OJSC Magnitogorsk Iron and Steel Works ("MMK" or "the Company") (LSE: MMK) has adopted a new Environmental Policy.
The new policy has been driven by the update of the Company's environmental management system to a new version of the international standard ISO 14001:2015 and approval of MMK Group's Strategic Development Plan through 2025 by the Board of Directors in November 2015. The Plan includes implementation of the Clean City strategic initiative.
The 2025 Strategy includes measures to improve the Air Quality Index (AQI) calculated by the Federal Service for Hydrometeorology and Environmental Monitoring (Roshydromet). It is planned to improve the AQI in Magnitogorsk to 7 by 2020 and 5 in 2025. Level 5 and lower is awarded to a “Clean City”.
By 2025 MMK also plans to meet technological requirements for environmental impact in line with the best available technologies recommended in Russia, as well as to completely eliminate discharge of contaminated wastewater produced during technological processes into water facilities. The Company plans to maximise waste recovery and dispose all waste of categories 3, 4 and 5 at environmentally safe facilities, and to recultivate inoperative iron-ore open pits and slag-heaps.
This is the fourth revision of the core environmental document which determines MMK's core principles and goals in terms of environmental protection. The new version of the Environmental Policy reiterates that MMK operates with acknowledgement of its responsibility for environmental protection and aims to apply a focus on the environment to its production potential in order to meet the demands of current and future generations in favourable environmental conditions. The document notes that continued reduction and elimination of harmful impact on the environment is a necessary element of a strategy to facilitate the long-term sustainable development of MMK.