POSCO : Publishing of 2016 Sustainability Report

POSCO published '2016 POSCO Report,' which reports its sustainability management performance to its stakeholders. This report is the company's 14th sustainability report. It is an integrated POSCO Report that includes the business report, the sustainability report and the carbon report.

The report consists of the outline which describes the overall performance of POSCO including the CEO's message, and activities and performance. The activities and performance section contains safety and health, supply chain management, solution marketing environmental management and climate change, and, in particular, this year's report includes the direction of mid-to-long-term strategies, e.g. securing new growth engines based on the steel business in consideration of sustainability.

As it did last year, this year's report also includes interviews with executives and external stakeholders. The interviews with the COO In-hwan Oh and the heads of three divisions, i.e. the Steel Production Division, the Technology and Investment Division and the Management Support Division, described the key businesses of the three divisions for 2017 and their will to accomplish their goals. Also, the interviews with stakeholders revealed their expectations for POSCO and improvement plans.

In order to increase the credibility and transparency of the report, POSCO has been verified by Samil PwC. The newly revised international guidelines, i.e. the GRI(Global Reporting Initiative) standard and UN SDGs(Sustainable Development Goals) were applied so that this year's report could be regarded as a reputable report at home and abroad. Also, POSCO had not only POSCO data, but also the integrated ESG(Environmental, Social, Governance) data of its key affiliates validated to enhance the reliability of the report.

POSCO CEO Ohjoon Kwon emphasized in his message the importance of the 4 core strategies for laying down the foundation for POSCO's Next 50 years, i.e. enhancement of the steel business, reinforcement of the business structure of the Group, development of future growth engines, and establishment of a flexible and creative corporate culture. He also said that he would make utmost efforts to comply with the principles of sustainability required of global enterprises, e.g. environment, human rights, labor and anti-corruption, and share the outcomes promptly and transparently with all stakeholders, including investors, customers and local communities.

Meanwhile, POSCO's 2016 report was published in Korean and English. You can download the PDF report from the POSCO website.