We updated our materiality analysis in 2021 to further improve our focus on the sustainability topics that are most important for our stakeholders and operations. The analysis also guides our reporting on the relevant topics. The analysis is applying double materiality, meaning both the impact of and on Outokumpu’s business were assessed. As a basis for the materiality analysis, a third party conducted an extensive data study of the emerging trends in the steel industry and compared these trends with the material topics of Outokumpu’s main peers, customers and suppliers. This analysis was complemented with an overview of material issues found in global sustainability frameworks. Additionally, interviews with customers, suppliers and other partners were conducted to gain a deeper insight into the relevant stakeholder groups.
Based on the research, a longlist of material topics was drafted and then further narrowed down to a shortlist of 15 most material topics in an internal workshop. The topics were ranked and prioritized by their importance to stakeholder groups and business impact. The updated materiality matrix was created based on the stakeholder rankings and the business impact of Outokumpu on these issues.
The selection of material topics covers both inside-out topics (related to corporate strategy) as well as outside-in topics (reflective of stakeholder concerns). Topics are material when they have the ability to affect Outokumpu's operational results and the company has the ability to control and influence the topic. The scope of the materiality matrix is non-financial.
The updated material topics have been mapped to the UN’s Sustainable Development Goals (SDGs) framework. More information about our core focus on SDGs.