New Delhi, India – September 2024: Steel Authority of India Limited, a Maharatna Public Sector Undertaking and one of the largest steel-making companies in India, has come out with its Business Responsibility and Sustainability Report for the financial year 2023-24. The report outlines the commitment of SAIL towards sustainable practices, responsible business conduct, and wellbeing of its diverse manpower, in confirmation of its commitment to environmental and social responsibilities.
Overview of the Company and Market Presence
SAIL has integrated and special steel plants spread across the country. Major facilities are located at Bhilai, Durgapur, Rourkela, Bokaro, and Burnpur. In addition, there are small specialized units and mines that make SAIL one of the biggest players in the Indian steel industry. The turnover for FY 2023-24 stood at ₹ 1,04,545.09 crore with a paid-up capital of ₹ 41,305.25 crore. SAIL supplies the domestic market with significant contributions; exports comprise just 1.61% of the total turnover.
Work Force and Inclusion
SAIL employs a total of 55,989 employees, out of which 52,466 are male employees and 3,523 are female employees. There are 772 differently-abled employees. The company is inclusive and believes in the policy of equal opportunity; however, women constitute only 6% of the workforce. It also insures all its employees against health and accidents and has ensured a policy of fair wages for its employees, with no employee earning less than the minimum wage.
Notwithstanding these, there are still concerns regarding the inclusion of more women and differently-abled persons on the board, as only 12.5% of the board members are females and no female forms part of the key managerial personnel. SAIL thus addresses inclusivity and supports the workers through structured health and safety systems that are certified to occupational health systems under ISO 45001:2018.
Sustainability Initiatives
SAIL has been pursuing sustainable growth through the development of its environmental portfolio based on the selection of strategically chosen initiatives in the areas of energy efficiency, reduction of gaseous emissions, and optimization of water use. The company works on reaching its long-term vision of “Zero Liquid Discharge” at all plants through enhanced effluent treatment and recycling efforts. SAIL has pledged to cut its greenhouse gas emissions and increase renewable energy by 2030, aligning with India’s national ambition to take action against climate change.
The integrated steel plants of SAIL satisfy the ISO 14001 Environment Management Systems standard, which gives a sound basis for environment management. Other sustainability initiatives undertaken by the company include state-of-the-art pollution control installations and works relating to ecological restoration through afforestation and utilization of wastes.
Social Responsibility and Ethical Governance
SAIL adopts and follows a strong policy for corporate social responsibility, the broad-based CSR programs of the company. It spent 1.46% of its turnover on employee welfare, community development, and environmental-related activities in that fiscal year. The broader objectives of SAIL’s CSR activities align with fostering inclusive growth and equitable development, ensuring support to the cause of local communities, and improving the quality of life of the stakeholders.
Governance at SAIL follows a very tight code of conduct and ethics at every level. Fairness underlines business practices as the Anti-Bribery Management System of the Company is certified under ISO 37001:2016. It regularly undertakes stakeholder consultations to ensure accountability and transparency for its employees, communities, customers, and other key stakeholders.
Challenges and Future Outlook
While SAIL has made substantial progress in its sustainability journey, the company still concedes that challenges persist, including a high employee turnover ratio, better data privacy measures needed, and further contraction of its carbon footprint. The company is investing in an upgrade of its technology and infrastructure with a view to addressing these challenges and improving overall operational efficiency.
Ahead of that, SAIL has set ambitious targets: net-zero carbon emissions by 2070 and an increase in the use of renewable energy. The company also intends to increase its level of engagement with local suppliers, promote sustainable sourcing practices, and continue its focus on reducing environmental impacts through innovation and technological development.
Conclusion
The BRSR for 2023-24 brings out in a comprehensive way the initiatives of SAIL towards sustainability, inclusivity, and responsible business conduct. Addressing ESG factors has helped SAIL strengthen its market position while contributing to India’s broader sustainable development goals. As SAIL evolves further, ethical practices, community engagement, and environmental stewardship will form part of the core driving strategy for long-term value creation for all stakeholders.