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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 receives Global Metals Award for social responsibility

10/15/2021 | 01:52am EST

Magnitogorsk Iron & Steel Works has received a Global Metals Award in the Corporate Social Responsibility nomination. Hosts S&P Global Platts noted MMK's input in the fight against the pandemic and aid to disadvantaged citizens of Magnitogorsk.

Global Metals Awards is an annual awards ceremony hosted by information agency S&P Global Platts to commend "the best-of-the-best in the industry" (according to GMA web page) among metals and mining companies all around the world. In 2021, MMK received an award in the Corporate Social Responsibility category for the measures the Company undertook during the first waves of the COVID-19 pandemic that hit Magnitogorsk in 2020.

"The situation we were in presented a huge challenge, as people required aid and support like never before. This is why we made the decision to do what we can to help the city of Magnitogorsk and its citizens during these trying times," said Victor Rashnikov, Chairman of the Board at PJSC MMK, commenting on the Company's support programme during the pandemic. Already in April 2020, when the pandemic just started to spread, Victor Rashnikov ordered to allocate more than RUB 530 mln to help the citizens of Magnitogorsk and ensure the highest level of epidemiologic safety at MMK facilities.

In 2020, the Company significantly boosted its funding of social and charitable projects to purchase medical equipment for the city's hospitals, pay bonuses to doctors, buy computers and tablets to enable students to study remotely. MMK was also one of the founders of the My Vmeste ("We Stand Together") programme which provided some 300,000 food parcels and 55,000 personal protective kits to some of the most disadvantaged categories of citizens (seniors, financially and physically challenged people).

In total, MMK Group allocated more than RUB 2.9 bln to charity and social programmes in 2020. It was important not to limit social projects to just emergency relief: the Company, as it does on regular basis, invested in the healthcare of its staff, regular medical check-ups and treatment, retreats at healthcare and recreational resorts for adults and children, family and motherhood support, recreational activities, and other purposes. Every year, MMK provides significant financial help to support the city and its citizens, as the Company sees it as investment into the future and sustainable development.

MMK's social projects have been commended at the highest level multiple times. In December 2020, Russian President Vladimir Putin presented awards to MMK and Victor Rashnikov personally for the We Stand Together programme. In October 2021, MMK took the highest ranking among ferrous metallurgy companies in the Social Responsibility rating among Russian PJSCs. Now, the Company's social programmes have been recognised internationally - by S&P Global Platts.

Disclaimer

OAO MMK - Magnitogorskiy Metallurgicheskiy Kombinat published this content on 15 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 October 2021 05:51:05 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 11 652 M - -
Net income 2021 3 244 M - -
Net cash 2021 958 M - -
P/E ratio 2021 212x
Yield 2021 0,36%
Capitalization 698 B 9 445 M -
EV / Sales 2021 59,8x
EV / Sales 2022 66,1x
Nbr of Employees 17 887
Free-Float 18,7%
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Last Close Price 62,46 $
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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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