As part of its commitment to sustainability and corporate social responsibility, SAIL has released its BRSR for the fiscal year 2023-24. This report outlines and reflects SAIL’s effort to address environmental, social, and governance concerns at every level of operations. Its facilities are located in 28 Indian states, besides its international presence, making this state-owned company one of the leading players within India’s steel industry for the production of infrastructure materials, besides environmental management and social welfare.
Thus, the BRSR stated a host of important initiatives, especially concerning environmental conservation. SAIL is committed to reducing its greenhouse gas emissions and has further committed to achieving net zero emissions by 2070. The company said that the focus on recycling and waste management continues with a declared aim for the achievement of “zero liquid discharge” across all the plants. During 2023–24, SAIL invested in energy-efficient technologies, recycling methods, and better utilization of waste. According to the aim of reducing its impact on the environment, SAIL works towards the goal of reducing water consumption through the reutilization of treated water from the plants. In addition, there are R&D projects that have been initiated concerning energy efficiency, waste recycling, and technology for an eco-friendly steelmaking process.
The well-being of its employees features under SAIL’s BRSR too. Medical and safety programs are provided by the company to the huge staff workforce that exceeds 55,000 employees and more than 72,000 contract workers. These initiatives ensure that employees are covered under health insurance, accident insurance, and maternity benefits. Most importantly, a considerable percentage of workers have received training on human rights, health, and safety measures. Holding the ISO 45001 for health and safety management, SAIL is always trying to make the workplace much safer. The company also reports monitoring incidents related to safety and has put in corrective mechanisms to improve the workplace environment.
The report describes SAIL’s commitment to social responsibility, with a major thrust on corporate social responsibility schemes. This ranges from community development to education and health initiatives and now includes sustainable livelihood. Its commitment to inclusive growth is reflected in the steady increase in investment in CSR by SAIL. A very significant activity undertaken by the company is stakeholder engagement through employees, customers, suppliers, and the community as a whole. Special VDPs are being organized to help the MSMEs so that a sustainable supply chain is guaranteed.
Governance is one of the very important pillars of BRSR, and SAIL undertakes the business conduct of the company in a decently transparent and ethical manner. The various policies the company adheres to include an anti-bribery management system, a whistleblower policy, and guidelines on managing conflicts of interest. The governance framework contains a systematically established stakeholder engagement and risk management approach wherein SAIL surmounts the different aspects of ESG efficiently.
SAIL sells its products to both government agencies and private companies in the global market. However, its export turnover constitutes about 1.61% of its total turnover; hence, it is very strong in the domestic market. All the same, the company strives to maintain sustainability in its sourcing of raw materials and adheres to good ESG standards to be competitive in the global market. For example, SAIL sources input supplies from suppliers who respect high standards regarding environmental, social, and aspects of governance to ensure that the company’s procurement stands in line with the principles of sustainability.
Overview:
BRSR 2024 of SAIL underlines the commitment of SAIL towards ESG parameters and corporate governance. With good performance consistently in environmental conservation, employee welfare, and ethical governance, SAIL is working to achieve the status of a leader in responsible business behavior. Long-term targets such as net-zero emissions have been the focus area of SAIL initiatives that mirror the larger transition towards sustainability in the industrial ecosystem of India. The full-scale approach to stakeholder engagement, use, and development of resources responsibly and community development first have been keys to the company’s ongoing success within the steel sector.
Source: BRSR
Credit: Steel Authority of India Limited (SAIL)