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ArticleName Methods of research of environmental risks of largest Russian companies of ferrous metallurgy
DOI 10.17580/chm.2021.04.12
ArticleAuthor N. A. Kazakova, V. G. Kogdenko

G. V. Plekhanov Russian University of Economics (Moscow, Russia):

N. A. Kazakova, Dr. Econ., Professor, Basic Dept. of Financial and Economic Security (Federal Financial Monitoring Service), e-mail:


National Research Nuclear University MEPhI (Moscow, Russia):
V. G. Kogdenko, Dr. Econ., Associate Prof., Head of the Dept. of Financial Management


The article is a continue research and determinates the second stage of assessing environmental risks of the largest Russian steel companies using public data. Based on the identified factors that have a significant impact on the level of environmental risks of ferrous metallurgy companies, the authors substantiated a indicators system, proposed a scale for their assessment, an algorithm for calculating and converting them into a point assessment, as well as the procedure for forming a consolidated rating of companies by the level of environmental risks. The developed methodology made possible to carry out a comparative analysis of the largest ferrous metallurgy companies by the level of environmental risks, taking into account the key factors of environmental impact (indicators of discharges, emissions, waste), environmental costs and investments in fixed assets. In addition, for calculating the consolidated rating, the information transparency of companies and the publicity of data on the impact of their activities on the environment were taken into account. According to the results of the study, the highest rating was received by JSC “NLMK”, the worst positions were taken by JSC “Mechel” and JSC “ChTPZ”. The advantage of the methodology is that it is entirely based on public information. It allows to assess the environmental impact absolute and specific indicators, to analyze these indicators’ trends, and also assess the effectiveness of costs for environmental protection, investments in the development and maintenance of production facilities from the point of view of reducing environmental risks. The study proved that environmental risk increases in companies with an unstable financial position, aggressive dividend policy, and insufficient investment in ensuring industrial safety. At the same time, the consolidated rating is comprehensively influenced by such factors as: business scale and diversification; production specifics; the composition of the group of companies; the effectiveness of the technologies used in terms of environmental impact; environmental policy effectiveness in the field of reducing environmental impact; investments volume in environmental projects; the investment amount in fixed assets.

keywords Environmental risks, environmental impact indicators, safety, metallurgical companies, environmental costs, investments

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