ArcelorMittal Publishes its 2023 Integrated Annual Review
ArcelorMittal’s 2023 Integrated Annual Review (IAR), ‘Preparing for the future’, is structured in nine main chapters:
Our business and material issues
Driving change in our safety performance
Responsible energy use and lower-carbon futures
Air, water, land, biodiversity and ecosystems
Delivering a circular economy through innovation
Value chains our stakeholders trust
Attracting, retaining and developing our people
Communities and Just Transition
Governance and risk management
New disclosures include:
An update on further work done to evaluate physical and transition climate-related risks and opportunities, aligned with current and upcoming regulation.
The progress made to better understand ArcelorMittal scope 3 emissions and engagement with suppliers.
An update on the certification of the company sites to leading third-party multi-stakeholder ESG standards such as ResponsibleSteel™.
Progress ArcelorMittal has made in advancing our Diversity and Inclusion (D&I) roadmap.
The Company Just Transition framework including the approach and principles for a just transition.
The EU Taxonomy report where ArcelorMittal is reporting “substantial contribution” to climate change mitigation for revenues, capex and opex for the first time.
Aditya Mittal, CEO, ArcelorMittal, said:
“I recognise that for most people reading the IAR we have published today, safety is likely the most important issue on the agenda. I share this focus. In December 2023, we launched a comprehensive independent safety audit that is expected to deliver findings in the latter part of the year. While we carry out audits on a regular basis, none have been as exhaustive or ambitious in their scale and reach. We recently published a first interim update on the work completed in the independent audit so far.
“The benefits of running assets safely are widespread. The safest assets reflect not only an excellent safety culture, but more broadly a culture of care and attention to every detail, where employees speak up, support each other and work together as a team to embrace opportunities and successfully confront challenges. This is the culture we need across all our operations if we are to deliver on our purpose of 'Smarter steels for people and planet.'
“Continuous investment in our operations is another factor that influences our ability to deliver against our purpose. We have a lot of exciting growth opportunities ahead of us, and this year we will see some major projects coming online.
“Nothing is possible without our people – the 150,000 employed directly in our operations and the additional contractors who join them for specific projects. We have to work purposefully to ensure that we continue to attract the best and brightest talent into our company. We continue to make good progress at embedding our people strategy that is founded on three pillars: developing leadership that inspires excellence; attracting and developing talent to thrive for the future; and engaging all our workforce through implementing our D&I roadmap. Underpinning all three is a culture that motivates and inspires people to make a difference, where they can grow both professionally and personally, and where they can develop new ideas and succeed.
“As this review makes clear, there is a great deal of activity underway as ArcelorMittal continues to evolve, adapt and progress to ensure future success.”
Lakshmi Mittal, Executive Chairman, ArcelorMittal, said:
“Our Integrated Annual Review aims to provide our stakeholders with a clear understanding of how we manage our business, and how we seek to build and protect value in a sustainable and responsible way. We provide an overview of the company’s performance, against our broader strategic objectives and against our sustainability goals. We seek to highlight the most material issues to our stakeholders, and how we are addressing the risks and opportunities presented to us, both now and in the longer term. The review takes account of our focus on safety, our progress on decarbonisation, our people values, how we aim to work with our local communities, our engagement with our value chain, and our growing efforts to work sustainably within the natural environment.
This year we have continued to progress with developing and investing in the breakthrough technologies for our sector and with our decarbonisation programme, and with preparing for reporting against new sustainability legislations. We have also been advancing on our diversity and inclusion (D&I) roadmap, aimed at building mutual engagement, delivering a flow of new ideas, and increasing productivity to enable a high-performing organisation.”
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