MMK tops ESG transparency rating of Russian companies compiled by Expert RA
Magnitogorsk Iron and Steel Works (MMK) became the leader of the ESG-transparency rating compiled by the rating agency Expert. At the awards ceremony held in Moscow on 5 October, the Company was recognised with certificates of excellence in two categories at once: “Highest Level of ESG Transparency” and “Leadership in ESG Transparency in the Ferrous Metallurgy Category.”
As part of the rating, experts analysed the reports of 120 Russian companies and banks across three components of sustainable development: environmental, social and corporate governance. MMK scored the highest on all three criteria. The Company's overall score was 2.00, the highest possible value, which was assigned to only four companies on the overall list of participants.
"MMK’s high positions in the rating are the result of the Company’s consistent work to improve its quality of ESG reporting, which today reflects the best practices in non-financial disclosure. MMK is stepping up its efforts to develop the region where it operates, improve the social well-being of local residents and preserve the environment. The ESG approach is embedded across all aspects of MMK's business and influences all of its economic decisions. I am pleased that we showed the best result both in the overall rating and in the ferrous metallurgy segment," said MMK CEO Pavel Shilyaev.
MMK has systematically worked to enhance the quality of its ESG reporting. The Company publishes sustainability reports on a regular basis, in addition to offering an ESG Data Pack – a complete database on the Company's sustainability performance, where visitors can easily find numbers for any indicator covering the last seven years.
The Expert RA ESG transparency ranking of companies and banks has been conducted since 2021. It aims to serve as a convenient reference for investors and issuers to obtain information on the best practices in ESG disclosure. The awarding of this year's winners took place during the 3rd annual conference From Transparency to Benefit, which was attended by representatives of the Russian State Duma, the Central Bank, VEB.RF and other agencies, as well as state corporations and non-state companies.