This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
JFE Holdings is a major Japanese steel producer, operating integrated steelworks that are among the largest industrial facilities in the country. The steelmaking process is inherently resource-intensive and generates significant environmental impacts, including air emissions, wastewater discharge, and the management of slag and other by-products. While the company reports no major environmental law violations resulting in fines for FY2022 and maintains ISO 14001 certifications at its global production sites, the scale of its operations necessitates a high degree of environmental control to prevent contamination. The absence of recent, publicly documented major incidents like spills or Superfund designations in the provided evidence does not negate the inherent risk profile of heavy industrial manufacturing. The company's environmental reporting focuses on future climate goals and management systems rather than detailing historical remediation efforts or site-specific contamination legacies common to the global steel industry.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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