US: Colin Powell recognises US Steel's corporate citizenship

Date: 15 Oct 2003

US Secretary of State Colin Powell has presented the Secretary of State's 2003 Award for Corporate Excellence to United States Steel Corporation for its 'exemplary corporate citizenship, innovation and business practices in the Slovak Republic and for exhibiting the qualities of conscience, character and integrity'.

Since 1999, the awards have been given annually to multinational enterprises by the Secretary of State to emphasize the important role US businesses can play abroad to advance ethical practices and democratic values and to recognize those companies' exemplary conduct in overseas operations. Companies are selected through a Department-wide review of nominations from U.S. ambassadors.

In accepting the award, Usher thanked Ambassador Weiser and the Embassy staff in Bratislava for nominating U. S. Steel in recognition of the company's activities in the Slovak Republic through its U. S. Steel Kosice (USSK) subsidiary. He also thanked the Slovak Republic government, which "works with us in a real spirit of business-government cooperation."

Chairman and Chief Executive Officer Thomas Usher said: "We entered Slovakia with our minds open to learning from our new Slovak partners, and with a strong determination to carry our best traditions, know-how, and professional practices with us.

"While many of our accomplishments occurred inside the mill gates, some of our greatest satisfaction has come from participating in Slovak community life, mindful that we are always ambassadors of the American business community."

US Steel has long prided itself in having been a trailblazer in good corporate governance. According to the company, it was the first corporation to: publish an annual report (in 1903); hold an annual meeting for its shareholders (1902); create and apply a code of business conduct (circa 1909); introduce benefit programs, medical and pension plans (1902-1908); adopt the eight-hour workday (1923); recognize the steelworkers' union (1937); and establish an employee stock program (circa 1903).

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