Metalloinvest Improves Its EcoVadis ESG-rating Score and Cuts Interest Rate on ING Green Financing
Metalloinvest, a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, has been awarded 65 points in its annual EcoVadis ESG-rating review, placing the Company in the top 7% of companies globally.
Following the annual review, Metalloinvest confirmed its compliance with the ‘Silver’ rating. The Company's rating improved by 5 points to 65 points, which is a record year-on-year increase since receiving its debut rating in 2018, while the average industry rating was 43 points.
Among the producers in the manufacture of basic iron and steel industry, the Company featured in the top 9% in the ‘Environment’ category and in the top 5% in ‘Labor and Human Rights” category.
Nazim Efendiev, CEO of Management Company Metalloinvest, commented: “Sustainable development is an integral part of our long-term development strategy. We value our partnerships both with customers, suppliers and contractors, as well as with the Company's employees. Therefore, we pay great attention to improving policies and introducing best practices that help create a comfortable environment for all our stakeholders. The Company’s new ESG rating assigned by EcoVadis at 65 points, reflects our significant progress in this area and allows us to reduce the interest rate on the green financing line opened with ING Bank.”
In 2019, Metalloinvest became the first private company in Russia to open a green finance credit line, the interest rate of which was tied to the EcoVadis ESG-rating. Opened at ING Bank, the line in the amount of USD 100 mn or EUR equivalent was extended by 3 years in 2020.