#smartersteels
Smarter steels 
for people 
and planet
ArcelorMittal Integrated 
Annual Review 2021

1
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Contents
About this report
This Integrated Annual Review 2021 describes the context for and progress of ArcelorMittal 
as the world’s leading steel and mining company. It covers the year 1 January 2021 to 
31 December 2021 and aims to outline our key considerations in creating value for our 
stakeholders now and in the future. In our reporting, we aim to reflect the guiding principles 
of the Value Reporting Foundation (VRF) 
: International Integrated Reporting Council 
(IIRC) and Sustainability Accounting Standards Board (SASB). We also report in line with the 
Global Reporting Index (GRI) Sustainability Reporting Standards, the United Nations Global 
Compact (UNGC), the European Union’s Directive 2014/95/EU on non-financial reporting. 
For details, please see ‘Our approach to reporting’ on page 55.
Overview
2	
Performance at a glance
3	
Welcome to ArcelorMittal’s  
2021 integrated annual review,  
Executive chairman’s statement
5	
True leadership carries deep responsibility,  
Chief executive officer’s statement
7	
A year of strategic and financial progress, 
Chief financial officer’s statement
Section 1
Sustainable business
9	
Our strategy
11	
How we create value – business model
12	
How we create value – six capitals
Section 2
Responsible growth
15	
Driving a relentless focus on safety
19	
Transforming for long-term growth
	
19		 Growing strategically and responsibly
	
20	 	Pioneering new products, solutions and business 
models for a smart transition
26	 Our roadmap to net-zero
32	 Sustainability leadership
	
32	 ResponsibleSteel
TM – underpinning improved 
	
	 ESG performance
	
34	 Strengthening our environmental stewardship
	
38	 Developing a workplace for tomorrow; building 
	
	 strength in diversity
	
42	 Engaging with our communities and pursuing a 
Just Transition
Our reporting
Our Integrated Annual Review is a central element in our 
commitment to engage stakeholders and communicate 
our financial and non-financial performance. It forms part 
of our wider approach to reporting at a global and local 
level, supported by reports that provide details on specific 
areas of our work or are designed for the use of specific 
stakeholder groups. Our local sustainability reports are 
available on country websites. Please find details of our 
other reporting below.
  Reporting Index
  Basis of Reporting
  Fact Book
  Climate Action Report 2
  Form 20-F
  Annual Report
annualreview2021.arcelormittal.com
Section 3
Strong governance
46	 Governance
51	
Risk management, materiality and assurance
55	 Our approach to reporting
58	 Independent Limited Assurance Report
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Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
2
ArcelorMittal  Integrated Annual Review 2021
2019
2020
2021
19.4
4.3
5.2
2019
2020
2021
62.9
69.1
84.5
2019
2020
2021
6.6
1.5
2.4
2019
2020
2021
4
6.4
9.3
2019
2020
2021
3
2.4
3.6
2019
2020
2021
270
245
301
2019
2020
2021
68
53
70.4
2019
2020
2021
0.79
0.68
0.75
2019
2020
2021
2.02
2.07
2.15
2019
2020
2021
0.62
0.64
0.63
2019
2020
2021
14
12.6
13
2019
2020
2021
15
-0.7
-2.5
Overview – Performance at a glance
Financial and non-financial results in 2021
1. Based on the ArcelorMittal portfolio in the reporting year. On a comparable basis, excluding the shipments from ArcelorMittal USA, sold to Cleveland - Cliffs on December 9, 2020, and ArcelorMittal Italia,  
(deconsolidated as from April 14, 2021), steel shipments for 2021 increased by 9.2% as a result of the broad based recovery in demand following the impacts of Covid on 2020 operations.
2.	Each year health and safety data we publish is provisional with the best available data at the time of publication. We have restated 2020 LTIFR following a full review of data.
3.	CO2e intensity (Steel) – for details on how it is calculated see the Basis of Reporting. Also, see page 31.
Ebitda
$19.4bn
Steel shipments
1
62.9Mt
Free cash flow
$6.6bn
Net debt
$4.0bn
Net income
$15bn
Capex
$3.0bn
Investment in R&D
$270m
Estimated direct economic contribution
$68bn
Safety – LTIFR
2
(incidents per million hours worked)
0.79
CO2e intensity (steel Scope 1+2+limited Scope 3)
3
(tonnes per tonne of steel)
2.02
Dust intensity
(ducted kg per tonne of steel)
0.62
Women in management
(managers and above)
14%
  Full performance data in our Fact Book
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3
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Overview – Executive chairman’s statement
Welcome to ArcelorMittal’s  
2021 integrated annual review
Dear stakeholders,
I hope you will find the 2021 integrated annual 
review an interesting and informative read, giving 
you a clear understanding of how ArcelorMittal is 
managing its business in an increasingly integrated 
way to reflect our purpose of ‘smarter steels for 
people and planet.’
It is vital we do, because in my 45 years in business  
I am hard pushed to remember a more complex 
time. It is true that life in the steel industry has never 
been dull – but whether it is covid, climate change,  
a rapidly growing population or worrying political 
instability, the intensity of the last few years has 
brought a new dynamic, with the pace of change 
more rapid than at any time in history, accompanied 
by atypical events like Covid and now the conflict  
in Ukraine.
As a company with 26,000 employees in Ukraine,  
I must start by saying how shocked and deeply 
concerned I, and indeed all of us at ArcelorMittal, 
are by the aggression that we have seen since 
24 February. I think we have all been humbled by the 
strength and fortitude of the Ukrainian people, 
fighting with all their heart for the future they are 
determined their children and grandchildren should 
enjoy. Writing this on the 14 April, I can only hope and 
pray that by the time this report is published we are 
a step closer to restoring peace and stopping the 
needless and tragic loss of life.
The human impact of war is the only consideration 
that ultimately matters. But as we know there are 
also other knock-on effects, not least relating 
to global trade and energy. The war has caused 
disruption to supply chains across the world – 
including in our business. At a time when the 
world wants to focus on efforts to accelerate 
decarbonisation, it faces new challenges of 
energy security. No doubt we will all be grappling 
with the repercussions of this event on all fronts 
– humanitarian, political and commercial –  
for some time to come. 
Fundamentally though, I remain very optimistic, 
and indeed excited, about the long-term outlook for 
our industry and, particularly for ArcelorMittal. That 
optimism has at its foundation the conviction that 
important role steel plays in supporting the world’s 
economic development is only going to grow. 
ArcelorMittal analysis indicates that steel demand 
is going to grow – from 1.9 billion tonnes today to 
around 2.6 billion tonnes by 2050. Underpinning this 
growth will be the continued economic development 
of emerging economies, as well as the vast 
investment in the clean energy systems required 
for a net-zero future.
After a very strong 2021 in which the company 
generated Ebitda of US$19.4 billion, ArcelorMittal 
is stronger today than at any time in our history. 
We are ideally positioned to invest strategically 
and responsibly to capture the opportunities ahead 
as well as delivering on our promise of returning 
substantial amounts of free cash to shareholders.
When it comes to volume growth, we are particularly 
focused on the developing economies where steel 
demand continues to grow at an above average 
rate. That’s why we are making investments in 
countries like Mexico, Brazil and of course India. It 
took us many years to establish a major production 
presence in India – but it was worth the wait. AM/NS 
India, which we own and manage together with 
Nippon Steel, gives us the ideal platform from which 
to grow and meet India’s demand not just for more 
steel, but for higher quality steel.
The opportunity for growth provided by the global 
transition to net-zero is also considerable. Vast 
investment will be required in the infrastructure that 
will support a zero-carbon world – and steel sits 
right at the heart of this. Steel is a vital material 
for wind and solar farms, electric vehicles, and low 
carbon buildings. One of our most successful recent 
products is Magnelis®, an innovative coated steel for 
the solar industry that generated double-digit 
growth in 2021. We have also established ourselves 
as the premier supplier to the electric vehicle market 
thanks to the continued expansion of our range of 
S-in motion® solutions. Meanwhile Steligence®, our 
low carbon solution for the construction market, 
is going from strength to strength. 
At the same time as developing products for the 
transition to net-zero, we know we must ourselves 
decarbonise. Indeed, our aim is to lead the 
decarbonisation of the steel industry. We have the 
leadership commitment, the technology capability, 
and the intellectual engagement to succeed. 
We made good progress in 2021, setting new 2030 
targets for the group and announcing important 
decarbonisation projects in Europe and Canada. 
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ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Overview – Executive chairman’s statement
We hope to see construction start on some of these 
projects this year. With the latest Intergovernmental 
Panel on Climate Change (IPCC) report further 
reinforcing just how critical the next few years will 
be, we understand our stakeholders want to see 
progress – and so do we.
Policy support is vital. Just to transition the European 
steel industry, using the DRI-EAF route will require ten 
times more electricity than we use today – and that 
all needs to be green. That renewable electricity is 
required not only to power the electric arc furnaces, 
but also to make the green hydrogen that will 
reduce the iron-ore. And, of course, for a globally 
traded material like steel, a level playing field to 
ensure lower-carbon assets in one region are not 
undercut by higher-carbon assets from another  
is vital.
Leading the decarbonisation of the steel industry  
is a clear priority. Improving our safety results is 
another. Wherever we operate around the world,  
we must have excellent safety results. Sadly, this was 
not the case in 2021. There has been a full review of 
every aspect of safety and a multi-pronged action 
plan has been developed to build on and support 
the considerable policies and processes that are 
already in place across our group. I sincerely hope 
that this time next year we will be able to report the 
progress these actions are delivering. 
Ensuring the safety of our employees is at the core  
of our corporate responsibility. Indeed, there can  
be no more fundamental issue. As a global steel  
and mining company we are highly aware of the 
importance of managing all aspects of our social 
and environmental impact. In 2021, we undertook an 
updated materiality assessment, to ensure that our 
view on our most material issues are up-to-date and 
aligned with those of our stakeholders. The results of 
the materiality analysis are reflected in our strategic 
business decisions and highlighted throughout this 
report. The most prominent themes this year include, 
but aren’t limited to: safety, climate and nature, 
gender, products and their value to circular 
economy and responsible supply chains. The 
concept of the “just transition” also featured for  
the first time and this is certainly an area we plan  
to give further thought to in the year ahead. More 
details of our materiality assessment can be found 
on page 53 of this report.
We continue to work hard on ensuring we can track 
and improve performance on all key metrics. The 
ResponsibleSteel
TM certification process has been 
very helpful in this regard. Ten of our sites achieved 
ResponsibleSteel
TM site certification standard in 2021 
– indeed our four plants in Belgium were the first 
steel plants in the world to do so. Having been 
involved in ResponsibleSteel
TM right from the start,  
we were delighted to achieve this status. 
ResponsibleSteel
TM has proved itself to be highly 
valuable to our operations in terms of understanding 
and improving multiple aspects of their ESG 
performance. Our intention is to continue to roll  
the standard out across our operations, recognising 
that our business in some countries have more  
to do than others to close the gaps required to 
achieve certification. 
We are developing new multi-year plans to help 
them to do so, particularly on the environmental side 
but also on social topics including human rights and 
diversity. We recognise that our performance on 
gender diversity at the executive level falls short – 
on the board of directors we have strong female 
representation and I very much value the richness 
of thinking and discussion our diversity of gender, 
as well as nationality, brings. In 2021 we set a new 
target to double the women in management by 
2030, with a new gender diversity committee 
being formed to drive and monitor progress.
Ultimately it is our people that drive our success.  
I would like to take this opportunity to thank the 
board of directors, the management committee  
and indeed all employees of ArcelorMittal for the 
role you all play in helping us remain at the forefront 
of global steelmaking. The team is always more 
powerful than the individual and what we have 
achieved together is testament to the knowledge, 
experience, energy and enthusiasm of our people 
– working hard every day to produce smarter  
steels for people and planet. 
I remain as excited about the industry and  
the prospects for ArcelorMittal as ever.
Lakshmi N. Mittal
Executive chairman
Hot Strip Mill, Mexico  →
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5
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Overview – Chief executive officer’s statement
True leadership carries  
deep responsibility
Dear stakeholders,
It is just over a year since I was appointed Chief 
Executive of ArcelorMittal. Having the opportunity 
to lead a global, multinational at any time is a great 
privilege; being asked to do so at a time of real 
transformation for the global economy makes that 
opportunity even more distinctive.
 
