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PUBLIC JOINT STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS

(MAGN)
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Public Joint Stock Magnitogorsk Iron & Steel Works : MMK focuses on social projects

12/01/2021 | 04:21am EST

Yaroslava Vrubel, MMK's Head of ESG, took part in ESG Communications, the first conference on building business reputation amid the increasing relevance of the ESG Agenda, organised by the Russian Public Relations Association (RASO). At the conference, Yaroslava Vrubel described how MMK promotes sustainable development by helping its employees and the residents of Magnitogorsk.

Public accountability is one of the key pillars of sustainable development, without which it is impossible to imagine the work of a modern company, said Yaroslava Vrubel. In this regard, Magnitogorsk Iron & Steel Works pays great attention to supporting its employees, providing them with good working conditions and opportunities for professional growth.

MMK's most important priority is to achieve the "Zero injuries" goal by 2025 (as stipulated in the Company's Development Strategy). The Company is automating safety systems, working to identify and minimise injury risks, introducing vigilance systems for transport, and systematically reducing the burden of physical labour by robotising processes. The target by 2025 is to reduce the LTIFR (Lost Time Injury Frequency Rate) to 0.45.

In addition, MMK is actively working to increase employee engagement by encouraging workers to obtain additional qualifications: employees can receive on-the-job training and move up the career ladder - 95% of MMK's managers have been trained internally. The Company pays special attention to young talent, organising annual international conferences and competitions aimed at encouraging the work of young specialists.

Each year, MMK invests substantially in social welfare and the development of the region where it operates - in 2020, the Company's investments in these areas totalled $17 million. This amount included therapeutic and preventive programmes, vouchers to health resorts and recreation centres for employees and their families, housing, educational and youth programmes, maternity and childhood support programmes, and so on. Social and charitable work covers not only employees of the Group's companies, but also residents of Magnitogorsk as a whole.

One of the most ambitious MMK-related development projects in Magnitogorsk is the construction of Attraction Park, initiated by Victor Rashnikov, the Chairman of MMK's Board of Directors. The 400-hectare area owned by MMK will house a museum and educational complex, a medical centre, a sports cluster, a children's amusement park, and other facilities. The project will be completed in 2025, and the first facilities will be launched as early as next year. The Park will help create jobs, diversify the economy of Magnitogorsk, turn it into a multi-regional tourist centre, which is in the best interest of the Company. "We see Magnitogorsk not only as the centre of ferrous metallurgy, but also as a modern, comfortable big city where people have many opportunities and options of how to live and how to build their careers," emphasised Yaroslava Vrubel.

Disclaimer

OAO MMK - Magnitogorskiy Metallurgicheskiy Kombinat published this content on 01 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2021 09:20:02 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 11 547 M - -
Net income 2021 3 069 M - -
Net cash 2021 591 M - -
P/E ratio 2021 2,77x
Yield 2021 22,5%
Capitalization 8 312 M 8 117 M -
EV / Sales 2021 0,67x
EV / Sales 2022 0,77x
Nbr of Employees 17 887
Free-Float 18,7%
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Number of Analysts 4
Last Close Price 0,81 $
Average target price 1,16 $
Spread / Average Target 43,0%
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Managers and Directors
Pavel Vladimirovich Shilyaev Chief Executive Officer & Director
Maria V. Nikulina Head-Finance Resources
Victor Filippovich Rashnikov Chairman
Vadim N. Feoktistov Chief Information Technology Specialist
Valeriy Yaroslavovich Martsinovich Independent Director
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