MMK Boosts Social Investment
MMK Group allocated more than RUB 1,643 million towards charitable purposes and social programmes in the first half of 2022 – a 27.7% increase in social investment from the same period last year – as the Company continues to maintain a high level of social responsibility and fulfil its voluntary social obligations.
Care for people is a top priority for MMK, which views corporate social responsibility projects aimed at supporting employees and residents of Magnitogorsk as a long-term investment in the sustainable development of the region where the Company operates.
"We strive to create favourable living and working conditions for all our employees and their families. For this purpose, we have developed and implemented a wide range of corporate benefits and guarantees, in addition to implementing large-scale social programmes aimed at improving the quality of life in Magnitogorsk more broadly," said Viktor Rashnikov, Chairman of the Board of Directors of MMK.
In the first half of 2022, MMK Group allocated RUB 604.8 million towards charity purposes as part of its social policy. Another RUB 156.9 million were directed towards supporting pensioners and the disabled as part of the Company’s Care comprehensive charity programme. Traditionally, one of the most important areas of the Company's social investments was providing employees with access to a wide range of medical services and implementation of comprehensive medical programmes: MMK allocated RUB 295.8 million towards these purposes in the first six months of 2022.
In addition, in the first half of the year MMK Group allocated funds towards employee compensation for costs related to health resort treatment (RUB 211.1 million) and childrens’ recreation (RUB 19.7 million); the promotion of a healthy lifestyle, expanding opportunities for sports and physical culture and sports facility maintenance (RUB 95.9 million); fertility promotion and support for mothers and large families (RUB 62.9 million); organisation of large-scale cultural events and maintenance of event facilities (RUB 55.7 million); provision of hot meals for the plant’s employees (RUB 52.8 million); as well as funds related to housing, youth and educational programmes (RUB 87.4 million), among other voluntary social obligations.
MMK has a longstanding record of investing heavily in the development of Magnitogorsk as the main area of its presence. As part of this effort, the Company supports the development of the city’s cultural, sports and healthcare facilities and actively participates in landscaping and beautification initiatives in the city. In the first half of 2022, in the total investments into charity and social programmes, the share of the parent company of MMK Group was more than RUB 1,080.2 million.