Subject category:
Strategy and General Management
Published by:
Stanford Business School
Version: 14 November 2023
Revision date: 18-Dec-2023
Length: 29 pages
Data source: Field research
Abstract
South Korean steelmaking giant POSCO in 2021 had become a global company with businesses in 52 countries. In 2018, POSCO's new chairman and CEO had inaugurated a broader business philosophy, espousing 'Corporate Citizenship' practices as a way for the company to give back to society, beyond the production of steel or creation of jobs. This philosophy included new principles, innovative R&D, action plans, and internal and external cooperation to address climate change, sustainable development, safety, economic and social assistance programs, and cultural facilities - all connected to this broader goal of being good global and local citizens. South Korean citizens had long viewed the company as the bedrock of Korea's industrialization, and a symbol of national pride and 'can-do' spirit. Would South Koreans, along with POSCO's internal and external stakeholders, embrace this new management approach, and the company's new cultural identity?
Time period
The events covered by this case took place in 2021.Geographical setting
Region:
Asia
Country:
South Korea
About
Abstract
South Korean steelmaking giant POSCO in 2021 had become a global company with businesses in 52 countries. In 2018, POSCO's new chairman and CEO had inaugurated a broader business philosophy, espousing 'Corporate Citizenship' practices as a way for the company to give back to society, beyond the production of steel or creation of jobs. This philosophy included new principles, innovative R&D, action plans, and internal and external cooperation to address climate change, sustainable development, safety, economic and social assistance programs, and cultural facilities - all connected to this broader goal of being good global and local citizens. South Korean citizens had long viewed the company as the bedrock of Korea's industrialization, and a symbol of national pride and 'can-do' spirit. Would South Koreans, along with POSCO's internal and external stakeholders, embrace this new management approach, and the company's new cultural identity?
Settings
Time period
The events covered by this case took place in 2021.Geographical setting
Region:
Asia
Country:
South Korea