I think most people who are familiar with Korea's industrial sector are familiar with Pohang Steel. Pohang Steel is the largest steel company in Korea and is very famous in Korea. If you live in Korea, you will likely find many stainless steel products made by Pohang Steel in your daily life.
However, in Korea, there is not only Pohang Steel, but also Hyundai Steel, another large steel company. Under the company name Hyundai, most people will recognize it as an automobile company, but Hyundai Steel can also be considered a large steel company. So this time, I would like to introduce you to Hyundai Steel, a large steel company in Korea.
Introduction to Hyundai Steel
Hyundai Steel is a representative steel company in Korea. It was established as Hyundai Industry in 1953 and changed to its current name in 2001. Hyundai Steel is a comprehensive steel company that encompasses the entire steel industry process, including steel production, processing, and distribution, and boasts world-class technology and quality.
Source: Development of eco-friendly new technology | R&D | Hyundai Steel (hyundai-steel.com)
Hyundai Steel currently operates steel mills in Incheon, Dangjin, Pohang, and Suncheon, and also has steel production and sales bases overseas, including in China, Indonesia, Brazil, and the United States.
Hyundai Steel supplies steel products to various industries including automobiles, shipbuilding, and construction, and holds the world's largest market share in the automotive steel sheet field. Celebrating its 70th anniversary, Hyundai Steel is striving to create a corporate culture that further develops and innovates.
Hyundai Steel’s competitors
POSCO (Pohang Steel): Korea's largest steel company, established in 1968. We have world-class steel production capabilities and technology, and are expanding various business areas both domestically and internationally. Sales in 2020 were approximately 57 trillion won.
Source: Ecopro Next hitter POSCO?... Individual 'scary purchase' - SBS Biz
Dongkuk Steel: Founded in 1954, it is one of Korea's leading steel companies. We operate steel mills in Korea in Busan, Incheon, Pohang, and Dangjin, and we also have a steel mill in Vietnam. Sales in 2020 were approximately 5 trillion won.
Source: Split into three companies, including Dongkuk Steel Group and Dongkuk Holdings - FerroTimes
SeAH Besteel: Founded in 1953, it is a comprehensive steel company in Korea. In addition to steel production, we are expanding into various business fields such as construction, automobile parts, and energy. Sales in 2020 were approximately 7 trillion won.
social impact
Hyundai Steel has established a social contribution vision and is promoting social contribution activities linked to the goals of each area of environment, society, and governance. In addition, we strive to fulfill our corporate social responsibilities by communicating with various stakeholders based on the community participation framework and engaging in community participation activities that reflect their needs.
Source: Vision 2025 | Hyundai Steel (hyundai-steel.com)
Hyundai Steel is presenting Vision 2025 to create value beyond steel and create a new industrial ecosystem model that develops through coexistence. Our goal is to become a partner that supplies the optimal materials needed to create the products our customers dream of, based on the best technology and quality. In addition, we consider the expertise and growth of our members, a safe work environment, transparent and fair competition, and coexistence with partners and suppliers as important values.
Source: Hyundai Steel, Integrated Report 2022 (hyundai-steel.com)
Hyundai Steel conducted a materiality assessment to identify key issues for promoting sustainable management. A total of 36 issue pools were created by combining the company's current status and the special characteristics of the steel industry, including international standard analysis, advanced company benchmarking, and media research, and the 'business impact' and 'stakeholder interest' for the selected issues were calculated. The results of the materiality assessment were derived. Through this, Hyundai Steel is establishing strategies to identify and respond to social factors that affect its business.
