Risk Management

The ever-changing business environment presents with it risks and opportunities which should be systematically captured, coordinated and addressed. Qatar Steel acknowledges the effective management of risks and opportunities as one of the key business growth and success enablers that requires attention from all levels of the business and the related corporate governance structures.

The risk responses to the current COVID-19 pandemic, and the risks associated with Qatar Steel’s value chain, including but not limited to the supply chain processes and cyber security, have resulted in Qatar Steel’s resilience and continuous improvements to achieve the respective business objectives.

Qatar Steel’s integrated Enterprise Risk Management (ERM) framework and Business Continuity Management System (BCMS), has played a vital role in ensuring the identification and mitigation of key business risks through the regular reviews and updates across the entire company.

COVID-19 Crisis Management Response

In the event of a crisis, Qatar Steel has in place existing Crisis Management Procedures. In 2020, due to the COVID-19 pandemic, these Crisis Management Procedures were activated, and in accordance with the procedure, a Crisis Management Committee led by the MD & CEO as the Crisis Commander and comprising all Chiefs Officers, and Senior Managers, was put together very early on in February 2020. The Crisis Management Committee held weekly meetings and tracked progress on all key actions and activities on a daily basis. Qatar Steel also obtained considerable support from parent company Qatar Petroleum.

The purpose of the Crisis Management Committee was to ensure business continuity and resilience through:

1. Ensuring the safety of all Qatar Steel’s employees, contractors and all visitors to our facilities;
2. Ensuring operational continuity by focusing on supply chain pipeline for all key raw materials, key spare parts and sales orders and deliveries execution;
3. Ensuring the continuity of production during statewide lockdowns and having in place a mitigation plan in case of possible employee unavailability due to COVID-19 infections;
4. Ensuring that all departments were able to continue with their operations with minimal disruptions;
5. Fast track of Qatar Steel’s Work from Home (WFH) policy and a possible State of Qatar Curfew readiness for all key support and administrative activities;
6. Provision for employee wellness support;
7. Arranging for the safe return to Qatar passage for key employees who had been stranded abroad.
8. By taking mitigatory action at the onset of the pandemic, Qatar Steel managed to sustain its operations in the midst of the challenges brought about by the pandemic