I took up the role of CEO with the advantage of 
knowing this company extremely well. Even from  
this starting point it has been a very exciting year 
– so much around us is changing. We will need to 
do things differently yet the world’s need for the 
product we make is only set to grow. 
Smarter steels for people and planet
It is in recognition of this changing world that we 
refreshed our brand earlier this year – updating our 
visual identity and launching a new purpose: 
‘Smarter steels for people and planet.’ 
 
This should remind us every day that steel is a 
product that will continue to be a vital material for our 
world for a long time to come - as long as we can 
ensure it makes an ever more meaningful contribution 
to a circular, low-carbon and socially fair world. 
 
It is certainly my guiding principle. And leading a 
company that employs 158,000 people around the 
globe, and has an indirect impact on millions more,  
I believe we must always start with people. 
 
Our people 
Since 24 February, everyone at ArcelorMittal has 
been deeply concerned about our 26,000 
colleagues who work at our plant in Kryvyi Rih, in 
Ukraine. Most of us cannot begin to imagine what  
it must be like to wake up one day to the reality of 
war. Some of our employees have been called up to 
the army – others have volunteered. Their bravery, 
and indeed the bravery of the entire Ukrainian 
population, is remarkable as they defend with  
all their strength a future of their own design. 
 
We are supporting our people and the local 
communities in whatever way we can. The entire 
organization has rallied, donating money into a 
group-wide match funding initiative, sending 
provisions, and offering accommodation to the  
women and children we have helped leave the 
country. The response we have seen is a heartwarming 
reminder of the kindness and generosity of humanity. 
 
We cannot know when this conflict will end,  
but I sincerely hope that by the time this report  
is published we are a step closer to ending this 
needless loss of life, and that the integrity of Ukraine 
as a country will be maintained. 
Situations like the one we now see in Ukraine are, 
thankfully, not everyday occurrences. Keeping our 
158,000 people safe at work in our plants and 
operations, is. 
 
I have been very clear in my view that quite 
irrespective of all other achievements, we can only 
truly consider ourselves the world’s leading steel 
company if we lead on safety. Regrettably that was 
not the case in 2021. Our safety results last year were 
extremely disappointing. 29 people died working in 
our operations. 
 
Quite clearly when faced with this result there is only 
one option – to make every intervention required to 
ensure that we re-set on our journey to zero harm.  
We know it is possible – because we have plants that 
consistently achieve excellent results. I have invested 
a considerable amount of time in understanding why 
this isn’t yet the case everywhere. We have the same 
group wide, best-in-class policies and life-saving 
rules everywhere – but not the same results. 
 
You will find more detail on how we are addressing 
this most important of priorities, in this report. 
 
At the core is ensuring a truly safety-first 
interdependent culture with shop floor presence 
embedded in the way we manage the business 
daily, supported by regular, thorough, in-person 
training, by both internal and external experts. 
Please rest assured this has my full attention –  
and, also, the full attention of the chairman, the 
board of directors, the management committee, 
and the wider leadership group at ArcelorMittal.
The Planet
Steel has established itself as a vital material for  
our world. It builds much of the infrastructure we 
need for a comfortable life. The building you work in, 
the car you drive, the washing machine that cleans 
your clothes – all made with steel. And that’s only 
the beginning. 
 
It also has natural sustainability properties – being 
by far the most recyclable and recycled of all 
materials, well aligned with the concept of a circular 
economy. The recyclability targets other materials 
are now setting for themselves – steel has been 
doing for years. 
 
But now our planet faces one of its biggest ever 
challenges. An urgent need to decarbonise to 
prevent the dangerous temperature rises which 
threaten increasingly extreme weather patterns  
that will cause significant harm to the planet,  
the population, and the economy.
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6
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Overview – Chief executive officer’s statement
At the same time as providing a growing population, 
of whom nearly 800 million still live in extreme 
poverty, with an improved standard of living. 
 
And while Covid is not as top of mind as it was this 
time last year, there are still repercussions from the 
pandemic with large numbers of the global 
population remaining unvaccinated. 
 
Addressing all this is no easy task for world leaders. 
But while it may not be easy, I believe it is all possible. 
In this transformation, steel also has an important role 
to play, one to support sustainable growth and 
second to find ways to accelerate decarbonisation.
 
Steel will be a vital material for the energy transition, 
including electric vehicles, low-carbon buildings and 
renewables infrastructure including both wind and 
solar. This is one of the reasons steel demand is 
expected to grow to 2.6 billion tonnes by 2050,  
from 1.9 billion tonnes in 2021. 
 
Of course, we ourselves also have to decarbonise – 
because while steel has a critical role to play, it is also 
responsible for seven percent of global emissions.
 
Those of you who read our latest climate action 
report will know that ArcelorMittal is clear in its 
ambition to lead the decarbonisation of the steel 
industry. You will also know how we plan to do so,  
by pursuing two main technology routes, innovative 
DRI and smart carbon, with a third, direct 
electrolysis, in the R&D phase. I am pleased with  
the progress made in this regard in 2021. Not only did 
we announce new targets, but we also announced 
US$5.6 billion worth of decarbonisation projects in 
Canada, Spain, Belgium and France. 
I expect we will be able to make meaningful progress 
on some of them this year. Success will ultimately be  
a collaborative effort. Decarbonising the European 
steel industry for example means we will need ten 
times more electricity than we use today – and all  
of it clean. The reason we have just been able to 
successfully begin testing green hydrogen in our 
Midrex plant in Contrecoeur, Canada is because of 
an energy policy that makes clean electricity readily 
available. Supportive policy that takes into account 
finance for capex, higher opex costs and a level 
playing field, as well as accelerating the development 
of renewables, is crucial.
 
