Fair Trade Compliance Program Operation Status

In 20002, HYUNDAI STEEL introduced and has since enforced the fair trade compliance program (CP) in order to create a basis for viability toward sustainable growth by securing reliability from customers with managerial transparency.

Fair Trade Compliance System of HYUNDAI STEEL

HYUNDAI STEEL leads legal compliance through implementing the seven key factors of the fair trade compliance program.

  • Compliance Intention
    Expression of fair trade compliance intention by CEO
  • Formation of Organization
    Appointment of a compliance manager, Operation of a compliance team, Periodic reports to the CEO and the Board of Directors, Operation of a consultative body on CP
  • Implementation Plan
    Introductory training for new employees, Training with invited specialists & cyber training, Compliance handbook distribution & document management, Sanctions on employees violating fair trade laws, Compliance encouragement awards
  • Monitoring
    Internal inspection by the employee in charge of fair trade, independent inspection by each department, self-diagnosis checklist, counseling and hotline

Fair Trade Compliance Intention

Operation is based on the introduction of fair trade compliance program and an actual system with a view to transparency and fairness.

Compliance Program Declaration

Dear fellow executives and employees of HYUNDAI STEEL!

To overcome the recent difficult business environment and make a new leap forward, in 2020,
Hyundai Steel is focusing its entire capacity on 'Securing sustainable growth engines through strengthening the quality of business’.
As part of this, 'strengthening corporate quality through compliance with fair trade' is the most important point.

In the meantime, in an environment focused on external scale and quantitative growth,
such as maximum production and maximum sales, compliance with fair trade may not have been a top priority for all of us.

But in the present days of strengthening the fundamental competitiveness and promoting qualitative growth,
the law-abiding spirit, including 'compliance with fair trade', is our top priority.
It will be a milestone that will show us the right way forward under any circumstances.

Hyundai Steel has continued making efforts to establish a culture of self-compliance with fair trade through education, inspection, and improvement activities,
since it introduced the Fair Trade Compliance Program in 2002.

Based on these capabilities, we will reorganize the 'compliance management' organization this year and implement a higher level of compliance management.
Also we will accelerate our efforts to achieve our goal of 'creating substantial business performance'.

Executives and employees should also join the company's policy direction and work on the basis of a strong sense of compliance.

Thank you.

2020. 03.
An Tong-il, CEO of Hyundai Steel.

Fair Trade Compliance Promotion Organization

Compliance Promotion Organization : A compliance manager inspects the fulfillment of fair trade compliance by employees and reports its details to the Board of Directors periodically.

CEO - Board of directors - Compliance Manager - Compliance Team - Sales Div. Purchase Div. Finance and Economy Div. Management Planning Div. Management Support Div. Incheon Works Pohang Works Dangjin Steelworks Suncheon Works

Performance in Implementing Fair Trade Compliance Program

Employees' voluntary fair trade compliance is consolidated through annual training, publication and revision of compliance handbook, and irregular internal inspections.

Annual Training Performance

Annual Training Performance
Category 2015 2016 2017 2018 2019
Collective Training 6 sessions for 267 persons 6 sessions for 457 persons 5 sessions for 385 persons 7 sessions for 419 persons 4 sessions for 531 persons
Cyber Training 1 sessions for 219 persons 1 sessions for 170 persons 1 sessions for 190 persons 1 sessions for 288 persons 1 sessions for 148 persons
Total 7 sessions for 486 persons 7 sessions for 627 persons 6 sessions for 575 persons 8 sessions for 707 persons 5 sessions for 679 persons
Outside Training 16 sessions 9 sessions 12 sessions 13 sessions 9 sessions

Publication and Revision of Compliance Handbook

The company supports the fair trade related decision-making of the employees by continuous revision of compliance handbook keeping pace with changes to fair trade related laws and business environment.

  • - 2003 Publication of compliance handbook
  • - 2005 Revision of compliance handbook
  • - 2008 Publication of compliance handbook
  • - 2010 Publication of fair trade compliance guidebook
  • - 2011 Publication of compliance handbook for business operations
  • - 2012 Publication of compliance handbook for purchase
  • - 2014 Publication of compliance handbook

Internal Inspection of Fair Trade Compliance

We are performing irregular internal inspections as shown below, targeting specific teams by selecting work areas requiring a high level of fair trade compliance intention. During the internal inspection, we are also performing training about fair trade related issues that may occur in the process of performing company duties to manage the fair trade violation risks in advance.

Internal Inspection of Fair Trade Compliance
Category 2015 2016 2017 2018 2019
Target Team 60 teams 41 teams 61 teams 52 teams 41 teams