This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Hyundai Steel’s steelmaking operations and global supply chain are linked to documented environmental destruction across multiple continents. A 2025 report by Mighty Earth and coalition partners details that Hyundai Steel sources iron ore from mines in Brazil and Mexico associated with deforestation, water contamination, and harm to Indigenous communities. The company’s supply chain also includes metallurgical coal from operations in Australia, Canada, Russia, and Colombia linked to habitat destruction and pollution.
The company’s own steel production facilities, such as its integrated mills in South Korea, are major point sources of industrial pollution. While Hyundai Motor Company’s 2025 Sustainability Report outlines a broad “Road to Sustainability,” it does not address the specific, documented ecological damage attributed to Hyundai Steel’s raw material sourcing and production processes. The evidence indicates a pattern of environmental harm embedded in the company’s global supply chain, which remains unmitigated by publicly available due diligence.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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