ArcelorMittal publishes 2020 integrated annual review
24 Maggio 2021 - 10:45AM
24 May 2021 10:45 CET
ArcelorMittal (‘the Company’) has today published its 2020
integrated annual review, ‘Inventing smarter steels for a
better world’. The review, which can be accessed here, underpins
the Company’s commitment to transparent reporting. It has been
produced in-line with the International Integrated Reporting
Council’s framework, the Global Reporting Index Sustainability
Reporting Standards 2016, the United Nations Global Compact, the
European Union’s Directive 2014/95/EU on non-financial reporting
and the Sustainability Accounting Standards.
The review provides an overview of the Company’s performance in
2020, outlines the progress it made against its strategic
priorities and details its short- and long-term plans.
Specifically, the review outlines ArcelorMittal’s performance and
ambitions across the following areas: health and safety; delivering
financial value; innovating smarter steels and solutions; and
driving environmental and social sustainability. It also
demonstrates the Company’s approach to ensuring it brings
long-term, sustainable value to its broad stakeholder base.
Commenting, Aditya Mittal, CEO, ArcelorMittal,
said:
“2020 was, by any measure, an extraordinary year. The Covid-19
global pandemic caused unprecedented disruption to societies,
businesses and individuals across the globe, forcing us all to
re-think the way we live and work. Our clear priority throughout
the pandemic was to keep our employees safe and well. We are proud
of the care they showed each other and their commitment to keeping
the business running.
“Yet for all the challenges of 2020, it was also a year of
progress for ArcelorMittal. We achieved our net debt target and
improved the quality and earnings capability of our asset
portfolio. The upshot is a higher growth portfolio as we are able
to focus investment behind higher growth opportunities in markets
like Brazil, Mexico, India and Liberia.
“I have therefore stepped into the CEO role at a time when the
company is in many ways stronger, allowing me to focus on the four
strategic pillars which underpin our vision to remain the world’s
leading steel company in the coming decades. The first three –
having a strong balance sheet, growth portfolio and competitive
cost position – put the Company in a strong position to grow and
develop.
“The fourth pillar of our strategy is our ambition to be a
sector leader in sustainability. Global concern for sustainability
and responsible business continued to grow in 2020, perhaps even
accentuated by the challenge of the pandemic. We track performance
according to five sustainable development themes but three issues
in particular stand out – safety, decarbonisation and
diversity. Despite considerable effort, we know our safety
performance is not good enough. The Executive Office, the
Sustainability committee and the full Board has discussed this in
depth as a result of which changes have been introduced which we
hope will support a step change in our safety performance.
“Although the transition to a low carbon society is a
significant challenge, it also presents ArcelorMittal with
tremendous opportunity. A significant milestone in our
decarbonisation ambitions was the launch in March of XCarb™, a
brand that brings together all of ArcelorMittal’s reduced, low- and
zero-carbon steelmaking activities into a single effort, focused on
achieving demonstrable progress towards carbon-neutral steel.
“It is widely recognised that diverse teams bring many benefits
to organisations, including an increased wealth of perspectives and
the capacity to make better-informed decisions. While our
workforce is internationally diverse, our key issue has been gender
diversity. We have worked on the plans to address it and are
targeting doubling the number of female managers – or higher – by
2030.
“I hope we will be able to report progress on our key metrics in
2021. When it comes to sustainability, steel is an ideal
material in the circular economy since it is easily recoverable and
infinitely recyclable. I remain very confident in the future of
steel, and in the ability of ArcelorMittal to succeed in this
environment and continue to invent the smarter steels we need for a
better world.”
Lakshmi Mittal, Executive Chairman, ArcelorMittal,
added:
“Our vision is to remain the world’s leading steel company for
many decades to come. We are aware that our ability to do so will
be shaped not only by our financial performance but also our social
and environmental performance, and particularly our ability to
decarbonise. I have seen many fascinating and transformational
developments in my decades in business. None, I believe, have quite
the same implications as the challenge to decarbonise the global
economy.
“It is a mammoth task for everyone and particularly for those of
us operating in the so-called ‘hard to abate sectors’ which
includes steel. We are acutely aware of the carbon footprint
associated with steelmaking. Nevertheless, we remain confident that
steel can and will remain the material of choice for building the
world’s infrastructure. While we in no way underestimate the
challenge of the transition, we are energised by the opportunities
it will provide. Much of the infrastructure required for the
transition to a low-carbon economy for example, including renewable
energy systems and electric vehicles, depend on steel.
“The potential of the opportunity is what keeps us focused and
energised. Our teams of engineers are working hard to ensure
ArcelorMittal plays a leading role in the decarbonisation of our
industry. Our financial strength, our innovative nature and the
ingenuity and capability of our people to find solutions to the
toughest challenges stands us in good stead to fulfil our purpose
of inventing smarter steels for a better world.”
Key highlights discussed in the review include:
- Actions taken to protect the safety and wellbeing of our
employees and support local communities during the pandemic. These
included accessing essential medical supplies and personal
protective equipment, using our global networks to facilitate the
transfer of equipment to regions which are most in need, and
financial donations to healthcare facilities, including
laboratories to carry out Covid tests.
- The steps the Company is taking to improve its health and
safety performance. Initiatives include enhanced governance, the
re-vamping of the Company’s global Health and Safety Council and
efforts aimed at instilling an interdependent safety culture
group-wide.
- The Company’s strategy to address its carbon challenge and
become a sector leader in sustainability, including the launch of
XCarb™ in March and updates on the various decarbonisation projects
being developed and deployed. In line with the objectives of the
Paris Agreement, in 2020 the Company announced a group-wide
commitment to being carbon-neutral by 2050, and will shortly be
announcing a group-wide CO2 emissions target for 2030.
- Progress the Company has made in reducing the carbon intensity
of the steel it produces; CO2 per tonne of steel was 2.08 tonnes in
2020, a 1.4% improvement over 2019 and a 7.9% improvement since
2007, meeting the Company’s 2020 target.
- Insight into how the Company is managing its broader
environmental impact, including detail on the $248 million
allocated to 20 projects with energy and/or carbon benefits, and
the $396 million allocated to 32 projects which will deliver a
broad range of environmental benefits.
- Progress towards meeting steel and mining certification and
accreditation standards; following Covid-19 related delays, the
Company has re-started the process of certifying its European flat
products sites against ResponsibleSteel™ certification standards
and committed to achieving Initiative for Responsible Mining
Assurance (IRMA) accreditation for its mines in Brazil, Canada,
Liberia and Mexico by 2025.
- The importance the Company places on R&D, as evidenced by
its $245 million R&D investment in 2020, which supported the
launch of 29 new products and solutions to accelerate sustainable
lifestyles and 27 to support sustainable construction,
infrastructure and energy generation.
- Our plans to continue to improve on diversity and inclusion,
including our target to double the representation of women in
management positions to 25% by 2030.
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