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POSCO Joins Value Balancing Alliance (VBA), a Non-profit Organization for the Global ESG Standards ㅡ Representing for the Steel Industry Standards


– VBA members include 24 multinational companies such as BASF – POSCO being the first steel-making company
– Participates in developing the global ESG standards, accelerating the advancement of value measurement methodologies for its own corporate citizenship.

POSCO has recently joined Value Balancing Alliance (VBA) founded to develop a global Environmental, Social, and Governance (ESG) criteria.

The Value Balancing Alliance (VBA) founded in 2019 by global companies, aims to develop standards to assess ESG performance in monetary terms and reflect the data in the financial statements. As an organization taking the lead in establishing the ESG standards, the Alliance has been commissioned by the EU to develop Green Accounting Principles – which is to assess and disclose the company’s impacts on nature.

Twenty-four multinational companies including BASF, BMW, BOSCH and SK are members of VBA, and POSCO has recently joined as the world’s first steel-making company.

After the declaration of its own management philosophy, Corporate Citizenship: Building a Better Future Together, in 2018, POSCO has been assessing and monetizing the performances of corporate activities based on the philosophy since 2019. In 2021, POSCO developed a solution to measure the impact of corporate activities on nature, vice versa for the four different attributes: costs, profits, GHG emissions, GHG reduction. They also created a framework to analyze and manage the emissions generated from each production process and its reduction performance of eco-friendly steel products.

As a member of VBA, actively participating in developing the global ESG standards, POSCO plans to specify the measurement and valuation standards for corporate citizens based on the VBA’s frameworks and methodologies to make them global standards of the steering industry in the future. In addition, POSCO intends to closely monitor the global trends related to ESG standards making the most of the VBA network and take preemptive action for Global ESG Disclosure Standards of the International Sustainability Standards Board (ISSB).

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