In November 2024, Action Speaks Louder (ASL) found that large steel companies were not putting in sufficient effort to make the transition toward renewable energy. In particular, Hyundai Steel's renewable energy usage rate was 0% in 2022 and 2023, placing it at the bottom of the global list.

In response, Solutions for Our Climate (SFOC) and Action Speaks Louder (ASL) conducted an in-depth investigation into the climate response strategies of Hyundai Steel,one of the largest Korean steel companies. The analysis found that Hyundai Steel had no specific plans for the introduction of renewable energy or green hydrogen. On the contrary, emissions have been on the rise, and the company has set the most conservative emissions reduction targets compared to its competitors in Japan, Europe, and the United States.

Hyundai Steel's reliance on fossil fuels is threatening the ESG credibility of its major customers, including Hyundai Motor Company. In a situation where fossil fuel dependency is increasing while renewable energy is not being used at all, it is necessary to reconsider the reliability of the eco-friendly steel brand that Hyundai Steel is promoting.
This report suggests how Hyundai Steel and Hyundai Motor Company can overcome their brand reputation crisis by promising to produce green steel using renewable energy.