Aisha Steel Mills Limited (ASML) bought on behalf of three of Tundra Fonder’s funds represents a sustainable mid-sized steel company in Pakistan.

The case study establishes the global water, energy and labour requirements of the iron and steel sector before describing the Pakistan steel industry’s ESG profile. The resulting picture presents a context that has stringent environmental legislation monitored by the Environmental Protection Agency (EPA) but lax implementation by local mills and companies. Persisting complaints include air pollution, water pollution and effluent dumping. Working conditions for labour are often poor with insufficient attention paid to health and safety.

ASML is functioning at optimal capacity with the potential to rapidly expand in response to Pakistan’s rising demand for steel and a favourable investment climate. In terms of ESG, ASML is in the process of achieving ISO 9001 and ISO 14000 certifications. The company implements a clearly articulated worker health and safety programme; supports workplace initiatives focused on employee training and development, mentoring women engineers, and competitive recruitment. ASML also supports philanthropic activities in healthcare, education and humanitarian relief.

The full case study is available here.