Hesteel

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

Hesteel has not publicly disclosed emissions reduction targets for any of its scope 1, 2 or 3 emissions originating from its operations or its supply chain. The company should develop a long-term target that aligns with a 1.5°C pathway and covers its scope 1, 2 and 3 emissions. Additionally, the company should set intermediate targets at gaps of no more than five years to incentivise near-term action on longer-term goals. There is no evidence that Hesteel discloses its emissions from 2017 to 2022. To demonstrate commitment to a low-carbon transition, companies should disclose at least five years of historic emissions data.

Hesteel lacks a low-carbon transition plan and board-level oversight of climate change, and shows no development of low-carbon activities beyond its core operations. The company needs a detailed, time-bound action plan with medium- and long-term targets, key performance indicators and financial commitments aligned with a 1.5°C pathway. Further, Hesteel has no disclosure on promoting low-carbon electricity and lacks clarity on its scrap recycling and by-product valorisation efforts. It has begun a hydrogen metallurgy project for its direct reduced iron (DRI) products to reduce emissions and has signed a deal to explore carbon capture, utilisation and storage (CCUS) technology, though both initiatives are still in the initial stages.

The lack of climate and emissions data in the company’s reporting inhibits a full view of its decarbonisation progress and plans. To demonstrate a commitment to the low-carbon transition, the company should disclose at least five years of historic emissions data. Additionally, Hesteel has not disclosed its research and development (R&D) expenditure in the last three years, nor has it provided quantitative data on its investment in low-carbon technologies.

Hesteel lacks both supplier and client engagement strategies to promote emissions reduction and the low-carbon transition. The company can improve by providing clear guidance on how it expects its supply chain to align with the low-carbon transition. Moreover, the company lacks a policy for engaging with trade associations on climate change and should consider publicly committing to the Paris Agreement as well as actively participating in initiatives to strengthen its commitment to emissions reduction.

Hesteel does not publicly disclose its emissions data and does not have emissions reduction targets for any of its scope 1, 2 or 3 emissions originating from its operations or its supply chain.

Hesteel lack of targets, strategy and emissions intensity data all suggest that the company is not yet committed to the low-carbon transition.

The company does not sufficiently disclose its scope 1 and 2 emissions data from 2015 to 2020 to allow for a meaningful assessment of its historical emissions intensity trend.

Hesteel does not provide information regarding its low-carbon capital expenditure and low-carbon mitigation R&D. The company also does not disclose whether it is creating or expanding low-carbon business models or implementing actions to decarbonise activities within its existing business models.

Hesteel does not have a transition plan and there is no evidence it intends to develop one in the near future.

No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.
No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s actions to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups.
No relevant disclosure was found of the company’s assessment of employment dislocation risks. Further, No public commitment by the company was found stating its intention to reskill and upskill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company reskills and upskills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies the impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to their social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.
No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No company policies or commitments related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence of the company’s policies or commitments related to key decent work issues was found in the public domain. These issues include the provision of safe, secure and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision-making.

No company policies or commitments related to key ethical business topics – personal data protection, tax, bribery and corruption, and lobbying and political engagement – were found in the public domain. This includes ensuring ethical business conduct throughout its operations and in its business relationships.