Outokumpu’s report has been prepared in accordance with the GRI Standards: Core option according to the GRI Standards reporting requirements. The materiality assessment conducted in 2018 and continuous communication with stakeholders are the basis for the decision on material topics and relevant disclosures.
Sustainability data is published on this website and updated on annual basis.
Outokumpu surveys regularly its stakeholders’ opinions on what are material aspects in sustainability. Latest materiality analysis was conducted in 2018 to further improve our focus on the sustainability topics that are most important for our stakeholders and operations. The analysis also guides our reporting on the relevant topics. A new materiality analysis will be done during 2021.
As a basis for the materiality analysis, a third party conducted an extensive data study of the emerging trends in the steel industry and compared these trends with the material topics of Outokumpu’s main peers, customers and suppliers. This analysis was complemented with an overview of material issues found in global Environment, Social and Governance (ESG) and sustainability frameworks.
Based on this research an initial list of material topics was drafted and narrowed down to the 14 most material topics which were ranked and prioritized in an internal workshop. A questionnaire on material topics was answered by 21 customers during our customer event in Sweden in 2018. Additionally, interviews with three customers and three suppliers were conducted to gain a deeper insight into these stakeholder groups. The topics were ranked and prioritized by their importance to stakeholder groups and business impact.
The material topics were then mapped to the Sustainable Development Goals and compared to Outokumpu’s previous materiality matrix and strategy to identify potential gaps. In the final stage, a new materiality matrix was created based on the stakeholder rankings of material issues and the business impact of these issues to Outokumpu.