Materiality is a principle to help define and determine the economic, social and environmental topics that matter most to a business and its stakeholders.
A materiality assessment is a process through which an organisation’s most important, or “material”, sustainability issues can then be prioritised, based on relevance to stakeholders and impact on society.
worldsteel performs materiality assessments on a regular basis to ensure that the industry’s reporting is relevant and meaningful to its stakeholders.
This includes a review of the materiality assessments of our own member companies, and a broad range of reporting guidelines and standards, such as those of the Global Reporting Initiative (GRI).
Through these assessments we identified 7 key focus areas for further development to supplement and go beyond our 8 sustainability indicators.
We plan to broaden our sustainability communications with our stakeholders by addressing these areas in more detail over the coming years.
Our intention is to understand the industry’s performance, identify areas for improvement, and provide meaningful reporting of the industry’s contributions and impacts on society.