Home / Press Releases / Metalloinvest upgrades EcoVadis ESG rating and lowers interest rate for ING green financing

Metalloinvest upgrades EcoVadis ESG rating and lowers interest rate for ING green financing

Press Releases

Metalloinvest (the "Company"), a leading manufacturer and supplier of iron ore products and hot briquetted iron in the global market, one of the regional producers of high-quality steel, announces that it has been awarded 65 points as part of the annual ESG rating EcoVadis, which made it possible to enter in the top 7% of the best companies in the world.

Following the rating update, Metalloinvest confirmed its compliance with the "Silver" level. The Company's rating improved by 5 points to 65 points, which is a record one-time increase since receiving the debut rating in 2018, while the industry average is 43 points.

Among producers of metal resources and steel, the Company was ranked among the top 9% according to the “Environment” criterion and 5% of the best according to the “Labor and Human Rights” criterion.

“Sustainable development issues are an integral part of our long-term strategy,” said Nazim Efendiev, CEO of Metalloinvest. - We highly value our partnerships with both customers, suppliers and contractors, and 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 stakeholders. The new ESG rating of the Company, assigned by EcoVadis at 65 points, reflects the significant progress of Metalloinvest 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 financing line of credit, the interest rate of which was tied to the EcoVadis rating (at ING Bank in the amount of USD 100 million or the equivalent in euros) ... In 2020, the line was extended by 3 years.

For reference:

Currently, the Company has ESG ratings from four independent international agencies: EcoVadis, SAM ESG, ISS ESG and Sustainalytics; is a member of the UN Global Compact (UNGC) and supports UN global initiatives, including the 17 UN Sustainable Development Goals (UN SDGs).

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