Managing Director and Chief Executive Officer's Message

It is with great pleasure that I present to you our latest Sustainability Report which outlines the significant progress that Qatar Steel has made in 2023. At Qatar Steel, we recognise the importance of sustainability in today’s world, and this report reaffirms our unwavering commitment to environmental stewardship, social responsibility, and ethical business practices.

Sustainability is embedded at the core of our business operations, and we strive to adopt best practices that ensure we are operating in the best interests of our stakeholders and the environment. Our sustainability initiatives are designed and developed to align with our company’s core values, mission, and vision, while also aligning with international ambitions

such as United Nations Sustainable Development Goals and World Steel Association Sustainability Charter. We are committed to achieving our sustainability goals through driving innovation in low-carbon steelmaking and we work hard to establish ourselves as the preferred sustainable steel supplier, while also nurturing our human capital and contributing positively to the communities in which we operate.

Qatar Steel made significant progress in 2023. We are proud to share that we obtained Responsible Steel membership and are working towards obtaining Responsible Steel certification, the industry’s first corporate social responsibility certification initiative designed to promote responsible steel sourcing and production within the industry. We also received prestigious recognition from the Public Works Authority by being listed as an accredited lab for Ashghal. These substantial achievements reflect Qatar Steel’s exceptional reputation and cement our commitment to sustainable business practices.

In 2023, Qatar Steel also continued to expand our production, increasing our overall production year-on-year by 7%, and our net profit increased by 16%. Our continued growth, despite global challenges associated with the climate crisis and ongoing conflicts, reflects our commitment to incorporating sustainability and resilience into our business strategy, mitigating risks, and seizing growth opportunities. Qatar Steel recognises the importance of conserving natural resources and protecting the environment and has made great strides to reduce emissions and increase our recycling efforts. This is reflected in the achievements obtained in 2023, where we decreased sulphur dioxide emissions by 50% and increased the amount of water recycled by 54%. Qatar Steel also attended the Marsh Business Resilience Forum in March 2023, where the 2023 Global Risks Report was presented and discussed with the participants. At Qatar Steel, we recognise that our people are our greatest asset, and we are committed to investing in our employees to ensure that they continue to grow and develop, while also providing a safe working environment that is free from discrimination and harassment. To reflect this commitment, we developed a Human Rights policy in 2023 which is intended to safeguard the rights and freedoms of our employees, individual contractors, and other individuals who interact with our organisation. We also increased the amount spent on training for our employees by 38%, demonstrating our dedication to our people and their continued professional development.

In addition to uplifting our workforce, Qatar Steel is also dedicated to contributing to national growth and development and is proud to have implemented a corporate social responsibility (CSR) policy that outlines our commitment to our local communities. Reflecting this commitment, I am proud to share that we spent QAR 100,000 on CSR initiatives in 2023. Moreover, we also increased local procurement by 34% which further demonstrates our commitment to supporting the communities in which we operate.

In closing, I would like to invite you to read Qatar Steel’s 2023 Sustainability Report which reflects on the initiatives undertaken and progress made over the previous 12 months. I also encourage you to actively participate in our sustainability journey by providing any feedback or suggestions. I would like to take this opportunity to express my gratitude to our Board of Directors, customers, and shareholders for their unwavering support and encouragement as we continue to navigate our sustainability journey.

I invite you to delve into our journey throughout 2022 and discover the efforts Qatar Steel has undertaken to build a sustainable future for our organisation and all our esteemed stakeholders.

Our people are our greatest asset, and we are committed to investing in our employees to ensure that they
continue to grow and develop, while also providing a safe working environment that is free from discrimination and harassment.

Best regards,
Abdulrahman Ali Al-Abdulla
Managing Director and Chief Executive Officer