Hyundai Steel steps up social responsibility efforts

Korean companies are increasingly emphasizing their commitment to a better society to improve their image and make their growth sustainable.

Hyundai Steel has set an example for incorporating social responsibility in management philosophy with a range of in-house projects since 2008. Its endeavor has already been recognized by local and international organizations. 

In 2009, Hyundai Steel became the first Hyundai Kia Automotive Group firm to be included in the Dow Jones Sustainability Index for Asia Pacific which picked 130 firms from the region’s 600 largest companies. Hyundai Steel was also included in the index for Korea, which selected 41 firms from the countries 200 largest companies. The company also received the top award for the private sector in the Ministry of Knowledge Economy’s sustainability award. In addition, Hyundai Steel was assessed by the Korea Standards Association to be the most sustainable company in the metal and machinery industry in Korea.

Such achievements are the result of Hyundai Steel’s systematic approach to corporate social responsibility.

In order to operate its corporate social responsibility projects more effectively and encourage more employee participation, the company has introduced a number of measures over the years.

In 2008, the company established a social responsibility committee chaired by the company’s chief executive as part such efforts. 

Before the launch, the company has been pushing various measures including a matching grant system introduced in 2005. 

Hyundai Steel employees taking part in the campaign to donate a set amount from their monthly paychecks, and the company donates matching amounts to the fund.

According to the company, the number of those taking part in the project has increased gradually since its launch and now about 33 percent of Hyundai Steel employees have signed up, generating about 340 million won ($288,000) each year. 

The fund is used once a year on a variety of projects ranging from teaching elementary school students about the environment and providing throwing fire extinguishers to facilities for the disabled to repairing houses for underprivileged households. 

The project repairing houses, conducted in collaboration with the Korean branch of Habitat for Humanity, is one of Hyundai Steel’s key corporate social responsibility project for this year.