UrBC, Magnitogorsk, December 16, 2019. Magnitogorsk Iron & Steel Works (MMK) came 4th in the RAEX Rating Review’s rating of Russian employers in terms of how much they invested in human capital in 2018, MMK’s Information & PR Department reports.

‘The socially responsible spending a business does within the company is the money directed to employees’ professional development, training, healthcare, and improvements in working conditions. In 2018, MMK Group spent 11% more on charity and social projects than in 2017 (nearly RUB 2.5bn altogether), the company says.

According to MMK representatives, the company managed to create a unique social partnership system that works efficiently within a market relations scheme. During his recent visit to Magnitogorsk, Governor of Chelyabinsk Region Alexei Teksler pointed to MMK’s contribution to the development of both Magnitogorsk in particular and Chelyabinsk Region in general and acknowledged the company’s investment in the National Healthcare Project and National Demographics Project.

‘People are an important resource for businesses and economy on the whole. The companies with a clear understanding of the fact routinely set aside parts of their budgets that get invested in their employees,’ RAEX Rating Review analysts say.

MMK’s considerable human capital investments get regularly acknowledged at the SCR Mining & Metallurgical Enterprise Contests and the nationwide Russian CSR Organization Contests.