As well as developing the technologies for 
steelmaking, we are also looking at how we can play  
a role in speeding up systems change across the value 
chain. That is why we launched our XCarb
TM product 
portfolio, which for the first time offered certified 
low-carbon products to our customers. It is also why 
we became an anchor partner in the Breakthrough 
Energy Catalyst and why we launched the XCarb
TM 
Innovation Fund. It is why we are a partner in Hydeal 
and recently joined the Green Hydrogen Catapult. And 
it’s why we have recently announced an acquisition of 
80% of voestalpine’s HBI plant in Texas, and a 
collaboration with Greenko in India to develop a new 
solar and wind project with storage capability.
 
As we decarbonise, we must be also aware of the 
potential social impacts. The concept of a just 
transition is now quite rightly high on the agenda. 
Fundamentally the investment in a new energy 
system should create many new job opportunities –  
I was reminded of this directly recently when visiting 
the new LanzaTech installation at our plant in Ghent. 
This technology – in which we have also taken an 
equity stake through our XCarb
TM Innovation Fund 
– uses microbes to “eat” carbon monoxide and turn  
it into bio-ethanol. So, we need bio-engineers and 
indeed for the first time we now have bio-engineers 
working at ArcelorMittal. 
Smarter steels
Whether it the latest iteration of S-in motion® for the 
electric vehicle industry or Magnelis® for the solar 
industry, we are continually re-inventing steel for the 
future. I don’t believe the innovative potential of steel 
is yet fully understood. Nearly half the steels we make 
today did not exist ten years ago. Our research and 
development team is continually looking ten years 
ahead, thinking about what our customers will want 
before they themselves realise what they might need. 
We are also now developing steel powders for 3D 
printing and have already successfully printed small 
parts for the automotive industry. 
 
As well as developing our product range, we are 
always enhancing our presence in the developing 
markets where steel demand is set to grow at above 
average rates. This includes Brazil, Mexico and India, 
countries where ArcelorMittal already has a 
presence and plans to further grow. A good example 
is AM/NS India – our joint venture with Nippon Steel. 
Steel demand is forecast to grow more quickly in 
India than in any other region in the world, and AM/
NS India has announced capacity expansion plans 
that more than double its existing footprint. 
 
I also believe that as a company we ourselves will be 
smarter if we are diverse. Diversity brings richness of 
thinking and having different voices represented 
around a table supports and fosters continuous 
progress and innovation. We are strong on some 
aspects of diversity, weaker on others, specifically 
gender. We have introduced an action plan to 
improve. We already have strong female 
representation on the board of directors, and I am 
sure all our board members will vouch for the value 
that diversity brings. We now have two women on 
the group management committee and have 
announced a new target to double the number  
of women in management positions by 2030. 
I want ArcelorMittal to be a company where 
everyone feels welcome and valued and where  
our workforce represents the society in which  
we operate. 
 
A strong platform for success
You will find a lot more detail on all the above and 
more in this report, including more information on  
our record financial results (net income of $15 billion) 
and on the significant capital ($6.7 billion), that we 
returned to our shareholders, as well as how we 
surpassed our balance sheet targets giving us 
headroom to think strategically about our options  
to develop the business. I hope you find it interesting 
and informative and that it gives you a clear 
understanding of how ArcelorMittal is working  
to create value for all stakeholders. 
 
For this we rely on the 158,000 employees who  
bring their best every day in our plants and offices.  
A company of this size and scale can only succeed  
if its employees deliver – and we are incredibly 
fortunate to have the best in the business. 
 
Every year brings something new – 2022 will be  
no different. I hope we can continue to meet  
and surpass your expectations on all aspects of 
stakeholder performance, starting with safety.
Aditya Mittal
Chief executive officer
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7
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
ArcelorMittal  Integrated Annual Review 2021
Overview – Chief financial officer’s statement
A year of strategic 
and financial progress
2021 was an extremely positive year. A strong 
rebound in demand and record steel prices helped  
us generate excellent financial results. This allowed 
us to further strengthen our balance sheet and 
continue to deliver consistent returns for shareholders. 
Strong market, exceptional results
After the challenging conditions of 2019 and the 
disruption of the pandemic in 2020, steel prices hit 
all-time highs in 2021. The global economy rebounded 
sharply following the easing of lockdown restrictions 
and conditions remained buoyant throughout 2021. 
Improving our cost competitiveness
Steel is a highly competitive industry and so we must 
continuously improve our cost position through 
efficiency improvements, productivity gains and 
harnessing synergies from our global scale. In 2021, 
we delivered fixed costs savings of $0.6 billion. We 
have now launched a new three-year $1.5 billion 
Value Plan, which seeks to protect against inflationary 
pressures and support sustainably higher profitability.
Investing in growth
In recent years we have refocused our operational 
footprint through divestments and acquisitions, 
investing strategically in markets that offer high- 
growth potential. This, coupled with organic growth 
opportunities focussed on the most value adding 
opportunities within our business – mean we have 
strong potential to grow Ebitda and create  
additional value. 
In total, we will be allocating $3.1 billion to strategic 
growth opportunities including Brazil, Liberia, and 
Mexico between 2021 and 2024, which will generate 
an additional $1.1 billion of annualised Ebitda (at 
normalised market levels). We are also growing our 
joint ventures operations, particularly AM/NS India 
and AM/NS Calvert. 
As a result, our capital expenditure will increase this 
year, to $4.5 billion, from a spend of $3.0 billion in 
2021. Our 2022 figure includes $3.1 billion on 
normative capex, $0.3 billion on decarbonisation 
(net of government support) and $1.1 billion on the 
strategic envelope projects mentioned above. 
Committed to decarbonisation
Our efforts in this area are covered extensively 
elsewhere in this report, so I will just add that we  
are also committed to leading the industry in terms  
of our target-setting, performance and disclosure.  
In 2021, we reported on our climate risks and 
opportunities in our Climate Action Report 2 
  
in line with many recommendations of the Task Force 
on Climate-Related Financial Disclosures (TCFD). This 
year, we are assessing the resilience of the business 
against different transition and physical climate 
scenarios, to help inform our strategy and manage 
our transition and physical climate risk exposure.
We were also pleased to see our score improve  
in the most recent Climate Action 100+ Net Zero 
Benchmark. We are working towards full alignment 
to both the benchmark and TCFD. 
A step-change on ESG assurance
We know that environmental, social and governance 
(ESG) matters are important to our stakeholders. Our 
interaction on these issues has materially increased 
over recent years, and we expect this trend to 
continue. Guided by a strong internal view that 
companies with strong ESG reputations will be better 
placed to deliver value in the long-term, we are 
committed to improving performance in all aspects 
of sustainable development. Achieving the 
demanding ResponsibleSteel
TM certification at ten 
ArcelorMittal sites, is a good example of progress. 
Conclusion
ArcelorMittal is a stronger company today than at 
any point in its history. We have a unique mix of 
assets in developed and emerging markets, with 
established plans to strengthen our business, and 
the financial wherewithal and technology expertise 
required to progress our growth and 
decarbonisation priorities. The situation in Ukraine is 
very worrying, but the fundamentals for our industry 
remain positive, and we anticipate another year of 
good progress against our strategic priorities.
Genuino M. Christino
Executive vice president – chief financial officer
Rising real demand coupled with a sustained period 
of customer restocking brought the most favourable 
market conditions we have seen for years.
Ebitda was $19.4 billion, with a strong contribution 
from all operating segments; Ebitda per tonne was 
$309. Net income reached $15.0 billion in 2021, 
boosted by a strong performance from our JVs and 
associates, notably AM/NS India and AM/NS Calvert. 
Free cash flow was $6.6 billion – $0.2 billion higher 
than the past five years combined.
Strong financial foundations
With our net debt now at a record low level we have 
a firm financial footing on which to strategically 
grow our business and deliver consistent returns to 
our shareholders.
At the end of the year, net debt was $4.0 billion – 
down from $6.4 billion a year earlier. Our debt is 
again investment grade rated.
This balance sheet strength has enabled us to shift 
our capital allocation focus from deleveraging to 
shareholder returns. We returned $6.7 billion to 
shareholders in 2021. With healthy free cash flow 
anticipated for this year, we are confident of 
maintaining this trend. 



Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
8
ArcelorMittal  Integrated Annual Review 2021
Contents
8
Section 1 – Sustainable business
Sustainable 
business
As the world’s leading steel and mining 
company, it is our responsibility to be a 
champion for sustainable business and 
to embrace the challenges of creating 
smarter steels for people and planet. 
With steelmaking facilities in 17 countries 
and customers in almost 150 more, 
we have a unique platform from which 
to lead the transition to a net zero 
and more circular economy, and 
create sustainable value for 
all of our stakeholders. 
Aditya Mittal
Chief executive officer
‘McDonough Office’, designed by the architect Bill McDonough using Steligence®  →



9
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Our 
strategy
Section 1 – Sustainable business
has been strengthened and we are prioritising 
support for underperforming units. More details  
to be found on page 15.
Strategic growth
ArcelorMittal has a unique global presence, with 
market-leading operations in each of the markets 
where we operate. We are active in all parts of the 
steel value chain, from raw materials we need to 
creating sophisticated, high-value steel products. 
We are present in developed markets – which 
benefit from higher per capita steel demand – and 
developing markets – which offer strong long-term 
growth potential. 
Steel demand is due to increase globally from 1.9 
billion tonnes in 2021 to 2.6 billion tonnes in 2050. Our 
growth plans are designed to ensure we capture the 
opportunities in both the developing markets where 
steel demand is growing faster – and also in new 
product categories that will be required for the 
energy transition. We will do this through strategic 
organic growth, harnessing our world-class R&D 
operations as well as selective value accretive M&A. 
 
Research and development sits at the heart of our 
operations and we are using our R&D leadership to 
leverage the unique advantages of steel – such as 
its ability to be completely reusable and recyclable
– to create new products, solutions, business models 
and develop production processes that use less 
energy, emit less carbon and reduce costs.
Decarbonisation and  
sustainability leadership
Decarbonisation is our most material sustainability 
issue and we are committed to being a leader.  
We plan to do this by pursuing two technology 
routes – innovative DRI and smart carbon – with  
a third in the research and development phase.  
In 2021, we set out a clear roadmap for achieving  
our medium-term 2030 CO2e targets with 
anticipated cost of $10 billion, and our commitment 
to achieve net zero steelmaking globally by 2050. 
We announced ambitious decarbonisation projects 
in France, Spain, Belgium and Canada, including the 
creation of what we hope will be the world’s first zero 
carbon emissions steel plant at ArcelorMittal Sestao.
We are also very engaged in helping accelerate the 
transition across the value chain. Launched in 2021, 
our new XCarb
TM products are supporting customers 
with their own plans to reduce carbon emissions, 
while our XCarb
TM innovation fund has already 
invested $180 million to foster the development  
of technologies that will support both our own  
and the steel industry’s decarbonisation plans.
More generally, steel needs to continue to evolve to 
become smarter and more sustainable. Steel has 
some natural sustainability properties that stands it 
in good stead, not least the fact it is the most easily 
recycled material aligning perfectly with the 
transition to a circular economy. But with a growing 
population on a planet with only limited resources, 
consistently improving sustainability performance 
in-line with the UN Sustainable Development Goals 
(SDGs) is a vital part of achieving our long-term 
vision of remaining the world’s leading steel 
company. This is why growing our business 
responsibly and meeting the expectations of all our 
stakeholders is integral to our long-term strategy.
Dacero, wind turbine towers  ↑
Our strategy aims to maintain our long-term 
position as the world’s leading steel and mining 
business, meet the world’s rising demand for steel  
in a sustainable way while supporting the broader 
transition to a more circular, increasingly 
decarbonised economy, and deliver value to all 
stakeholders – including shareholders – throughout 
the cycle.
Our five strategic priorities are key to achieving 
these goals and driving sustainable value creation:
•	 Improve safety
•	 Strategic growth
•	 Decarbonisation and sustainability leadership 
•	 Cost advantage
•	 Consistent returns
Improve safety
Safety is our number one priority. A concerted effort 
is underway to improve health and safety across the 
group and strengthen our safety culture. We have 
completed a comprehensive review of our efforts to 
eradicate accidents and fatalities, and have started 
2022 with a refreshed company-wide commitment 
to put this fully into action.
Corporate oversight of safety has been 
strengthened, our Global Health & Safety Council  
of business COOs is sharing and promoting best 
practice, peer-to-peer mentoring between sites has 
been introduced, training both internal and external 



10
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
10
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Our strategy
Our sustainability focus needs to encompass  
a wealth of environmental and social initiatives.  
We also recognise the importance of investing  
in our people, embracing diversity and attracting 
the leaders of tomorrow.
We have been at the forefront of developing 
industry standards to ensure steel customers can  
be confident the steel they use has been produced 
responsibly. We have worked closely with 
ResponsibleSteel
TM since it was launched in 2015 
have now achieved ResponsibleSteel
TM certification 
at 10 steelmaking sites in Europe and Brazil.
Cost advantage
No other steel company has the same level  
of scale, geographic exposure and end-market 
diversification as ArcelorMittal. This unique asset 
base means we can benchmark and leverage our 
scale to improve productivity and efficiency. In 2021, 
we generated $0.6 billion of fixed cost savings 
through productivity gains, footprint optimisation 
and lower corporate costs. Maintaining our cost 
competitiveness remains an important priority and  
in 2022 we announced a new $1.5 billion Value Plan 
to be achieved over the next three years. 
Consistent returns
All of the above is designed to ensure we can deliver 
consistent returns to shareholders through the cycle. 
Having built a very strong balance sheet, we have 
been able to switch our capital allocation focus  
from deleveraging to shareholder returns. In 2021,  
we returned €6.7 billion to shareholders through 
dividends and a share buyback programme.  
Under our clearly defined capital allocation policy,  
a base dividend plus 50% of surplus free cash flow 
will be returned to shareholders each year.
How we create value
We create sustainable value through six ‘capitals’  
in line with the Value Reporting Foundation (VRF)  
and International Integrated Reporting Council (IIRC) 
reporting framework.
Financial capital – Our strong balance sheet 
Manufactured capital – Our unique global portfolio 
Intellectual capital – Our leading R&D
Natural capital – Our responsible use of resources 
Human capital – Our high-performing organisation 
Social capital – Our stakeholder relations
A summary of our actions and outcomes for each 
value driver in 2021 can be found on page 12.
In 2022, ArcelorMittal was recognised 
as a Sustainability Champion by 
worldsteel for its outstanding 
sustainability efforts and 
performance in 2021.
Global steel demand is rising
Under current consumption patterns, global 
demand for steel is forecast to increase from 
1.82 billion tonnes in 2020 to over 2.6 billion 
tonnes by 2050. Steel is a beneficiary of 
increasing global demand for materials,  
largely driven by the construction of 
infrastructure in developing countries that  
is necessary to achieve the United Nations’ 
Sustainable Development Goals.
Increasing steel demand is driven by the 
accumulation of what the Energy Transmission 
Commission (ETC) describe as “steel stocks”, 
typically in buildings, infrastructure and 
transport vehicles. According to Material 
Economics, developed countries tend to have 
stocks of 12-13 tonnes per capita, a level that is 
not expected to increase significantly. Demand 
for steel in developed economies is now driven 
primarily by the replacement of buildings and 
equipment, and could largely be met through 
recycling of existing steel stocks. 
The picture is very different in developing 
economies. Steel stocks per capita in India and 
Africa are around 1 tonne per capita, so likely to 
grow for several decades. While the massive 
expansion of steel production in China has 
increased its stock to over 5 tonnes per capita, this 
is still some way below developed country levels.
Steel has unrivalled circularity credentials 
relative to other material groups such as 
plastics, cement and aluminium. However, the 
ability to re-use steel within the steel production  
process relies on the availability of discarded 
steel that has reached end of life for its use.
Material Economics estimates that 83% of steel 
is re-melted to produce new steel products, 
although this is over 90% in some countries. 
Thanks to these high recycling rates, end-of-life 
steel represents around 20% of the inputs for 
new steel produced globally. The availability of 
end-of-life scrap is projected to increase 
globally over the coming decades as equipment 
and buildings produced or constructed over the 
past 30 to 80 years approach the end of their 
life; we see this phenomenon being driven by 
China particularly.
As this happens, the advantages of steel – most 
importantly, its ability to be infinitely recycled 
with no loss of quality – means it the material 
will make a valuable and vital contribution to 
the transition to a fully circular economy. 
The IEA estimates that, by 2030, 37% of steel  
will be produced through scrap-based EAF, 
compared with 24% in 2020. By 2050, we believe 
this will increase to approximately 50%. While 
the production of primary steel will remain 
necessary for several decades, by 2100, we 
envision the world transitioning to a fully and 
sustainable circular steel industry, where the 
amount of equipment and buildings coming to 
their end of life will be a sufficient input to meet 
society’s replacement steel needs. 
Sources: ArcelorMittal Strategy, ETC Mission Possible Steel 
Sectoral Report, Material Economics (2018), The circular 
economy: a powerful force for climate mitigation



