Magnitogorsk Iron and Steel Works Wins Award in “Best Russian Companies. Growth, Efficiency, Responsibility” Competition
The annual award, which is granted by the Russian Union of Industrialists and Entrepreneurs, uses a rating system designed to recognize companies that support sustainable development corresponding to long-term economic interests of the business.
The awards ceremony was held on 7 February 2012 as part of the annual “Week of Russian Business 2012” forum organized by the Russian Union of Industrialists and Entrepreneurs. MMK was recognized as a socially responsible company that is fulfilling its voluntary obligations to society. The Company’s annual budget for charity and social programs designed for both employees and residents of Magnitogorsk is more than RUB 1 billion.
Among the priorities of the factory’s social program are supporting motherhood and childhood. MMK’s charity foundation “Metalurg” (Steelmaker) has been implementing a multi-faceted charity program called “XXI Century for the children of the Southern Urals”. The program aims to support social infrastructure, organize entertainment and cultural programs for children, among others.
MMK also continues to implement its “Affordable housing for MMK employees” program. In 2012, two new multi-story residential buildings with a total floor space of 6,780 square meters will be delivered. Last year 300 MMK employees held housewarming celebrations. The cost of housing per square meter for employees of the factory is the lowest in Magnitogorsk.
MMK CEO Boris Dubrovsky said: “MMK successfully navigated the economic challenges of the last few years while maintaining all of its socially important programs. We have been and will remain committed to caring for our employees, their families and the residents of Magnitogorsk.”
MMK is one of the world's largest steel producers and a leading Russian metals company. IThe company's operations in Russia include a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of higher value added products. In 2010 the company produced 11.4 mln tonnes of crude steel and 10.4 mln tonnes of commercial steel products. MMK Group revenue in 2010 stood at USD 7.719 bn, EBITDA at USD 1.606 bn, profit for the period - USD 232 mln.
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