Social Contribution Strategies and Challenges for 2024

Hyundai Steel’s Social Contribution Strategy Framework

First, while maintaining Hyundai Steel’s sustainability slogan “We do in sustainable H-ways” and its CSR mission of “Creating value for a shared future,” the company has established three new key social contribution categories: Environment, Safety/Protection and Next Generation. These categories reflect the company’s commitment to preserving a healthy environment and ecosystem, building a safe society and protecting the vulnerable, and discovering future talents to lead the new era.

Additionally, in line with these three major areas, Hyundai Steel aims to operate social contribution projects by implementing three implementation methods: Local-based, reinforcing business relations and vitalizing employee participation.

The “H-Way Shining Road” project, operated through support from the employee participation fund as an initiative in the “Safety/Protection” area, is a social contribution activity that best exemplifies “local-based” and “employee participation” methods. Last year, approximately USD 210,000 was raised, with a total of 4,713 employees (approx. 34%) participating to install LED safety lights on crosswalks in the Dangjin region. Starting this year, the program will be expanded to Incheon, Pohang, and Suncheon.

The H-Way Shining Road project is operated with employee participation funds

In addition, by installing iron public art pieces in the Songdo area of Incheon last year, H-Steel Atelier completed its third project. This initiative is a major activity in the “Next Generation” category, and clearly makes use of both the “local-based” and “business-related” methods. The solar power development support project for schools near Hyundai Steel locations in India can also be seen as a similar type of social contribution activity.

Overseas volunteer group in India for the solar power development support project

Alongside these flagship social contribution activities, Hyundai Steel is planning a number of new initiatives for the rest of the year. Notably, various activities are being developed for the “Environment” category, where conducting social contribution projects has been challenging. In addition, the longstanding employee volunteer groups are set to be expanded with the upcoming launch of the “Talent Contribution Volunteer Group.” The company plans to support the establishment of the volunteer group, in which employees can plan and carry out activities voluntarily, by collaborating with specialized NGOs.

Active participation by employees is crucial for these diverse social contribution activities. To encourage such involvement, Hyundai Steel operates the “Social Contribution Mileage” system. Volunteer hours, donated goods, monetary contributions, and specialized knowledge provided by employees are converted into “time” units and accumulated as mileage points. In addition, various other benefits are offered, such as eligibility for the “India Overseas Volunteer Group” application (Lv3 or above). Employees can check their mileage on the Management Support Portal (Task Support – Social Contribution Activities). This platform also handles applications and changes to the employee participation fund, registration of volunteer activity records, and cost settlements.

Commenting on the programs, Hyundai Steel’s Social Contribution Manager stated, “The essence of Hyundai Steel’s social contribution can be summarized as sincerity and autonomy. The company incorporates various opinions, including those of employees and external NGOs, and strives to plan and operate social contribution activities that incorporate the voices and hopes of the majority, rather than relying solely on the ideas of the responsible individuals.” Moving forward, Hyundai Steel plans to exert a positive influence on local communities together with its employees using new strategies and specific methodologies.