POSCO selected as Sustainability Champion by worldsteel

POSCO is the first Korean steelmaker to be selected as the Sustainability Champion at the World Steel Association's (worldsteel) meeting held in London, over two days from 11-12, April 2022.

Since 2018, the World Steel Association has been selecting the best among its 140 member companies leading the sustainability aspects of the steel industry. A total of 15 steel companies were selected last year. Each year, companies are re-evaluated to induce them to maintain a high level of sustainability management.

POSCO was the only new member to be selected this year, and among the existing best members, six were eliminated and only nine were re-selected.

Criteria for recognition

• Selecting a member with excellent sustainability.
  
  
• Becoming a finalist for the Steel Awards.
  
  
• Publishing a sustainability report.
  
  
• Submitting sustainability data.
  
  
• Submitting carbon emission, life-cycle inventory (LCI) data for each material.
  
  

The above-mentioned five conditions must be met by the steel companies to be recognized in environmental, social, and governance (ESG) fields in order to receive the highest honour.

In addition to meeting all five conditions, POSCO was selected as the only new best member this year in recognition of its efforts and achievements in ESG management, including the declaration of 2050 carbon neutrality goals, establishment of an ESG-only organization, and putting in place an advanced governance structure.

POSCO Group Chairman Choi Jeong-woo said, "It is the result of POSCO Group's ceaseless efforts to develop carbon-neutral and eco-friendly materials to create a sustainable future for mankind."

Chairman Choi attended the meeting of the Executive Committee, the highest decision-making body, held during the regular meeting hours. The executive committee, comprised of CEOs of 16 global steel companies, discussed major issues facing steel companies around the world, such as the joint development of carbon reduction technology, the development of future mobility steel solutions, and the impact of global infrastructure investment trends on the steel industry.

At this meeting, Chairman Choi drew a consensus from the committee by suggesting the formation of a consortium under the World Steel Association to achieve carbon neutrality, a global issue, and joint development of carbon reduction technology in the steel industry.

Chairman Choi was appointed as the Vice-President of the World Steel Association in October, 2021, and from October, 2022, he will represent the global steel industry as its Chairman.

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