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MMK Increases Spending on Social Programmes in H1 2020

Steel News - Published on Tue, 11 Aug 2020

Image Source: MMK Steel
Magnitogorsk Iron & Steel Works Group’s expenditure on charity and social programmes totalled almost RUB 1.5 billion in the first 6 months of 2020, up more than 40% year-on-year. Additionally, MMK itself contributed some 80% of the total expenditure, totalling RUB 1.16 billion, an increase of 54% compared with the first 6 months of 2019.

In H1 2020, MMK Group allocated funds for the protection of employee health, healthcare programmes and preventive treatment (RUB 218.6 mln); compensating employee healthcare expenses (RUB 100.4 mln); organising recreation for children (RUB 27.3 mln); promoting healthy living, sport and exercise (RUB 65 mln); social support for pensioners, disabled persons and others in need of help (RUB 240 mln). During the pandemic, lonely older people, people with disabilities and people on low incomes are in an especially vulnerable position. Recognising this, since April MMK has supported “We Stand Together” – a philanthropic programme run jointly with the Magnitogorsk city government, launched at MMK’s initiative. Initially, the programme was directed at helping pensioners living alone. MMK’s Chairman of the Board Victor Rashnikov decided to expand the programme, and currently it provides assistance to other citizens on low incomes and in need of aid. All of the programme’s participants, more than 25 thousand people, receive a specially made and certified package consisting of foodstuffs and personal protective equipment delivered to their home address.

Other areas of MMK Group’s social support funding in H1 2020 included stimulating fertility rates, supporting maternity and large families (RUB 39 mln allocated), organisation of cultural events and supporting cultural centres (RUB 55.6 mln), provision of hot meals for plant employees (RUB 28.4 mln), and housing, youth, and educational programmes and other voluntary social commitments (RUB 67.7 mln).

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Posted By : Yogender Pancholi on Tue, 11 Aug 2020
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