Pohang and Gwangyang Works meet 370 standards covering the ESG field… First acquisition in Asia
Passed all the ESG policy implementation inspections, stakeholder and employee interviews, and external panel verification
Hag-dong Kim, Vice Chairman & CEO of POSCO said, “ResponsibleSteel site certification proves POSCO’s ESG management efforts.”
POSCO’s Pohang and Gwangyang Works obtained the ‘ResponsibleSteel site certification’ for the first time in Asia at the Future Strategy Forum held in Memphis, Tennessee, USA on the 31st (local time).
ResponsibleSteel is a not-for-profit organization that develops global ESG standards for the steel industry and a certification program. It was established in 2016 to realize a sustainable society through steel and build trust among stakeholders.
A total of 130 companies and organizations are affiliated with ResponsibleSteel, including steelmakers, raw material, automotive, and energy companies that belong to the steel industry value chain and civil society organizations that require sustainability innovation. POSCO also joined the membership in January 2022 and has been pushing forward the site certification.
To obtain site certification, it is necessary to pass the review process of an independent third-party external organization for 370 requirements such as △Climate change and greenhouse gas emissions △ESG management system △Occupational health and safety △Labor rights △Human rights △Stakeholder engagement and communication △Local communities △Noise, Emissions, Effluents, and Waste management △Corporate leadership △Water Stewardship △Biodiversity.
In the written review stage, the ESG policy and implementation of the overall management are checked, and in the on-site inspection stage, evaluation is conducted through interviews with external stakeholders and employees. After that, a panel composed of external experts in each field comprehensively verifies the review results.
Pohang and Gwangyang Works obtained the first ResponsibleSteel site certification in Asia after nine months of inspection and due diligence in recognition of their excellence in ESG management activities and management systems.
An official from ResponsibleSteel said, “It was an opportunity to review POSCO’s efforts for ESG management in detail. I was particularly impressed by the fact that POSCO operated the Corporate Citizenship Love Letter, an online communication channel where stakeholders can anonymously suggest improvements for POSCO.”
Hag-dong Kim, vice chairman & CEO of POSCO said, “This certification was an opportunity to prove the excellence of POSCO’s ESG management. We will become a company that creates a sustainable tomorrow with stakeholders based on the management philosophy of corporate citizenship.”
Meanwhile, POSCO was ranked No.1 in the world’s most competitive steelmaker for 12 consecutive years by World Steel Dynamics (WSD), a global steel analysis agency. In April, it was selected as the World Steel Association’s Sustainability Champion for the first time as a Korean steelmaker, and in October, it was awarded in the Excellence in sustainability category of the Steelie Awards 2022 hosted by the World Steel Association.