Dear employees of SeAH Steel,

Inspired by your hard work, earnestly performing everyone’s designated role and fulfilling the responsibilities, we are continually growing and developing as a steel manufacturing enterprise representing Korea in deed as well as in name. First, we want to thank you for your devoted hard work, sincerely.

During the past 60 years, SeAH Steel has been striving to become an enterprise that makes the world beautiful, has integrity and trust as our key values and internalizing the corporate culture authentic to the basics and rules. Lately, ensuring the enterprise’s social legitimacy and transparency has become as important as achieving its goals, and enterprises that keep engaging in immoral management strategies cannot gain approval from society and can’t help falling behind. On the other hand, several governmental supervisory offices are closely monitoring enterprises’ compliance infringements, while laws regulating it and the levels of punishment are gradually strengthening. In such an enterprise environment, compliance is a value that has to be guarded for the company’s sustainable growth and employees’ protection, and also a standard that has to be adhered to throughout the whole process of management activities and task performance.

Strengthening compliance is already a global tendency. In the cases of breaking the law inside and outside Korea, the authorities of the corresponding countries are enforcing heavy punishments and disadvantages not only to the employees but also to the company. Now, all of the employee’s behaviors and minor mistakes can cause severe losses not only on a personal scale but also for the company, and even can significantly damage the value of an enterprise that has been being constructed for more than 60 years by hard work of numerous employees.

From the early days, SeAH Group has been acutely aware that integrity and trust are the key elements to the enterprise’s sustainable development. Taking a step further, on July 1, 2021, we proclaimed compliance management as a key value on the company scale, and now, together with all our employees, we are striving to establish it as our culture.

For this, since 2020, we have been examining the main business processes inside the company and maintaining compliance-related regulations, establishing an internal control system and strengthening the functions of the organizations responsible for compliance. Based on this, we hope that all our employees, when performing their duties externally will abide by the according laws, such as anti-corruption laws and environmental/industrial safety laws, including Commercial Act, Monopoly Regulation and Fair Trade Act, Improper Solicitation and Graft Act, and the possibility of the illegal actions will be prevented. At the same time internally they will contribute to the culture of mutual respect by abiding by the Labor Standards Act, Act of the Equal Employment for both sexes and other labor-related laws.

Due to the social norms emphasizing things such as diversification of enterprise-related regulations, environment protection, and creation of safe work environments, the importance of compliance will continue to grow. Moreover, lately, enterprises are going beyond compliance centered on adherence to regulations and moving to ESG management to implement the enterprise’s values for stockholders and clients. In times like this, we must maintain a position of stressing values such as integrity, compliance, transparency, and compliance. If you detect a fact or a possibility of compliance violation in everyday working activities or face a moment when determining compliance is difficult, do not hesitate and make sure to consult in advance with a compliance organization or legal department.

The future way for SeAH Steel to become a more mature enterprise abiding by basics and regulations, respected by clients and society, and making the world beautiful depends on the efforts of all our employees as parts of the enterprise to hold a strong positivity and moral consciousness and put them into action. Therefore, SeAH Steel strictly declares compliance-centered management and continuously invests the management resources needed to become a model law-abiding enterprise citizen. Our employees are doing their best so that our effort and willingness can be firmly put into action and fulfill the expected goals. Thank you.

SeAH Steel Corporation (‘’Company’’ here below), as a compliance leader, excels in sustainable growth and contributes to enhancing humanity’s healthy culture based on compliance management. It accepts compliance management as the corporate culture and sets and declares a standard compliance policy aimed at employees’ ethical duty execution and abiding by all laws and company regulations.

1. Company and employees abide by all mandatory aspects of standard compliance applied in Korea and overseas.

2. If an employee violates a mandatory aspect of standard compliance or knows about a violation and does not take relevant measures to prevent it, the Company does not bear responsibility; instead the employee can apply disciplinary measures according to internal regulations.

3. All employees are responsible for managing standard compliance issues and report to a person in charge of standard compliance.

4. The Company prepares a system reporting non-compliance to the mandatory aspects of standard compliance can be reported, does not disclose the content of the report and the reporting person’s data, and protects them from unfavorable treatment based on the report.

5. The Company creates, continuously administrates, and improves a standard compliance management system to reach the standard-compliant management goal.

6. The person in charge of standard compliance possesses appropriate power and independence and is obligated to make direct and regular reports to governing bodies.