SSAB

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.

SSAB has set a target to reduce its absolute scope 1 and 2 emissions by 35% by 2032 with 2018 as the base year. However, the company still lacks an adequate commitment and horizon for this goal. Moreover, no evidence was found that the company discloses the emissions intensity of its ore-based crude steel production and scrap electric arc furnace (EAF) crude steel production, or the emissions intensity of purchased steel for its operations over the past 3-5 years.

SSAB should report its board’s climate-related expertise or experience as well as the incentives for its board members for managing the low-carbon transition. The company does not have a low-carbon transition plan aligned with a 1.5°C pathway. Also, it does not disclose its process to review and update its low-carbon transition plan, nor a commitment to report on progress against its transition plan. Though the company incorporates decarbonisation actions in its business model, it should describe detailed information about these actions, including their scope. SSAB should also disclose its revenue from low-carbon activities or products for the past three years.

The company allocates R&D expenditure to low-carbon technologies, but not specifically to non-mature low-carbon technologies. Also, it does not detail the extent or the maturity of its existing interventions for reducing emissions for purchased products.

SSAB doesn’t publicly disclose its supplier and client engagement strategies. Additionally, though the company publicly supports the Paris Agreement, it retains memberships in several key industry associations that oppose climate policy. There is no publicly available evidence that SSAB has dan action plan detailing its response when alliances, associations, coalitions or think tanks that it is a member of take a climate-negative stance. Lastly, no evidence was found of the company having a process to ensure its policy positions are consistent with the Paris Agreement goals.

SSAB discloses its scope 1, 2 and 3 emissions data and has a target to reduce its scope 1 and 2 emissions by 35% by 2032. Also, the company has committed to a 2050 net-zero target for its scope 1 and 2 emissions and relevant parts of its scope 3 emissions. However, it does not have specific interim targets for scope 3 emissions originating from its supply chain.

SSAB invests in HYBRIT technology for fossil-free steelmaking based on hydrogen use. However, it does not report its R&D expenditure on non-mature low-carbon technologies. The company has a goal to achieve net-zero emissions by 2050. However, its transition plan should provide comprehensive information on how it will achieve this, including detailed financial implications and structured processes to review, update and report progress against the target.

SSAB has achieved 19% of its 2030 emissions target. The company tried to reduce carbon dioxide emissions through test production at a HYBRIT pilot plant and a pilot hydrogen gas storage facility. However, to align with a 1.5°C pathway, the company should fully actualise HYBRIT technology by actively investing in both non-mature and mature low-carbon technologies.

SSAB has been investing in HYBRIT technology, which involves hydrogen use in steelmaking. The company reported that its R&D expenditure for the past three years was around USD 110.5 million, of which 29% was spent on low-carbon technologies. However, the company should clearly disclose its respective investments in mature and non-mature climate technologies.

SSAB has a transition plan which sets out targets for 2032 and 2050. This includes a goal to reduce carbon dioxide emissions through HYBRIT technology. It also describes actions that the company plans to initiate to achieve its targets. However, the company should disclose the financial implications of its transition plan and its processes for reviewing and updating the plan and reporting its progress.

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. However, the company does have a grievance mechanism available to workers and affected stakeholders.

While the company commits to respecting the health and safety of its workers, no evidence was found that it expects the same commitment from its business relationships. No evidence was found of the company having a time-bound target for paying all workers a living wage. No evidence was found that the company discloses the proportion of its direct workforce covered by collective bargaining agreements or its required working hours. The company discloses some indicators of workforce diversity, such as the age and gender of its workforce by employee category. However, no relevant disclosure was found of additional indicators of workforce diversity. No evidence was found that the company commits to promoting gender equality and women’s empowerment.

No evidence was found that the company commits to protecting personal data and that it has a privacy statement regarding the collection, sharing and access to personal data. While the company discloses its global tax strategy, no relevant disclosure was found of the corporate income tax it pays in each relevant jurisdiction. The company does have a policy prohibiting bribery and corruption, and it includes corresponding clauses in its business relationship contracts. It also has a lobbying and political engagement policy, and it specifies that it does not make political contributions. However, no relevant disclosure was found of the company’s expenditure on lobbying activities.