Dear Hyundai Steel family,
Today is a significant day, as we celebrate our company’s 71st anniversary.
Since starting out as Korea’s very first steelmaker, Hyundai Steel has driven the development of the national economy and the revival of the steel industry. The success we enjoy today is a noble achievement, built on the dedication and hard work not only of the those who founded the company but also those of you who continue to fulfill your duties in each of your positions.
I would like to express my deep gratitude to all former and current employees who have dedicated themselves and worked tirelessly to make today’s Hyundai Steel possible.
Dear associates,
Despite the challenging business environment last year, we remained committed to environmental values, announcing our roadmap to carbon neutral. We streamlined our business structure to ensure profitability. By bolstering our capabilities in the ESG sector, we were recognized as a “WSA Sustainability Champion” by the World Steel Association, and established a solid foothold for growth across various domains.
This year, we are also making substantial domestic and international investments to adapt to changing market demands, such as constructing a dedicated overseas SSC for electric vehicles and expanding our heavy plate heat treatment facilities. In addition, we are accelerating the development of new steel grades and securing orders to pioneer new markets, reflecting the evolving industrial landscape through our multifaceted efforts.
But despite these efforts, the business environment in the steel industry continues to deteriorate. The dark tunnel of recession we are currently facing shows no end in sight.
The period of low growth across the industry that has continued for years has been further exacerbated by the recent deepening slump in key demand sectors. In addition, the trade barriers in various countries that are becoming higher year after year are no longer just about tariffs but have evolved into significant geopolitical issues. These barriers have become the most critical factor influencing supply and demand in the global steel market.
In addition to these challenges, we face numerous other obstacles that we must overcome. During these times, I would like to urge everyone to remain steadfast and focus on the fundamentals.
I believe one of the most critical steps in overcoming any crisis is to objectively reassess our reality with a clear and rational mindset, while simultaneously envisioning the direction we need to take moving forward.
We must once again reaffirm the direction we are aiming for and clearly understand the corresponding business strategies. By doing this, we should align the capabilities of both the company and individuals towards the same goal.
In other words, when we unite our efforts and intentions around the business strategies of “expanding a stable, profit-centered business foundation,” “strengthening implementation of our carbon-neutral roadmap” and “securing future growth drivers,” our push to become a “sustainable and eco-friendly steel company” is not just a slogan, but the very identity of Hyundai Steel.
I would also like to highlight another fundamental principle: safety and compliance management.
I urge you to constantly examine and be vigilant about any factors that may compromise safety in our workplace and in our practices, and whether our ways of conducting our tasks comply with legal management standards. In this way, we can ensure all these elements become ingrained in the daily lives of all employees.
Dear associates,
If we all unite in faithfully following our principles and fundaments, and resolve to overcome each crisis together, no obstacle will pose a fundamental threat to us.
The past 71 years have been a history of continuous challenges and overcoming them, laying the foundation for Hyundai Steel’s growth into a global steel company.
Just as hot fire strengthens iron and rough tanning enhances the quality of leather, adversity can fortify a company’s competitiveness even more.
Let us overcome the difficult challenges in front of us with the belief that today’s crisis is tempering us to become stronger, and tanning us to enhance our capabilities.
On this morning of our 71st anniversary, as we reflect on our past and present while charting our path forward, let us cherish this meaningful moment, and use it to celebrate and encourage each other.
I wish you and your families good health and happiness.
Thank you.
June 10, 2024
Seo Gang-hyun
President & CEO