategy is to accelerate our transition to carbon neutrality.
In addition to the aforementioned social values, carbon neutrality is also attracting global attention for its role in meeting the demands of the international community for a stronger response to climate change.
Carbon neutrality is a necessary task for the steel sector, but it is also an opportunity that can drive the revival of the industry.
By turning such trends into opportunities, we must establish Hyundai Steel’s reputation as a leader of carbon neutrality and fully implement the strategies we have developed to achieve our goals.
Our third strategy is to secure future growth engines.
The global finished vehicle market is rapidly being re-centered around electric vehicles.
In keeping in line with this trend, we must secure a competitive edge in materials and parts for eco-friendly and lightweight automobiles.
Along with securing a domestic business base optimized for building a profit-centered production and sales portfolio, we must also search for ways to reinforce our global business capabilities to prepare for ever-intensifying trade barriers and economic blocs.
My dear associates,
Over the past 70 years since the establishment of Hyundai Steel, we have developed a competitive advantage by going through countless trials and hardships, which together have created a proud history that’s all our own.
There are still myriads of problems unfolding before us even today.
Despite these challenges, let us always keep our principles and value of safety, which continues to be the company’s top priority, at the forefront of our minds.
Keeping the company’s direction and business strategies ever before us as a guiding light, let us design the framework that we will continue to build upon for the next 70 years.
On this morning, at the start of a new year, I hope that you will spend some meaningful time encouraging one another and looking forward with new hope to everything that this year will bring.
As always, I sincerely wish you and your family health and happiness in the new year.
January 3, 2023
An Tong-il
President & CEO