MMK’s annual spending on social and charitable programmes totals RUB 3.4 billion in 2023

Magnitogorsk Iron and Steel Works Group (MMK Group) spent some RUB 3.4 billion on charity and social programmes in 2023.

The Group’s parent company was responsible for the majority of the outlays, with over RUB 2 billion in social expenditures.

The main focus of MMK Group’s social spending in 2023 was philanthropy, with RUB 739 million earmarked for charitable purposes. MMK and its subsidiaries are the largest benefactors of the Metallurg charitable foundation in Magnitogorsk, which implements large-scale programmes for residents of the city and nearby rural areas, including pensioners, people with disabilities, single mothers and the financially disadvantaged. MMK Group spent over RUB 359 million last year to assist pensioners and individuals with disabilities.

The Company also allocated some RUB 575 million towards medical programmes for employees, as well as to cover maintenance and support costs for healthcare facilities at the plant and in the city of Magnitogorsk. MMK launched a new high-tech healthcare programme for personnel last year that enables employees to conclude a contract directly with a corporate insurance partner to receive high-tech medical care. A number of non–pre-existing conditions are covered as insured events, including malignant tumours, heart conditions requiring surgery, organ and tissue transplants, and joint replacements. The insurance costs RUB 4,200 per employee per year, with the employer covering half of the premiums.