Hyundai Steel joined “Responsible Steel,” a global steel initiative, the first Korean company to do so, to take the initiative as a leader in the steel industry’s global ESG sector.
“Responsible Steel” is an ESG initiative operated by the Steel Stewardship Council, a multinational non-profit organization based in Australia, consisting of 71 steel companies and other closely related organizations, including steel companies Arcelor Mittal, Aperam and Bluescope as well as car maker BMW, mining enterprise BHP and investment banking company HSBC.
The certification is expected to help the company make effective inroads into the European market, which is known for its notoriously strict environmental regulations. EPD is a scheme under which the environmental impact of a product’s entire life cycle, from harvesting of raw material to production, distribution, usage and disposal, is quantitatively indicated and disclosed, allowing consumers to compare and select environmentally friendly products. In acquiring the certification, the company has reflected the latest trends in environmental impact assessment, including the greenhouse gas emissions reduction contribution of recycling steel and iron materials and utilizing byproducts that arise in the ironmaking process. These factors have not yet been adopted by domestic certification schemes. It is expected that the certification will help boost the global competitiveness of Hyundai Steel’s automotive steel and shipbuilding plate products.
“Responsible Steel” is in the process of developing the first ESG standards and certification program in the steel industry with the goal of producing “sustainable steel.” Hyundai Steel will collaborate in the systematic management of ESG by joining “Responsible Steel”, thereby establishing a global network of advanced companies to actively respond to ESG issues. Hyundai Steel expects to secure trust in the ESG sector from the market and society while becoming a pioneer in reinforcing independent ESG management systems via its participation in “Responsible Steel.”