Steel & Tube are delighted to announce an improved ranking in Forsyth Barr's second annual Carbon & Environmental, Social, Governance (C&ESG) ratings for 2023, scoring in the top 30% of surveyed listed companies in New Zealand.
Forsyth Barr’s annual C&ESG ratings provide insight into how publicly listed companies are preparing for a lower-carbon future. This includes their approach to reducing carbon, improving their environmental impact, as well as their performance against various social and governance indicators. 58 publicly listed companies are surveyed each year, with over 8,300 data points analysed across each ESG category, providing a comprehensive quantitative comparison for various stakeholders to review.
Steel & Tube have maintained a strong focus on integrating climate with our business strategy, as well as our people during a difficult economic climate. Product quality and health & safety also remain a priority for Steel & Tube, which has been recognised in the audit process. Forsyth Barr states, "Steel & Tube (STU) remains firmly in the Fast Follower category and saw solid gains in 2023, holding onto the second highest C&ESG rating in the industrial sector. The standout for STU is the Social category, where it ranks highest in the sector and top 10 in our coverage, driven by strong scores in product quality, stakeholder relations, diversity and health & safety sub-categories. STU also improved its 'C' rating, which was driven by additional disclosure of scope 3 emissions, and strong gains in the risk & opportunity management sub-category."
Steel & Tube's Group Sustainability Manager, Trent Brash had the following to say: "This improved score reflects our commitment to better understand our impact on the environment, build circular economy principles into our business strategy, and mitigate the impact of climate risk on our business. We have added resource to help grow our Scope 3 Greenhouse Gas (GHG) inventory and improve internal reporting and target-setting. Like most NZ companies, we still have a long way to go, however I am pleased with our progress over the last 12 months."
Steel & Tube is a Climate Reporting Entity (CRE) and required to disclose under New Zealand's new climate standard, Climate-related Disclosures. Our latest Climate-related Disclosures report can be found in our FY23 Annual Report.