Novolipetsk Steel
NLMK
2
exclusion reasons
2 themes
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.
Novolipetsk Steel (NLMK) — Russian state-linked steel company; Vladimir Lisin (NLMK controlling shareholder) is a sanctioned Russian oligarch; company generates tax revenue supporting Russian war effort in Ukraine
Novolipetsk Steel (NLMK) is a major integrated steel producer, a sector that is inherently carbon-intensive. The company’s disclosed emissions intensity for its primary Russian operations was 20.2 kg of air emissions per tonne of steel in its most recent reporting period. NLMK has set a long-term goal to reduce the emissions intensity of its steel production by 7% by 2030 and by 40% by 2050, using 2018 as a baseline. These targets fall short of the decarbonization pathways required to align with the Paris Agreement, as assessed by the Transition Pathway Initiative. The company’s climate planning acknowledges the significant greenhouse gas emissions from its core steelmaking processes but lacks the ambition and pace of reduction seen in global sector leaders.
Research Sources
2 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.