HYUNDAI-STEEL

Hyundai Steel organizes a majority of its directors as Independent Directors.

In addition, all directors are appointed by presenting individual agenda items at the general shareholders' meeting, so that they can faithfully perform their duties as Independent Directors. Hyundai Steel prohibits concurrent offices as directors, executive officers, and auditors of two or more other companies. Hyundai Steel abides by domestic commercial law and other related laws in order to verify the independence of Independent Directors, and also establishes independence requirements which apply or more stringent than global code; the Board of Director and Independent Director Candidate Candidate Recommendation Committee shall determine the independence of a candidate of, and an incumbent director based on these requirements. Independent Directors are directors who are not members of the company’s executive directors, and are not in any of the following subparagraph. Those applicable to any of these subparagraphs will lose their position:

• Directors, executive officers and employees of the company, or directors, auditors, executive officers or employees who have been in the executive position of the company within the last two years;
• The largest shareholder him/herself, or his/her spouse and direct ancestor or descendant
• Director, auditor, executive officer, and employee of the corporation, if corporation being the largest shareholder;
• Spouse, direct ancestor or descendant of a director, auditor, and executive director;
• Director, auditor, executive officer and employee of the parent company or subsidiary of the company
• Directors, auditors, executive officers and employees of a corporation with important interests, such as the business relation like a significant customer or supplier of the company 
• Director, auditor, executive officer, and employee of other companies in which the directors, executive officers and employees of the Company are directors or executive officers;
• Director, auditor, executive officer, and employee of a corporation whose combined trading performance with the company in the last three business year is 10% or more than the company’s total assets or operating profits
• Directors, auditors, executive officers and employees of a corporation that has entered into a single trading contract with the Company for an amount equal to 10% or more than its total sales during the recent business year.
• The director must not accept or have a Family Member who accepts any payments from the company or any parent or subsidiary of the company in excess of $60,000 during the current fiscal year or any of the past three fiscal years
• The director must not be (and must not be affiliated with a company that is) an adviser or consultant to the company or a member of the company’s senior management

In addition to the requirements above, the Board of Directors shall consider comprehensively how a director is related to the company in determining its independence, including the domestic and international circumstances and that of directors and the company.