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The article discusses the main principles and forms of corporate social responsibility and the level of their effective introduction in countries with economies in transition, particularly in the Republic of Kazakhstan, on the example of Karaganda Structural Steel Plant Imstalcon. There is a comparative overview of the development of the perception of corporate social responsibility in developed countries and countries with economies in transition. The focus of the study is at identifying the current obstacles for and prospects of CSR development in Kazakhstan, as well as examining the level of CSR awareness in the business environment in Kazakhstan. The correlation between CSR activities of companies and their financial performance is provided. The article highlights the key business benefits brought about through implementing social practices.