Certification bolsters company-wide compliance risk management

Aims to build trust with global customers and stakeholders

Hyundai Steel Executive Vice President Seo Sang-won, head of the management support division (left), and Korea Fair Competition Federation President Park Jae-gyu pose for a photo at the ISO 37301 certification ceremony. [Hyundai Steel]
Hyundai Steel Executive Vice President Seo Sang-won, head of the management support division (left), and Korea Fair Competition Federation President Park Jae-gyu pose for a photo at the ISO 37301 certification ceremony. [Hyundai Steel]

Hyundai Steel announced Wednesday that it has obtained ISO 37301 certification, the international standard for compliance management systems, earning global recognition for its compliance framework.

The company held a certification ceremony at its Pangyo office in Seongnam, Gyeonggi Province, with Executive Vice President Seo Sang-won, head of the management support division, and Korea Fair Competition Federation President Park Jae-gyu in attendance.

At the ceremony, both sides shared progress made during the certification process and key outcomes, and discussed how to continue improving the effectiveness of the compliance management system.

ISO 37301 is an international standard established by ISO that comprehensively evaluates whether a company has a management framework in place to comply with laws and internal standards related to its business operations and to prevent and manage compliance risks.

During the certification assessment, Hyundai Steel closely analyzed its business environment and stakeholder requirements, evaluated compliance risks that could arise in key operational processes, and developed management measures and improvement tasks.

In addition, the company reinforced its company-wide management framework so that compliance becomes embedded in employees' day-to-day work — including by building a system in which staff in operational departments directly identify and address potential compliance risks in their own areas.

Going forward, Hyundai Steel plans to advance its management framework through a cycle of compliance risk assessment, internal audits, management review and improvement activities, all grounded in ISO 37301. The company said it will actively respond to growing external demands — including ESG (environmental, social and governance) evaluations and supply chain assessments by global customers — and work to strengthen corporate trust.

"This certification is significant in that it has advanced our compliance management activities to the next level in line with international standards," a Hyundai Steel official said. "We will continue to strengthen our management framework so that compliance takes deep root in the work and decision-making of all employees."

Hyundai Steel has also received an AA rating for two consecutive years in the fair-trade voluntary compliance program rating assessment, earning external recognition for the program's performance and effectiveness.

Meanwhile, Hyundai Steel held a ground-breaking ceremony for HPLS in Donaldsonville, Louisiana, on Sept. 4 (local time). HPLS, which will receive a total investment of $5.8 billion, will be the first electric arc furnace-based steel mill in the United States dedicated to automotive steel sheet. Spanning 7.36 million square meters, the facility is set to break ground in the fourth quarter of this year and begin producing 2.7 million tons of hot-rolled, cold-rolled and coated steel sheet annually from the first quarter of 2029.


likehyo85@heraldcorp.com