PRIORITISING ISSUES
OF CRITICAL IMPORTANCE

Our comprehensive double materiality assessment identifies key issues impacting long-term value creation. This exercise informs a well-defined, strategic roadmap focused on delivering sustainable value, aligning our operations with evolving stakeholder expectations and environmental, social, and economic priorities.

DOUBLE MATERIALITY

Long-term value creation demands a comprehensive understanding of the dynamic interplay between sustainability factors and business outcomes. Double materiality enables us to integrate both impact materiality and financial materiality into our strategy planning. While impact materiality examines how our operations affect the environment and society (inside-out), financial materiality focuses on how sustainability-related risks and opportunities influence our financial performance and long-term resilience (outside-in).

In FY 2023-24, we conducted a detailed double materiality assessment, aligned with the GRI Universal Standards 2021 for impact materiality and with the IFRS S1 & S2 and SASB guidelines for financial materiality. The assessment was executed by an external agency, and it comprised two key phases: stakeholder engagement and impact analysis. We evaluated 30 potential material topics based on parameters such as scale, scope, likelihood, and the irreversibility of impacts. This analysis helped us identify 18 high-priority material topics that are critical to our business and broader sustainability goals.

These topics form the bedrock of our ESG strategy. As we move forward, we remain focused on periodically revisiting and refining our materiality assessment to stay aligned with evolving stakeholder needs, market dynamics, and global sustainability frameworks.

P R O C E S S   T O   D E T E R M I N E   M A T E R I A L   T O P I C S
IDENTIFY AND ASSESS IMPACTS ON AN ONGOING BASIS
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Understand the organisation's context

Use the sector standards to understand the sector's context

Identify actual and potential impacts

Consider the topics and impact described in the sector standards

Assess the significance of the impacts
Engage with relevant stakeholders and experts
DETERMINE MATERIAL TOPICS FOR REPORTING
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Prioritise the most significant impacts for reporting

Examine the material topics against the topics in the sector standards

Material topics
Examine the material topics with experts and information users

Identified
material topics

ENVIRONMENT
  1. Climate change and emissions management
  2. Air quality management
  3. Water resource use and management
  4. Energy management
  5. Resource management
  6. Waste management and circular economy
  7. Impact on biodiversity
  8. Waste water management
  9. Investment in clean technology
SOCIAL
  1. Occupational health and safety
  2. Training and education
  3. Human rights
GOVERNANCE
  1. Vendor management and development
  2. Business ethics
  3. Digitalisation and automation
  4. Technology, product and process innovation
ECONOMIC
  1. Diversified product portfolio
  2. Economic performance

Impact, Risks and Opportunities (IROs)

U P S T R E A M

Activities: Mining  •  Raw material and procurement

Material topics

  • Climate change and emissions management
  • Air quality management
  • Impact on biodiversity
  • Occupational health and safety
  • Human rights
  • Vendor management and development
25 Captive iron ore mines
13.54% Material sourced from MSME vendors
O W N   O P E R A T I O N S

Activities: Manufacturing  •  Processing

Material topics

  • Climate change and emissions management
  • Energy management
  • Water resource use and management
  • Waste management and circular economy
  • Wastewater management
  • Investment in clean and green technology
  • Resource management
72%* Progress made towards 2030 climate target
~21 Mn m3* Wastewater recycled and reused
D O W N S T R E A M

Activities: Distributors and marketing  •  End use  •  Steel scrap to recycle

Material topics

  • Investment in clean technology
  • Climate change and emissions management
  • Technology, product and process innovation
  • Waste management and circular economy
  • Diversified product portfolio
3,37,000 tonnes* External scrap utilised
100% Of major products covered by LCA and EPDs

*Includes Vijayanagar, Dolvi and Salem.

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