Seoul: POSCO Group, a South Korean steel-to-construction conglomerate, announced that it has signed an initial agreement with a global safety consulting firm to revamp its safety system in response to multiple fatal workplace incidents.

According to Yonhap News Agency, POSCO has entered into a memorandum of understanding (MOU) with Switzerland-based SGS, a testing and inspection group, to conduct an in-depth review of the conglomerate's safety protocols and to develop effective safety measures. This agreement aims to significantly improve POSCO's safety standards through reforms in systems, culture, and technologies related to worker protection, as stated by POSCO Chairman Chang In-hwa.

Under the terms of the MOU, SGS will commence inspections of the safety system at POSCO's construction division, POSCO Engineering and Construction (E and C) Co., later this month. This is part of the company's strategic response to a series of workplace accidents that have occurred.

On August 6, POSCO E and C implemented an emergency management system and temporarily halted new orders in its infrastructure business following a series of workplace incidents. This decision followed a critical electrocution injury of a Myanmar worker in his 30s at an expressway construction site in Gwangmyeong, which marked the fourth fatal accident this year at sites operated by POSCO E and C.

In addition to these measures, POSCO Group is working on establishing a dedicated safety unit. The company is exploring various strategies, such as benchmarking global safety-focused companies or potentially acquiring a provider of safety solutions, as indicated in their press release.