Maanshan Iron & Steel

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.

Maanshan Iron & Steel has set a goal to achieve a carbon peak in 2023, acquire the technological capability for 30% carbon reduction by 2025 and strive to reduce its emissions by 30% by 2035, and achieve carbon neutrality by 2050. However, the company should set intermediate targets that align with a 1.5°C pathway at regular five-year gaps to incentivise continued action on its longer-term goal. The company discloses its emissions from 2019 to 2022 and shows a decrease in the emissions intensity. However, to demonstrate commitment to a low-carbon transition, companies should disclose at least five years of historic emissions data.

Maanshan Iron & Steel has established a Carbon Neutral Office under its Leading Group on Carbon Neutrality, but it remains unclear whether the company has board-level oversight of climate change issues. 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, the company has not disclosed any efforts related to promoting low-carbon electricity; integrating hydrogen technology; developing carbon capture, utilisation and storage (CCU/CCS) solutions; or valorising by-products. While it reuses 27% of its steel waste and aims for 100% recycling by 2022 under its ‘Solid Waste Does Not Leave the Factory’ plan, its targets post-2022 are not specified.

The company has seen a decrease in emissions intensity between 2019 and 2022. However, the lack of disclosure of its climate and emissions data for previous years limits a comprehensive view of its decarbonisation progress and plans. To demonstrate its commitment to the transition, the company should disclose at least five years of historical emissions data. Additionally, the company has not disclosed its research and development (R&D) expenditures for the last three years, nor has it provided quantitative data on its investment in low-carbon technologies.

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

Maanshan Iron & Steel has set a goal to achieve a carbon peak in 2023, acquire the technological capability for carbon reduction by 30% by 2025 and strive to reduce its emissions by 30% by 2035, and achieve carbon neutrality by 2050. However, the company should set intermediate targets that align with a 1.5°C pathway at regular five-year gaps to incentivise near-term action on longer-term goals.

Between 2019 and 2022, Maanshan Iron & Steel decreased its emisisons intensity at a rate of 1.4% a year. However, to get on track with a 1.5°C pathway, the company needs to deliver an emissions intensity reduction of 2.8% annually from 2022 to 2027. The company should also disclose its climate strategy towards a low-carbon transition, including financial estimations and associated costs as well as short- and long-term action plans.

Maanshan Iron & Steel needs to provide further details on its climate strategy towards a low-carbon transition, including financial estimations and associated costs, as well as short- and long-term action plans. The company also lacks a comprehensive stakeholder engagement strategy on climate change or emissions reduction.

Maanshan Iron & Steel 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.

The company does not disclose a transition plan. It 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.

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 action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks. No public commitment by the company was found stating its intention to re- and up-skill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company re- and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to 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 policies or commitments of the company 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 were found in the public domain. These issues include the provision of secure, safe and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision-making.

The company discloses the corporate income tax paid for each relevant jurisdiction. However, no other policies or commitments of the company 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 relationships with business partners.