Tata Steel joins ResponsibleSteel to further its sustainability goals
~ The not-for-profit group includes members from every stage of the steel supply chain ~
Tata Steel is now part of ResponsibleSteelTM, the industry’s first global multi-stakeholder standard and certification initiative that helps its members achieve their sustainability goals by providing an independent certification standard and programme via a process that aims to align with the ISEAL* Codes of Good Practice. The ISEAL’s Codes of Good Practice offers a globally recognised framework used by credible sustainability standards that all ISEAL members are required to comply with.
There has been a growing interest over the past decade amongst customers of steel producers, governments, NGOs and the investment community in the corporate responsibility and sustainability credentials of steel companies. This interest has increasingly manifested itself in a desire amongst those stakeholder groups to be able to distinguish between those steel companies that are ‘sustainable’ and ‘responsible’ from those that are not verifiably so.
ResponsibleSteelTM helps its members improve sustainability within the steel supply chain, through a global standard and certification programme for the entire sector that ensures businesses and consumers can be confident that the steel they use has been sourced and produced responsibly at every stage.
T. V. Narendran, CEO & Managing Director, Tata Steel, said: We are pleased to become a member of ResponsibleSteel, the steel sector’s first and only globally present, multi-stakeholder standard and certification initiative for sustainability. We have always emphasised our commitment to sustainable business practices and responsible supply chains. We view sustainability as integral to our business and our policies demonstrate our commitment towards sustainable development and guide us in formulating and implementing our long-term sustainability strategy.
The membership of ResponsibleSteel will provide an ideal platform to build on these credentials of Tata Steel and enable a responsible ecosystem for the steel industry.”
Ali Lucas, Executive Director, ResponsibleSteel, said: “We are absolutely delighted to welcome Tata Steel as a Business member of ResponsibleSteel. As one of the world’s leading steel producers, Tata Steel will bring huge depth, breadth and influence to help us achieve our mission and goals. “
“Working within the world’s largest materials industry‒responsible for over 7% of global GHG emissions‒ ResponsibleSteel represents members from every stage of the steel supply chain. Businesses from multinational mining organisations; global steel producers; processers and end users, as well as civil society, are working with us to find solutions to producing steel in a responsible way. As the world’s only multi-stakeholder standard and certification initiative for the steel sector, we work by building collaborative relationships that create real impact for both the planet and society. We know that the clock is ticking in both finding and implementing solutions to the global environmental crisis. Working with Tata Steel will help us significantly accelerate our vision towards a world where only responsible low CO2 steel is produced,” Ali Lucas further added.
As one of the leading steel producing Company, sustainability sits at the heart of Tata Steel operations across the world. Earlier this year, Tata Steel was recognised as Sustainability Champion 2019 by the World Steel Association (worldsteel) for the third consecutive year. This coveted recognition acknowledges Tata Steel’s efforts in maintaining its leadership as a world-class steel producer that is fully committed to the principles of sustainability. Tata Steel champions its sustainability initiatives through a six-pillar approach that includes Environmental Excellence, Community Care, Health and Safety, HR Practices, Sustainable Mining, Innovation, and Sports.
Steel is the world’s most widely-used material and those who use it in the transport, automotive, infrastructure, packaging, construction, energy and white goods sectors have a growing expectation that the materials they work with are responsibly sourced and produced. As the world’s largest materials industry, steel generates a turnover of $1 trillion and is 10 times larger than the aluminum industry, 7½ times larger than the copper industry and 4 times that of the cement industry.
Tata Steel has been a pioneer in disclosing its sustainability performance transparently through various disclosure platforms. The Company has been publishing Sustainability Reports following the Global Reporting Initiative (GRI) Framework (first company in India) since 2001. The Company has also published five Integrated Reports (first Company in India) in accordance with the Integrated Reporting <IR> framework of the International Integrated Reporting Council (IIRC) and disclosed performance against the Key Performance Indicators (KPIs) relevant to the Company, as per the GRI, the Securities and Exchange Board of India (SEBI) and worldsteel.
ResponsibleSteelTM business members include steel producers, mining companies, automotive OEMs, construction companies and banks (e.g. HSBC) and civil society members include the International Union for Conservation of Nature (IUCN), The Climate Group and CDP.
*- ISEAL- International Social and Environmental Accreditation and Labeling
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US $19.7 billion in the financial year ending March 31, 2020.
A Great Place to Work-CertifiedTM organisation, Tata Steel Ltd., together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000.
Tata Steel was recognised as DJSI steel sector leader in 2018 and has ranked fourth in the steel sector in 2019. Besides being a member of the worldsteel’s Climate Action Programme, Tata Steel has won several awards and recognitions including the World Economic Forum’s Global Lighthouse recognition for its Kalinganagar Plant - a first in India, and Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India’s most valuable Metals & Mining brand by Brand Finance, received the ‘Honourable Mention’ at the National CSR Awards 2019, Steel Sustainability Champion 2019 by worldsteel, CII Greenco Star Performer Award 2019, ‘Most Ethical Company’ award 2020 from Ethisphere Institute, and Best Risk Management Framework & Systems Award (2020) by CNBC TV-18, among several others.
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.
Chief, Corporate Communications-India & SEA