11
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Clear licence to operate
Strong balance sheet
 Leaders in attractive product-market segments
Vertically integrated business
R&D advantage
Best talent and technology
IM
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KEY ENABLERS
Financial stability        Implementing our strategy        Building stakeholder trust        =        Long term value
Value drivers and inputs
Strong balance sheet
•	
Robust financial performance
•	
$90.5bn total balance sheet
•	
$76.6bn sales
Unique global portfolio
•	
Optimised footprint and 
enhanced productivity
•	
High-return projects to support 
higher normalised Ebitda
•	
$3bn capex
High-performing organisation
•	
Strengthened safety strategy 
and governance
•	
15% incentive plan for 
leadership on LTIFR
•	
Double female representation in 
management to 25% by 2030
Responsible use of resources
•	
Group target of a 25% reduction in 
CO2e emissions intensity by 2030
•	
$565 million allocated to 40 projects 
with environmental benefits
•	
XCarb
TM steel transformation 
programme 
Leading R&D
•	
$270m spend on R&D
•	
37 Life Cycle Assessment 
(LCA) studies
•	
51 products and solutions launched
Stakeholders
•	
ResponsibleSteel
TM certification
•	
Commitment to IRMA
•	
Climate Action Report 2 aligned 
with TCFD and Climate Action 
100+ published
Mining
Delivering integrated value
•	
World-class ironmaking expertise and R&D
•	
Specialised, high value-in-use 
concentrate products
•	
Security and quality in the supply of  
raw materials
•	
Natural hedge against market volatility
•	
Processing routes tailored to fit our 
steel mills
Steel
Focused on sustainable value creation
•	
Leading position in attractive product-
market segments
•	
Operate through all parts of the steel 
value chain
•	
Large and global asset base
•	
Supplier of choice by anticipating 
customers’ needs and transforming the 
life of steel
•	
Consistent free cash flow generation
All operations
Operational excellence
•	
Improve safety
•	
Continuous improvement
•	
Increasing the share of HAV products
•	
Innovation
•	
Delivering strategic transformational 
initiatives
•	
Talent and technological advancements
Our core values
•	
Health and safety
•	
Sustainability
•	
Quality
•	
Leadership
Outputs and outcomes 
People
LTIFR
0.79 
Women in 
management 
position
14%
Customers
XCarb
TM sales
0.1Mt
RS
TM certified 
sites
10
Investors
Ebitda
$19.4bn 
Capital 
returned to 
shareholders
$6.7bn 
Communities
Community 
investment 
spend
$10.2m
Spend on 
STEM projects 
$3.5m
Government
Direct 
economic 
contribution
$68bn
Tax 
contribution 
$5.7bn
Section 1 – Sustainable business
How we create value – business model
We are transforming how steels are made and used. Because while the world needs more steel, a sustainable world needs smarter and decarbonised steels. ArcelorMittal is using 
innovative processes to make cleaner and stronger steels that use less energy and emit significantly less carbon. We are driven by an entrepreneurial spirit, a passion for excellence,  
with R&D at the heart of our operations.



12
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Section 1 – Sustainable business
How we create value – six capitals
Inventing smarter steels for people and planet – how we create value through six capitals, in line with the VRF, IIRC reporting framework.
Value drivers 
Strategic priority
Inputs and actions in 2021
Outputs and outcomes
Strong balance sheet (financial capital)
Enables flexibility in capital allocation to ensure:
•	
leading position in attractive product-market 
segments worldwide through active portfolio 
management
•	
investment in our asset base and 
progressively increase shareholder  
returns over the long term
Cost advantage
Strategic growth
Consistent returns
•	
Sales
•	
Financial capital
•	
Building a strong platform for consistent shareholder returns
•	
Robust financial performance
•	
Ebitda of $19.4bn
•	
$6.6bn free cash flow generation
•	
$15bn net income
•	
$6.7bn capital returned to shareholders
Unique global portfolio (manufactured capital)
Enables the company to derive value  
through our leading position in steel markets 
with favourable structures and dynamics
Cost advantage
Strategic growth
Consistent returns
Sustainability leadership
•	
Structural improvements
•	
Streamlined and refocused asset base
•	
Targeting higher growth markets/product categories
•	
Leveraging infrastructure to develop iron ore resources
•	
Enhanced productivity
•	
Optimised footprint
•	
$1bn structural improvement plan
•	
Capex of $3bn
•	
Growing contribution to net income from JVs & associates
•	
Fixed cost savings of $0.6bn achieved through productivity gains, footprint optimisation and SGA reduction
•	
New $1.5bn value plan to be achieved over the next three years 
•	
Capex in 2022 of $4.5bn to fund strategic growth and decarbonisation 
•	
Mexico hot strip mill to optimise capacity and improve product mix – first coils produced in December 2021 
•	
Strategic growth projects underway: Brazil (Vega, Monlevade, Barra Mansa), iron ore (Liberia, Serra Azul, 
Las Truchas), CIS cost reduction projects 
•	
Record performance from AM/NS India – cash to be reinvested for brownfield expansion 
•	
Balance sheet headroom provides strategic optionality to consider M&A in support of strategic targets 
•	
Established strategic renewable energy partnership with Greenko Group in India
•	
Signed an agreement to acquire an 80% shareholding in voestalpine’s world-class Hot Briquetted Iron (‘HBI’) 
plant in Texas
•	
In 2021, ArcelorMittal Mining supplied 59% of the iron ore raw material ArcelorMittal requires for iron and 
steelmaking, providing a natural hedge against market volatility
•	
62.9Mt steel shipped and 26Mt iron ore shipped (AMMC and Liberia) 
Leading R&D (intellectual capital)
Enables the invention of smarter steels for 
people and planet to support a net zero  
carbon economy and further enhance our 
product and service offerings to meet  
our customers’ evolving needs
Strategic growth
Sustainability leadership
•	
$270m spend on R&D
•	
11 R&D sites operational
•	
51 products and solutions launched
•	
Developing new business models, products and solutions contributing  
to a low-carbon world
•	
24 new products and solutions to accelerate sustainable lifestyles launched, while also progressing further 
on 17 such product development programmes
•	
Launched 27 products and solutions to support sustainable construction, infrastructure and energy 
generation, while also progressing further on 17 such product development programmes
•	
XCarb
TM steel transformation programme, sales reached 0.1Mt n 2021 
•	
Fully capitalising on the capacity of Steligence®
•	
Magnelis® advanced coating combined with hyper high-strength steels has become material of choice for 
light weight solar structures
•	
37 life cycle assessment studies



13
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Section 1 – Sustainable business
How we create value – six capitals
Value drivers 
Strategic priority
Inputs and actions in 2021
Outputs and outcomes
Responsible resource use (natural capital)
Enables efficient production of steel for  
a net zero carbon economy, and enables  
other sectors to reduce their carbon emissions,  
while building and maintaining the trust  
of our stakeholders
Decarbonisation and 
sustainability leadership
•	
Group target of a 25% reduction in CO2e emissions intensity by 2030
•	
Europe target increased to 35% reduction in CO2e emissions intensity by 2030
•	
XCarb
TM steel transformation programme successfully launched
•	
Committed to SBT target within two years 
•	
Broad innovation portfolio of smart carbon and hydrogen-DRI 
technologies under way 
•	
World’s first full scale zero carbon-emissions steel plant in Sestao, 
Spain by 2025 
•	
Decarbonisation plans for further steelmaking transformation in Europe 
and NAFTA in place 
•	
FY 2022 capex of $4.5bn includes anticipated $0.3bn spend on 
decarbonisation projects 
•	
All capex decisions informed by CO2 impact assessment
•	
Allocated a total of $565m to 40 projects with environmental benefits
•	
XCarb
TM sales reached 0.1Mt in 2021, targeting 0.6Mt run-rate in 2022
•	
XCarb
TM innovation fund investment in five technology partnerships
•	
First Smart Carbon projects to start production in Ghent, Belgium by end of 2022
•	
First hydrogen reduction project in Hamburg to start production in 2024-2025
•	
SBTi steel sector project under way
•	
Working with ETC, NZSPMP, SBTi, ResponsibleSteel
TM,to frame the transition to net-zero steelmaking 
•	
The achievement of 2030 group carbon emissions target is linked to executive remuneration
•	
Published 2nd Climate Advocacy Alignment report 
•	
2.02 CO2e intensity (steel) per tonne of steel (Scope 1+2+limited scope 3)
•	
146.7Mt absolute CO2e footprint (steel and mining, Scope 1+2+3)
•	
Sold 9.2Mt of slag to the cement industry, avoided 7Mt of CO2
High-performing organisation (human capital)
Enables our employees to feel safe, respected 
and valued, to develop their skills, be committed 
to their work and able to perform at their best
Improving health 
and safety
Sustainability leadership
•	
Renewed efforts to improve safety performance 
•	
15% incentive plan for leadership based on LTIFR
•	
158,000 employees, 34 hours of training per employee
•	
Target to double the representation of women in management  
to 25% by 2030
•	
Establishment of global Diversity & Inclusion Council 
•	
Women make up 36% of the Board of Directors
•	
94.83% of employees completed human rights training
•	
96.20% of employees completed anti-corruption training
•	
91.32% of employees completed code of conduct training
•	
Renewed focus on improving safety performance with governance and accountability strengthened
•	
2022 safety strategic focus on: leadership and shop floor presence, fatality prevention, revamp of H&S policy 
reflecting best practice standards, worse performing assets
•	
LTIFR at 0.79
•	
Regrettably, 29 deaths
•	
Safety target in STIP increased to 15%, and LTIP increased to 10% 
•	
Action plan to address gender diversity performance and reach the target (launched global D&I charter with 
mission, actions and governance) 
•	
In 2021 included gender diversity target in our executive remuneration schemes
•	
14% of women in management positions, representing 19.3% of our senior succession planning candidates
Stakeholder relations (social capital)
Essential to maintain our licence to operate  
with our customers, host governments, investors 
and communities
Sustainability leadership
•	
10 sites certified to the ResponsibleSteel
TM site standard 
•	
Intention to achieve IRMA transparency for Liberia, Canada, Brazil  
and Mexico mining operations by end of 2025
•	
33 operations with a local confidential whistleblowing system
•	
Numerous stakeholder surveys and engagement meetings
•	
ArcelorMittal Europe Flat sites in Luxembourg, Belgium, Germany and ArcelorMittal Tubarao certified, plans 
to certify remaining ArcelorMittal Flat and Long sites and sites in Brazil in 2022 
•	
Mining operations undergoing IRMA self-assessment 
•	
$68 billion of estimated direct economic contribution
•	
$10.2m total community investment spend
•	
$5.7bn total tax contribution
•	
Climate Action Report 2 aligned with the TCFD and the Climate Action 100+ Net Zero Company Benchmark 
published in July 2021



Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
14
ArcelorMittal  Integrated Annual Review 2021
Contents
14
Responsible 
growth
Section 2 – Responsible growth
Growing our business responsibly has 
become integral to our strategy and how 
we evaluate our performance. The value 
we build and protect is not simply 
financial, but extends across a much 
greater sphere of social, natural, 
human and intellectual capital. It is 
about making a positive contribution 
as a company for our people, for the 
communities within which we operate 
and in the wider world. 
Aditya Mittal 
Chief executive officer 
ArcelorMittal employees  →



15
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Driving a relentless 
focus on safety
Section 2 – Responsible growth
2021 was the worst safety performance we  
have had in many years. Regrettably 29 people  
died working at our plants.
This reality is very painful to everyone at 
ArcelorMittal. And that pain is, of course,  
greatest for those who have lost loved ones  
while they were working in our plants.
There can be no excuses. Clearly, the significant 
progress we had made was not as deeply 
embedded in the culture of the organisation  
as we believed. And while we have many assets 
that consistently deliver excellent safety results, 
that by itself is nowhere near good enough.
What makes the 2021 results even more 
disappointing is that considerable time 
and attention had been given to this topic at  
senior levels of the company in recent years.  
We were aware that after years of steady 
improvement our performance had plateaued,  
and that additional interventions were required  
to ensure it continued to improve.
We are acutely aware that our safety 
performance is nowhere near good 
enough as it stands today. Whilst we 
have already set out the required 
world-class standards and targets to 
which we aspire, it is clear that 
achieving them will need a much 
deeper implementation of leadership 
on the ground, performance 
management, training and mentoring, 
communication and information flow, 
as well as a relentless focus on 
strengthening our safety culture. 
While we have demonstrated the 
capabilities within a number of units 
of our group, we must focus on 
getting all areas to the proper 
performance level. We have started 
2022 with a company-wide 
acknowledgement and commitment 
to put this fully into action. 
Aditya Mittal 
Chief executive officer 
ArcelorMittal employee  ↓



16
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Reactive
Relative culture strength
Injury rate
Dependent
Independent
Interdependent
Teams
Natura
l instinc
t
Supe
rvision
Self
Strengthened governance and scrutiny
At the end of 2020 we relaunched our Global Health 
and Safety Council (GHSC) which is to be chaired on 
a rotational basis by the CEO’s of our major operating 
regions. We assigned the first CEO (for 2021 and 2022) 
to be one from a top performing unit with exemplary 
practices and results in H&S (Jefferson De Paula, 
EVP, CEO ArcelorMittal South America Long). Under 
his leadership, regular senior-level exchange with all 
business leaders was instigated where rigorous 
analysis of each segment’s safety challenges was 
discussed, and best practice and solutions shared.
While we are convinced all this activity was valuable, 
it was clearly not enough to support the improvement 
we demand and offset the new challenges Covid 
presented us over the last two years. Over the past 
six months there has been a further intensification of 
focus to ensure we leave no stone unturned in 
responding to the situation. Forensic discussions 
have taken place in the Executive Office, at the 
Management Committee, at the full Board of 
Directors and at the Board Sustainability Committee 
to map out a clear way forward that will deliver the 
results we all want to see.
This analysis reinforced that ArcelorMittal has 
world-class policies and standards in place across 
the group, but the extent to which they are rigorously 
embedded and audited across the business varies 
from one segment to another, from one country to 
the next. While there is undoubtedly a cultural 
element to this, again we cannot accept this as 
a reason. We must achieve the same everywhere, 
learning from those who do it best and not being 
satisfied until there is clear evidence that sustained 
progress is being made everywhere.
At the corporate level, we have strengthened the 
global health and safety team, with the function 
now reporting into Brad Davey, EVP, business 
optimisation who reports to the group CEO. Brad 
spent much of his career at ArcelorMittal Dofasco, 
one of our best plants when it comes to safety 
performance. He and Jefferson De Paula, the 
current chair of the GHSC, will work very closely 
together to spearhead a group-wide best-in-class 
initiative that seeks to identify all and any 
weaknesses that exist around the group and 
develop very clear plans to evolve every plant to 
the interdependent stage of the Bradley curve. 
They have the full support of the executive chairman 
and CEO to make whatever changes are necessary 
to succeed.
The group’s health and safety policy, standards and 
golden rules have been updated and relaunched to 
coincide with this year’s steel industry health and 
safety day. There must be 100% implementation 
across the group with no exceptions.
Extending and deepening our safety 
training and coaching programmes
Training will be enhanced, with external support. 
All ArcelorMittal employees receive thorough and 
regular training as a matter of course through one 
of the company’s bespoke training programmes, 
e.g. ‘Take Care’. A complementary programme 
harnessing renowned external experts such as 
dss+ (formerly DuPont Safety Solutions) will now also 
assess the effectiveness of leaders, with mandatory 
coaching being provided for those who are not at 
the required level.
Mandatory management visible presence 
on the shop floor
The company is also tightening guidelines for 
mandatory leadership shop floor presence. 
All leaders must now spend a minimum of one hour 
on the shop floor every week – when they must carry 
out a safety layered evaluation. While the company 
policy has always specified leaders to regularly 
Enhanced safety actions for 2022
Increase leaders’ presence on the shop floor at all units. Unstable 
units will increase it 2-3 times until the operation is stable
→
Deploy quarantine
Hold monthly meetings led by ArcelorMittal CEO to discuss safety 
with segment CEOs
→
Monthly CEO safety meetings
Bring in external safety experts to support actions to accelerate 
performance improvements
→
Safety mentoring at shop floor
Set proactive targets for segments related to fatality prevention 
standards and the Bradley Curve
→
Official proactive targets
Focus on visible and impactful workplace environment 
improvements
→
Visible workplace improvements
Focus on improvements in line with the Fatality Prevention Standard
→
FPS and PSIFs
For each segment, introduce clear safety plans with KPIs that must 
be reported during ‘business area review’ meetings
→
Monitoring and follow-up
Build a consistent link between safety and reliability: a stable 
operation is a safe operation
→
Operational stability
Section 2 – Responsible growth
Driving a relentless focus on safety
•	
Reactive stage: People don’t take responsibility and believe 
accidents will happen.
•	
Dependent stage: People view safety as following rules. 
Accident rates decrease.
•	
Independent stage: People take responsibility and believe 
they can make a difference with actions. Accidents 
reduce further.
•	
Interdependent stage: Teams feel ownership and 
responsibility for safety culture. They believe zero injuries 
is an attainable goal.
The Bradley curve



