Reporting and Stakeholder Engagement
Sustainability reporting holds immense importance for our company, as highlighted by our dedication to consistently publish our reports since 2011, allowing us to develop a platform to transparently communicate the company’s environmental, social, and governance (ESG) performance to stakeholders. By documenting and disclosing our sustainability initiatives, achievements, and targets, we are able to demonstrate our commitment to responsible business practices. Sustainability reporting has also enabled us to identify of areas for improvement and has driven meaningful change within the organisation.
Reporting is not the only way in which we communicate with our stakeholders: Qatar Steel recognises the criticality of ongoing stakeholder engagement. We have established a comprehensive Stakeholder Map, which outlines essential stakeholder groups, their primary concerns, our engagement approaches, and the reciprocal significance between these stakeholders and our company. The map was revised in 2022, to ensure its accuracy and relevance and can be found in Appendix C. By actively involving our stakeholders, we effectively align our strategy development and decision-making processes with their expectations. This enables us to create a more sustainable and mutually beneficial future.
Qatar Steel’s Impact: Stakeholder Engagement
There are two highlights for the year 2022: Qatar Steel hosted the 124th meeting of the Board of Directors and the 55th meeting of the General Assembly of the Arab Iron and Steel Union (AISU) for the first time after the
pandemic, and Qatar Steel participated in the Worldsteel Association’s Sustainability Reporting Expert Group (SREG) Meeting.
The General Assembly of AISU hosted representatives from 65 iron and steel companies across Arab countries. The AISU, established in 1971 as the first Arab organisation specialising in iron and steel, has 80 member companies from 16 Arab countries. AISU Chairman Mr. Awwad AlKhaldi discussed the steel industry’s status at Arab and international levels amidst the ongoing global circumstances. The AISU Economic Committee assessed the economic situation in Arab countries, its impact on steel production and consumption, and the repercussions of the Russian-Ukrainian conflict on the regional iron and steel market.
Qatar Steel Managing Director and CEO Mr. Abdulrahman Ali Al-Abdulla stressed the importance of continuing cooperation to achieve further development in the iron and steel industry in the Arab world. “These meetings mark a new steppingstone in the development trajectory of the iron and steel industry in the Arab world. As our joined efforts have contributed to overcoming the consequences of the pandemic, we all look forward to continued cooperation to achieve more benefits for our industry and overcome current and future challenges,” he said.
steel plants worldwide. Qatar Steel and other participants showcased their sustainability management approach,
ESG data management, and reporting practices. During the meeting, Qatar Steel proposed that SREG explore the possibility of collaborating with the Steel University of the World Steel Association to develop a general sustainability training program tailored to the steel industry’s needs. The meeting also shed light on the growing significance of ESG requirements imposed by various regulations within the European Union. These requirements may potentially become mandatory for selling steel products in the European market, such as the adoption of Responsible Steel certification. This highlighted the need for steel industry players to be well-versed in ESG practices to meet future market demands and regulatory standards.