Contribution of Indian Steel Industry Towards Welfare

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CONTRIBUTION OF INDIAN

STEEL INDUSTRY TOWARDS

WELFARE OF SOCIETY

- PUBLIC SECTOR


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OBJECTIVES :

To know the concept of corporate social responsibility

To understand relationship between society & business

To study initiative taken by steel industry with special

focus on public sector enterprises for the welfare of the

society.

RESEARCH METHODOLOGY :

The data has been collected from secondary sourcesi.e. from books, internet etc.


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Corporate Social Responsibility (CSR) is a form of corporateself-regulation integrated into a business model. It is also called

as corporate conscience, citizenship, social performance, or

sustainable responsible business.

CSR policy functions as a built-in, self-regulating mechanism

whereby business monitors and ensures its active compliance

with the spirit of the law, ethical standards, and international

norms.

CSR is the deliberate inclusion of public interest into corporate

decision-making that is the core business of the company or firm,and the honouring of a triple bottom line: people, planet, profit.

INTRODUCTION :


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CARROLLS CORPORATE GLOBAL

SOCIAL RESPONSIBILITY PYRAMID


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BENEFITS OF CSR :

1. Win new business.2. Increase customer retention.

3. Develop and enhance relationships with customers, suppliers

and networks.

4. Attract, retain and maintain a happy workforce and be an

employer of choice.5. Save money on energy and operating costs and managing risk.

6. Differentiate yourself from your competitors.

7. General innovation and learning and enhance your influence.

8. Improve your business reputation and standing.9. Provide access to investment and funding opportunities.


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RASHTRIYA ISPAT

NIGAM LIMITED (RINL)


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INTRODUCTION :

Incorporated on 18th February,1982. Being the corporate body ofVisakhapatnam Steel Plant, the Rashtriya Ispat Nigam Limited,

Visakhapatnam is one of the most prominent steel producing units

of India.

Located 26 kilometers south of Visakhapatnam, the foundation

stone of Rashtriya Ispat Nigam Limited, Visakhapatnam was laid

down by the then Indian Prime Minister in 1971.

The plant is known to have three different mines under its control,

namely a dolomite mine and manganese mine at Cheepurupalliand a blast furnace grade limestone mine at Jaggayapeta.


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OBJECTIVES :

To be a Member of Global Compact Forum and subscribe to itsprinciples for its implementation in RINL.

To initiate voluntary measures addressing social and

environmental concerns of stakeholders.

To make CSR a key business process for sustainable development

To be a good Corporate Citizen.

Socio-Economic development of the poor, downtrodden and

marginalized sections of society and address the necessity to

conserve the Environment. Till date, Rs.100 Crores have beenprovided for CSR activities by (VSP).

CSR in RINL-VSP is integrated into the Companys Vision,

Mission and Objectives.


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INITIATIVES : RINL as Promoter

RINL as a Partner RINL as Facilitator

RINL as a Consultant

Policy approved by Board for allocation of Budget upto 2%of Net Profit.[November, 2006]

Member of Global Compact Forum .[December, 2006]

CSR Dept. formed[March,2007]RINL-CSR

Foundation registered & IT exemption contained [May2007]

COMPONENTS OF RINL-VSP CSR

INITATIVES :


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JALADHARA Tapping the resource Bringing water to people

JALDHARA

PROJECT


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Octagonal Homes for Orphananimals

Quarantine Homes for keeping thetreated animals

Arunodaya School at ukkunagaram

for Differently abled children


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Hostel Block for 21st Century Gurukulam

under AU accommodating 96 students of

backward communities from 3 districts.


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General Medical camps

Eye screening camps Dental camps

Specialist Medical Camps at flood affected areas

AIDS awareness

Immunization Camps for Hepatitis-B

Provided Mosquito nets for Students of Ashram schools in Tribal

areas to prevent mosquito menace

Support to King George Hospital, Vizag for procuring equipment

for Dermatology & Pathology Departments

Support to Krushi Orthopaedic Welfare Society, Vizag forprocuring medical equipment

Support to Lifeline Express the Hospital on wheels

(Value: Rs.18.46 Lakhs & beneficiaries : 5320 approx.)

HEALTH CARE :


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AS A RESPONSIBLE CORPORATE

CITIZEN

Support to Lions Cancer Hospital for

Mobile Cancer Clinic Van "Sanjeevan"

Promoting use of steelDistributed 100

steel bullock carts to farmers


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HELP DURING NATURAL

CALAMITIES Donation to CMs Flood Relief Fund towards Flood relief

measures during recent floods.

Reconstructed Roads badly damaged during floods.

Help for Fire victims through VMS

(Value: Rs.500.00 Lakhs & beneficiaries : 7,00,000 approx.)


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CONTRIBUTION TILL DATE

FROM 2008 TO 2011


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FINANCIAL PERFORMANCE:


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FINDINGS & ANALYSIS After 2008-09 companies net profit is decreasing which

indicate that companys contribution for society in reducing in

terms of financial support.

Global melt impacted steel industry severely eroding

profitability.

RECOMMENDATIONS : There is a need to develop a strategic approach to CSR based on

understanding of the impacts and the tipping points in resource

shortage or price rises. CSR initiatives will help in enhancing brand image.

Prepare proper CSR activity budget according to requirement.

Improve monitoring system by adopting new practices.


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CONCLUSION :


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THANK YOU

Contribution of Indian Steel Industry Towards Welfare

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