l Hosted by S&P Global Platts, the Global Metals Awards announces the winners of 15 categories in the global metals & mining industry
l POSCO’s endeavor to resolve social issues based on its management philosophy, ‘Corporate Citizenship,’ well-received
l POSCO acknowledged for its competitiveness, such as better business performance than competitors under difficult business environment and its smart manufacturing system
POSCO won the ‘Steel Industry Leadership’ category at the 2020 Global Metals Awards, which was hosted by S&P Global Platts, on June 30.
The award ceremony was held online this year in the aftermath of the COVID-19 pandemic. Initially, the event was scheduled to take place in London with officials from over 100 organizations, including companies related to the global metal industry, suppliers of raw materials and facilities, trading companies, and major press media.
S&P Global Platts (Platts) is the world’s largest information provider for the steel, raw materials, and the energy market. Platts is a division of S&P Global, a global financial service firm that possesses S&P Global Ratings and S&P Dow Jones, which operates the S&P 500 index. Since 2013, Platts has been honoring the Global Metals Awards to companies in the global metals & mining industry for their accomplishments. The Awards are composed of 15 different categories, including Steel Industry Leadership, Aluminum Industry Leadership, Raw Materials & Mining Industry Leadership, Breakthrough Solution of the Year, and Corporate Social Responsibility Award.
Finalists for the Global Metals Awards are selected from numerous candidates who are self-nominated or have received recommendations from other companies and institutions. The winners are announced amongst the finalists, after the judging process by an impartial panel of international experts whose background and experience include regulation, corporate leadership, trading, and technology.
In May, POSCO put its name as a finalist in three categories: Steel Industry Leadership, Breakthrough Solution of the Year, and Corporate Social Responsibility Award. POSCO was selected as the winner of the ‘Steel Industry Leadership’ category, owing to its relatively favorable business performance despite a faltering global economy and the rise in global protectionism worsening steel market conditions.
Prior to this year, POSCO won the Global Metals Awards in 2018 and is currently the only Korean company to receive the award.
Platts said that POSCO demonstrated substantial performance by selling 10 million tons of World Top Premium products, promoting Cost Innovation (CI) 2020, which is a cost-cutting activity, and establishing smart manufacturing systems utilizing AI and Big Data. POSCO was also acknowledged for its endeavors to systemize shared growth programs and excavate future growth engines such as secondary battery material business.
In addition to its business performance, the company received positive reviews regarding its role in resolving social issues and realizing its management philosophy, Corporate Citizenship, through various contribution activities, including the 1% Foundation, Talent Volunteers, and environmental activities. POSCO’s introduction of AI technology and its selection as a Lighthouse Factory by WEF was well-received as well.
POSCO has been named the most competitive steelmaker for ten consecutive years by World Steel Dynamics Inc. (WSD), a global research institution for the steel industry. Since 2003, the company has also been acknowledged by the DJSI(Dow Jones Sustainability Indices) for its excellence in sustainability.