17
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Section 2 – Responsible growth
Driving a relentless focus on safety
spend time on the shop floor, setting out a higher 
minimum accepted level for senior leaders will help 
reinforce the culture of visible felt leadership which 
we know has weakened in some regions as a result 
of Covid.
Enhanced KPI reporting and quarantining
Reporting of proactive KPIs such as potential serious 
injury frequency (PSIF) will be also be strengthened. 
Every segment is required to put in place a quality 
assessment process for PSIFs. Understanding 
clearly why PSIFs happen is vitally important to 
tightening processes, improving behaviours and 
preventing fatalities.
Widespread use of what we call ‘quarantining’ will 
also now be in place across all operations. Initiated 
in Brazil, plants are put into ‘quarantine’ if a seriously 
unsafe incident takes place or the plant is deemed 
to be at risk of a serious incident or fatality. 
This means management’s shop floor presence 
is doubled for a determined amount of time 
depending on the incident. Those plants which 
are struggling most with safety performance have 
already been put in mandatory quarantine for a 
six-month period after which the status will be 
re-evaluated. We find that our assets with the best 
safety performance utilise quarantining regularly 
and that it sits at the core of a truly successful safety 
culture. For example a plant in Brazil which has not 
had a fatality for five years still decided that part of 
its plant needed to be placed under quarantine 
because its LTIF rate led them to have concerns that 
unless action was proactively taken its safety first 
always culture could be compromised. We have 
seen the same proactive engagement at Dofasco 
in Canada. Dofasco has not had a fatality since 
2006 but it has recognised that other safety KPIs 
have been deteriorating and senior leadership has 
stepped in to reinforce the shop floor interdependent 
culture before it slips any further. Meanwhile in Europe, 
Fos-sur-Mer has not had a fatality since 2015. This 
has been supported by strong management and 
quality assessment process for PSIFs and effective 
implementation of the safety leadership and Take 
Care training programmes.
This is what we must replicate at every single one 
of our assets. Our results show us clearly where we 
have the greatest challenges. Our corporate health 
and safety team, in collaboration with the GHSC, 
will particularly focus on helping these segments 
strengthen their culture, performance and results.
We recognise that this means bringing in external 
experts to support on specific mandates. We have 
already engaged specialist safety consultants to 
advise and partner on dedicated programmes to 
help these assets improve. This will encompass 
all aspects of building an interdependent 
safety culture.
Making safety a core part of business 
performance reviews and incentivisation
We are acutely aware that our safety performance 
is nowhere near good enough as it stands today. 
We have conducted an intensive review to build on 
and complement our existing efforts with the aim of 
ensuring we never have another year like 2021.
The Executive Office will ensure that safety 
performance is reported and discussed very 
regularly with the business. All business area reviews 
(BARs), which are held quarterly, will start with a 
discussion on safety. Furthermore, the segments that 
are currently below the group average are being 
required to implement additional management 
actions such as external expert assessments and 
additional reviews at EVP and/or CEO level. 
Executive compensation linked to safety has also 
been strengthened. Starting in 2021, we increased 
the proportion of bonuses linked to safety-related 
KPIs for leaders from 10% to 15%.
Building the cultural belief in and 
commitment to safety
Success starts with belief. Everyone working at 
ArcelorMittal must believe it is possible to be 
a fatality-free company. That belief brings 
commitment – commitment to ensure what we 
know is possible becomes the reality. And after the 
commitment comes daily, constant hard work – 
to ensure all the policies and rules that support 
consistently good results are rigorously upheld 
with no deviation tolerated.
Introducing safety ‘quarantine’ procedure 
in ArcelorMittal Europe, Flat Products
Our safety ‘quarantine’ procedure originated 
in the Brazil Long business and has been 
implemented following the recommendation of 
the GHSC. The Europe Flat Products business 
chose a different name – ‘Safety Alert Procedure’ 
– to differentiate from the pandemic-related 
restrictions that are commonly known as 
‘quarantines’ in Europe.
When an imminent risk of a fatality is identified 
in a department or cluster, the procedure is 
enacted for 40 days. It is also launched by 
default when a serious incident occurs. The role 
of the procedure is to mobilise all possible 
resources, from local to segment level, to give 
maximum support to the area at risk.
The main measures that are deployed during 
the procedure include increasing supervision, 
auditing all levels of operations and fine-tuning 
the safety action plan at the department or site. 
Crucially, communication with workers to 
reinforce awareness of best practice is 
also enhanced.
One key lesson so far has been that involving 
shop floor workers is crucial to achieving 
progress. As communication with them 
intensifies during the 40 days, the levels of 
engagement in our health and safety action 
plan increase significantly. They also remain 
high after the quarantine period has ended.
LTIFR (Number of lost-time injuries per million 
hours worked)
2019
2020
2021
0.79
0.68
0.75



18
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Fatality 
Prevention
Fatality free 
company
Risk 
Management
Safety 
Leadership
Section 2 – Responsible growth
Driving a relentless focus on safety
Top causes of fatality 2017-2021 and measures to address these
Top causes of 
fatality 2017-2021
Measures to address these
1.
Crushed 
or rolled 
by vehicle
Focus on proactive PSIF detection, strengthening the 
effectiveness of controls as part of our risk management, 
modification and update of our Fatality Prevention Standard 
(FPS) relating to vehicles and driving, mandatory alarms for 
safety belts and parking brakes, mandatory proximity detectors 
for specified industrial vehicles, and improved procedures 
relating to wheel and tyre maintenance.
2.
Crushed by 
moving 
machinery 
Focus on proactive PSIF detection, strengthening the 
effectiveness of controls as part of our risk management, review 
of our global Hazard Identification and Risk Assessment (HIRA) 
tool on an annual basis, with adaptation at site level for local 
conditions and mandatory ‘Stop, Think & Act’ measures and 
implementing control measures before any unusual/non-
standard task or job.
3.
Fall from  
height
Focus on proactive PSIF detection, strengthening the 
effectiveness of our controls as part of risk management, 
modification and update of our FPS relating to working at 
height, strengthening requirements for roofing activities, 
integrating learning points from related fatalities, and 
integrating fatality prevention requirements for our dock.
Risk management
•	 Hira-lite (on the job hazard investigation 
and risk assessment)
•	 Shop floor audits
•	 Pre-shift/regular meetings
•	 Fatality: 0 
FPS: self assessment audits in order  
to maintain/achieve FPS level 3
•	 Follow-up of PSIF actions
•	 Site director and frontline leader take ownership 
of safety
•	 From a reactive to a proactive safety culture 
(‘see and act’ visible on the shop floor)
•	 Permanent safety meetings and follow up  
on leadership’s routine
1
2
3
Focus on
Quality and continuous  
improvement
Focus on
Potential Serious Injuries 
and Fatalities (PSIF)
Improving the safety culture
‘TAKE CARE’ and 
safety leadership
PSIF
Caring Safety Culture
From a reactive to a proactive safety culture: three pillars
We will also ensure that our HR policies and 
annual appraisal system reflects the value the 
company puts on this culture. The company brand 
was recently refreshed, and safety added as a 
fourth value – alongside sustainability, quality and 
leadership. HR systems will be tightened to ensure 
that each employee’s safety results and record is 
actively considered as part of the evaluation 
process and that it will not be possible for people 
to further progress, even if they have exceptional 
results in other areas, until their dedication to 
safety is proven.
We have started 2022 with all of the above well 
communicated across the organisation starting 
with the leadership team. The corporate health 
and safety team and the business segments know 
what needs to be done and are working hard to 
make all the additional changes required, with 
a special focus on our most struggling assets. 
We must make meaningful progress in 2022 – 
there is no other option.
Focus on Kazakhstan and Ukraine 
operations
Intensive safety improvement 
programmes have been put in place 
at our Kazakhstan and Ukraine 
operations, which include:
•	 Focus on measures addressing the 
highest risk activities and to identify 
evolving hazards
•	 Increased shopfloor audits, 
leadership presence, training and 
communication
•	 Circa $375 million of accelerated 
capex on prioritising safety: 
investment on equipment and 
assets including at underground 
coal mines towards sensors, stress 
measurement, remote mine 
development degassing auger drills, 
new safer road-headers, mid-seam 
longwall complex
•	 Strengthened safety organisation 
and support, including external 
assessment and training from 
DuPont and JMJ
•	 Appointment of experienced safety 
directors from ArcelorMittal Canada 
and ex-DuPont at both Kazakhstan 
and Ukraine
•	 Increased specialist workforce 
for activities such as degassing, 
mine surveying, geomechanics 
and geology



