현대제철 통합보고서
Issues
Issues
Sustainable Community2.2
Creating a Resource Circulation System – Coffee Grounds Recycling Project
The 'Coffee Grounds Recycling Project', our most well-known social contribution effort, was awarded the 7th Porter Prize for Excellence in CSV in the category of Effectiveness in 2020. The Porter Prize was created in partnership with Harvard Professor Michael Porter to recognize companies and institutions that have shown leadership in CSV(Creating Shared Value). Hyundai Steel was recognized for its contribution to addressing social issues through the Coffee Grounds Recycling Project. Coffee grounds are the by-product from brewing coffee, and for this project, Hyundai Steel applied the concept used in its circular-economy initiative for reusing discarded steel scrap. From 2018, in cooperation with the central and local governments and NGOs, Hyundai Steel collected coffee grounds produced in the city of Incheon and upcycled them into eco-friendly products such as flower pots, bricks and road paving material. This not only reduced waste in local communities, but also helped create jobs for the underprivileged.
In 2020, with the participation of coffee shops in Incheon, and specifically the city districts of Jung-gu and Michuhol-gu, we collected a monthly average of 15 tons of coffee grounds, enabling us to support four social ventures that took part in the second edition of our open competition. In recognition of these achievements, the Coffee Grounds Recycling Project was declared last November by Incheon as part of the city’s Eco-friendly Resource Circulation Policy. In March 2021, our MOU with the city of Incheon was extended and expanded to include the districts of Bupyeong-gu, Namdong-gu and Seo-gu in Incheon. Hyundai Steel will continue our commitments to strengthening local resource circulation and raising public awareness of recycling.
Corporate value
Fostered a favorable business environment and enhance our image as an eco-friendly business
- Built partnerships with 10 public institutions, including Incheon Metropolitan City and other local governments, by signing MOUs
- Held a conference in July 2020(participation by Incheon City, media coverage exceeding 45 cases)
- Ran advertisements for public campaigns at three major subway stations
Social value
Waste recycling / Public contest for recycling
- Collected an average of 15 tons of coffee grounds from coffee shops in Incheon per month
- Reduced waste by 360 tons and save landfill costs of KRW 210 million
- Supported the commercialization of four social ventures
Joining the Global Initiative 'Responsible Steel'
Domestic and overseas investment institutions and rating agencies have recently been incorporating ESG1) themes into their ratings to a greater degree. The European Union, since 2018, has made it mandatory for companies to disclose ESG data and response measures. As such, ESG is gradually gaining importance in business management and accordingly, Hyundai Steel became the first Korean company to join the global steel industry initiative, 'Responsible Steel', in a bid to internalize ESG requirements under our mid- to long-term sustainability strategy. As an ESG initiative bringing together 71 related entities, including steelmakers and automakers, 'Responsible Steel' is developing the steel industry’s first ESG standards and certifications with the aim of achieving 'sustainable steel'. Hyundai Steel aims to cultivate a global network of leading companies to actively address ESG issues and systematically manage ESG matters. At the same time, by joining the ESG initiative, we seek not only to strengthen our self-directed ESG management, but also to secure the trust of the market and of society in the field of ESG and thereby achieve a leading position.
- 1) ESG: Acronym for the non-financial business factors of Environment, Social and Governance. Used in business decision-making on evaluations, investment and other dealings as an additional non-financial consideration.
서울시 서초구 헌릉로 12 TEL 02) 3464-6114 FAX 02) 3464-6060
COPYRIGHT(C) HYUNDAI STEEL. ALL RIGHT RESERVED