EMSTEEL receives a provisional ESG rating of ‘AA' from MSCI
Sustainability EMSTEEL receives a provisional ESG rating of 'AA' from MSCI
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The rating is a significant milestone and follows the announcement of EMSTEEL's Green Finance Framework in May 2025
EMSTEEL said it has received a provisional ESG rating of 'AA' from MSCI, said to be one of the highest among steel players globally. This recognition underscores EMSTEEL's performance in Environmental, Social, and Governance (ESG) issues, making it one of the few global steel and building materials manufacturers that excel in this regard, the firm said.
MSCI's evaluation reinforces EMSTEEL's position as the industry player in managing key ESG risks and opportunities. The evaluation particularly highlights the group's innovative responsible practices in managing its environmental impact, which have led to significant reductions in carbon emissions. Additionally, EMSTEEL's well-being, health, and safety practices for its workforce have been enhanced, with almost all categories surpassing the global average, said a statement.
MSCI ESG Ratings evaluates over 9,000 companies worldwide, assessing their exposure to industry-related material ESG risks and their management compared to their peers. The ratings range from leader (AAA, AA) to laggard (B, CCC), with the average rating being A, BBB, or BB. The score is said to reaffirm MSCI's global leadership in ESG ratings.
Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL said, 'Our inaugural 'AA' ESG rating by MSCI is a powerful testament to EMSTEEL's commitment to sustainable industrial leadership. It reflects the strength of our governance, the resilience of our people, and our deep-rooted responsibility to the environment and communities we serve. As we align with the UAE's Net Zero 2050 vision, this recognition strengthens our resolve to lead by example, delivering lasting value to our shareholders, society, and future generations.'
The rating is a significant milestone and follows the announcement of EMSTEEL's Green Finance Framework in May 2025. The development of this framework was supported by key partners, including ING as the lead sustainability structuring bank and First Abu Dhabi Bank (FAB) as the sustainability structuring bank. ING also served as the ESG Rating Advisor for the MSCI ESG rating. The framework is said to be a cornerstone of EMSTEEL's broader ESG strategy.
EMSTEEL's decarbonisation strategy is said to be driving industrial sustainability. The group aims to reduce emissions by 40% in its Steel Business Unit and 30% in its Cement Business Unit by 2030, using 2019 as the baseline year. This commitment is unwavering, and EMSTEEL is firmly committed to achieving Net Zero emissions by 2050. Key initiatives include enhancing energy efficiency, integrating renewable energy, and advancing green hydrogen innovation. These initiatives are all in alignment with the UAE's Net Zero 2050 agenda, the firm said.
In 2023, EMSTEEL reported total Scope 1 and 2 emissions of 4.5m tonnes of CO₂, representing a 23% reduction from the 2019 baseline. This achievement earned the group global recognition for its sustainability leadership. EMSTEEL's efforts in decarbonising steel production were recognised by the World Steel Association, which named them the 2024 Steel Sustainability Champion. The World Economic Forum also recognised EMSTEEL's contributions to decarbonising the iron and steel industry, placing them among the top five steel companies worldwide that have received this recognition. In September 2024, EMSTEEL was appointed as Co-Chair of the Alliance for Industry Decarbonization (AFID), led by the International Renewable Energy Agency (IRENA), the statement concluded.
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