Severstal has joined the WEF initiative to develop unified ESG reporting metrics

AK&M 27 January 2022 13:27

Severstal has joined the initiative of the World Economic Forum, which aims to promote the principle of responsible corporate reporting and unify approaches to its compilation. This is stated in the message of Severstal.

The companies that supported the WEF initiative undertake to promote further convergence of existing standards to develop a unified international approach to non-financial reporting on common ESG indicators.

In addition, companies undertake to report on key indicators to investors and other stakeholders, for example, in annual reports and reports on sustainable development; publicly support the initiative and encourage business partners to join it.

The initiative unifying the existing standards of non-financial reporting is called "The Metrics of Capitalism for All Stakeholders" (The Stakeholder Capitalism Metrics).

The Metrics were first published by the WEF in 2021 and are fully consistent with the UN Sustainable Development Goals until 2030. With their help, it will be easier for investors and other stakeholders to evaluate the activities of companies from different countries and industries in the field of ESG according to universal criteria. The initiative was supported by the WEF International Business Council.

PJSC Severstal is one of the world's largest vertically integrated steel and mining companies with assets in Russia, Latvia and Poland. The company's shares are listed on the Moscow Stock Exchange, global depositary receipts are listed on the London Stock Exchange. Strategic investor. Additionally, Severstal, as the main supplier of rolled metal, is a legal entity involved in the project, guaranteeing the raw material safety of the project.

Severstal's net profit under IFRS for 9 months of 2021 increased 4.9 times to almost $3.1 billion from $630 million a year earlier. Revenue increased by 63% to $8.27 billion from $5.15 billion, EBITDA increased by 2.65 times to $4.5 billion from $1.7 billion.