POSCO named Steel Sustainability Champion

POSCO Group Chairman Choi Jeong-woo holds the certificate for the World Steel Association's 2022 Steel Sustainability Champion commendation. Courtesy of POSCO

By Park Jae-hyuk

POSCO became Korea's first steelmaker to be selected as an annual Steel Sustainability Champion by the World Steel Association, the company said Wednesday.

Since 2018, the international association with around 140 members has annually commended the steel companies that are most clearly demonstrating their commitment and action to sustainable development. It has also reevaluated all of its members every year to encourage them to continue to pursue high-quality sustainable management.

Under the policy, 15 steelmakers had maintained their status as Sustainability Champions until 2021.

POSCO is the only one company that newly won the status this year, during the association's two-day general meeting in London earlier this week. Six among the previous 15 Sustainability Champions lost their status.

In order to become a Sustainability Champion, a company must sign the association's Sustainability Charter and provide life cycle inventory data to the association's data collection program. It should also be shortlisted in one of the five categories of the association's Steelie Awards or must be recognized in the association's safety and health recognition program.

POSCO said that it was recognized for its efforts to pursue management guided by environmental, social and corporate governance (ESG) factors, for its declaration of the goal to achieve carbon neutrality by 2050, for the establishment of an ESG committee and governance reforms.

“It was the result of POSCO Group's continuous efforts toward carbon neutrality and the development of eco-friendly materials,” POSCO Group Chairman Choi Jeong-woo said. “We will continue to lead the global trend of sustainable ESG management in the steelmaking industry.”

He also attended the meeting of the association's executive committee, comprised of the CEOs of 16 global steelmakers, on the sidelines of its general meeting, in order to discuss major topics facing the steelmaking industry recently, such as carbon emission reduction technologies, steelmaking systems for future mobility and the possible impacts of global infrastructure investments on steelmakers.

Choi, who was appointed the association's vice chairman last October and who will start serving as its chairman from this October, suggested that the committee members organize a consortium for carbon neutrality and jointly develop carbon emission reduction technologies, according to POSCO.