19
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Growing strategically and responsibly
Section 2 – Responsible growth – Transforming for long-term growth
The world is changing but the demand  
for steel is growing. We are in a strong 
position to capitalise on the opportunities 
and invest in strategic growth. Our 
investment priorities are focused on 
opportunities that: deliver high returns, 
improve our product portfolio with an 
increased proportion of higher added 
value products, capture growth in 
emerging markets, and align with our 
target of being net zero by 2050. 
Genuino M. Cristino
Executive vice president – chief financial officer 
Organic growth opportunities
In total we are allocating $3.1 billion to strategic 
growth opportunities between 2021 and 2024. These 
investments are targeted to generate an additional 
$1.1 billion of annualised Ebitda (at normalised 
market conditions).
Generally, these are aimed at capturing growing 
demand and the need for higher added value 
products in the developing economies. 
In December 2021, our new 2.5Mt hot strip mill in 
Mexico – produced its first coil. This is expected to 
add $250 million to Ebitda on completion. In Brazil 
we are expanding our flat and long steel production 
capabilities, including construction of a new section 
mill in Barra Mansa aimed to deliver higher added 
value products to increase domestic market share 
and to enhance productivity. The $250 million 
investment is expected to be completed in 2024.  
We are also expanding our Monlevade operations to 
increase wire rod capacity by 1Mtpa and increasing 
coated/ CRC capacity in Vega.
In mining, we have growth plans for Liberia, Mexico 
and Brazil. In Las Truchas, Mexico, engineering has 
started on a $150 million project that will add 1Mt  
a year to pellet feed production and improve 
concentrate grade. At Serra Azul, Brazil, a $350 
million project will construct facilities to produce 
4.5Mt of DRI quality feed each year. 
In Liberia, we have signed an amendment to our 
Mineral Development Agreement with the Government 
of the Republic of Liberia. It is currently under the 
legislative ratification process. The US$0.8 billion 
investment includes the construction of a new 
concentration plant and the substantial expansion of 
mining operations, with the first concentrate expected 
in late 2023, ramping up to 15Mtpa. The project will 
generate new jobs and significant wider economic 
benefits for Liberia. We expect this project to add 
$250 million to annual Ebitda upon full completion.
We are also growing our joint ventures operations, 
particularly AM/NS India and AM/NS Calvert. AM/NS 
India delivered record production and shipment 
levels last year, and our debottlenecking 
programme enabling Hazira to reach nameplate 
capacity of 8.8Mt by the end of 2023 is progressing 
to plan. Beyond this, we intend to significantly 
increase capacity and play a leading role in the 
growth of the Indian steel industry, which is expected 
to more than double this decade. Our initial focus is 
on increasing the capacity of the Hazira plant to at 
least 14.4Mt by mid-decade, with concept plans in 
development to ultimately reach a production 
capacity of 18Mt. 
At AM/NS Calvert, our state-of-the-art downstream 
finishing facility in Alabama, USA – we continue with 
plans to construct a 1.5Mt electric arc furnace, set  
to be commissioned in the first half of 2023. The EAF 
will build additional flexibility to its slab sourcing  
and enhance its ability to serve its full range of 
customers. We are also studying the potential to 
add a further 1.5Mt of steelmaking capacity.
Investing for a smart transition
Within our investment plans we are mindful of the 
need to secure increasing access to green renewable 
energy supplies to support our transition to a net zero 
status, and to pursue other opportunities to facilitate 
a more circular and decarbonised approach to our 
business. Such projects must also deliver our required 
rates of return.
We recently announced a strategic partnership with 
Greenko Group, India’s leading energy transition 
company, to develop a round-the-clock renewable 
energy project with 975 MW of nominal capacity.  
The $600 million project will combine solar and wind 
generating assets, supported by Greenko’s hydro 
pump storage facility to overcome the intermittent 
nature of wind and solar generation. AM/NS India  
will enter into a 25-year off-take agreement with 
ArcelorMittal to purchase 250 MW of renewable 
electricity annually. This will supply 20% of the Hazira 
plant’s electricity requirement, reducing carbon 
emissions by around 1.5Mtpa whilst also providing  
an attractive return on investment for ArcelorMittal.
We have also recently announced an agreement to 
acquire an 80% shareholding in voestalpine’s Hot 
Briquetted Iron (‘HBI’) plant located in Corpus Christi, 
Texas. The state-of-the-art plant, which was opened 
in October 2016, is one of the largest of its kind in the 
world. It has an annual capacity of two million tonnes 
of HBI, a high-quality feedstock made through the 
direct reduction of iron ore which is used to produce 
high-quality steel grades in an electric arc furnace 
(‘EAF’), but which can also be used in blast furnaces, 
resulting in lower coke consumption. This strategic 
acquisition accelerates both our progression into 
producing high-quality metallic feedstock for EAFs 
and our global decarbonisation journey.
The plant currently uses natural gas to directly 
reduce iron ore pellets into HBI with an Fe content 
which exceeds 91%. This already carries a 
significantly lower carbon footprint than BF-BOF 
steelmaking. It also has the potential to transition  
to 100% hydrogen, with the Texas coast presenting 
advantageous weather conditions to produce 
renewable energy powered green hydrogen. DRI/HBI 
is therefore expected to play a prominent role in the 
decarbonisation of the steel industry, a process 
ArcelorMittal intends to lead.



20
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Evolving our product offering is an important part of 
our growth. As we transition to a more circular and 
sustainable world, we see that steel has a central 
role to play in this future, delivering new products, 
solutions and business models in areas such as 
transport, construction, infrastructure and energy 
transition. Innovation and technology are at the 
heart of everything- captured in our new purpose 
‘smarter steels for people and planet.’
We are at the beginning of a new 
industrial revolution, the magnitude of 
which has not been seen in any previous 
age. As the leading steel manufacturer 
globally we intend to be at the forefront 
of these developments – in new forms of 
manufacturing, with new energy sources, 
with artificial intelligence and 
digitalisation – pioneering breakthrough 
technologies for low emissions 
steelmaking, and delivering smarter steel 
solutions for our customers. 
Greg Ludkovsky 
Vice president,  
head of research and development
Pioneering new products, 
solutions and business 
models for a smart transition
Our investment in innovation
Around the world, we now have 11 cutting-edge 
research and development sites and 1,500 
dedicated staff, devoted to transforming our 
products and processes to deliver steels that are 
stronger, have a lower carbon footprint and are 
fundamentally better optimised to their specific 
purpose – to help materially improve people’s lives. 
Artificial intelligence, digitalisation and 3D printing 
are now fundamental parts of our research 
programmes, and are increasingly being rolled  
out in our operations.
In 2021, we invested $270 million in R&D initiatives. 
We launched 24 new products and solutions  
to contribute to more sustainable lifestyles and  
27 products to support sustainable construction, 
infrastructure and energy generation. These 
represent progress against our sustainable 
development outcomes 2 and 3 (see page 50).
ArcelorMittal has been identified 
by LexisNexis® as one of the
Top 100 
Innovators
with exceptionally high-performing and 
well-maintained patent portfolios.
ArcelorMittal R&D employee  ↑
Section 2 – Responsible growth – Transforming for long-term growth
R&D highlights in 2021
$270 million invested in R&D in 2021
24 new sustainable lifestyle products and solutions
27 new sustainable construction, infrastructure and energy 
generation products and solutions
37 life cycle assessment studies of steel products and 
the processes used to make them, all guided by the 
ISO standard 14040-44
4 environmental production declarations (EPDs), including 
2 XCarbTM EPDs for ArcelorMittal Long Europe



21
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Delivering high-specification steels  
for the energy transition
We will soon be living in a very different world, 
powered by renewables, delivered in a carbon-free 
way. For us this presents both challenges and 
opportunities. There is a huge and growing  
demand for renewables infrastructure such  
as solar arrays and wind turbine units, and for  
hydrogen infrastructure, which require new forms  
of high-strength steel. Consequently, we are 
developing a series of new steel products and 
specifications to address these markets.
Magnelis®: innovative coated steel products
Our R&D capabilities have delivered anti-corrosion 
coated steel products such as Magnelis® and 
advanced high-strength steel (HyPer®) grades  
that are essential in the construction of solar array 
systems, which are exposed to harsh environments. 
Magnelis® generated double-digit growth in 2021.  
To meet strong demand we are expanding 
manufacturing capabilities across our operations, 
most recently in Ghent in 2021.
We are continuously improving Magnelis® to 
enhance its anti-corrosion properties. In December 
2021, the French Corrosion Institute issued a 
certificate stating that on average Magnelis® 
performs nearly four times better than regular 
galvanised steel. 
By early 2021, Magnelis® mounting systems for solar energy arrays accounted for 20 GW of generating capacity worldwide
Section 2 – Responsible growth – Transforming for long-term growth
Pioneering new products, solutions and business models for a smart transition
New standards for hydrogen transport pipes
With the imminent arrival of hydrogen power, we are 
also looking at hydrogen infrastructure. Developing 
safe and cost-effective storage and transport of 
hydrogen is complicated. We need to improve our 
understanding of the structure, properties and 
performance needed for our related steel products. 
We are part of the EU’s Clean Hydrogen Alliance, the 
Green Hydrogen Catapult and an active member of 
Horizon Europe, the EU’s key funding programme for 
research and innovation in green energy.
Defining a new standard for hydrogen 
transport pipes is a key priority for the  
EU and the energy sector. It will enable 
operators to use their pipelines at full 
capacity and go a long way to meeting 
the need for this remarkable fuel. 
Olivier Brun
Portfolio director for industry  
at ArcelorMittal Global R&D
~20 GW around the world 
installed on Magnelis
®
PV and CSP, racking and 
foundations, fix and tracker 
systems, ground mounted, 
rooftop and floating.
California, USA, 250 MW (PV)
Magnelis® used for girder parts
Europe, main market for 
Magnelis® (PV):
Spain, Germany, Poland, France, 
Benelux, UK, Greece, (fix, trackers, 
roof top, floating)
NOOR III, Morocco, 100MW (CSP)
ACWA POWER, Sener
Magnelis® used for hollow 
sections and stamped parts
El Romero, Chile, 255 MW 
(PV) ACCIONA
STI Norland (Spain) Magnelis® 
for upper structures
Abu Dhabi, 1177 MW (PV)
SWEIHAN-FORMING Megnalis® 
for upper structures (fix)
UAE 300 MW (PV)
DEWA 111 PVH Magnelis® for 
upper structures (trackers)
Jordan, 100 MW (PV)
PHILADELPHIA SOLAR Magnelis® 
used for upper structures
Sara, Kazakhstan 100 MW (PV)
GOLDBECK Solar/CWF 
Magnelis® for rails
Delingha Supcon, China, 
50 MW (CSP)
SOLAR RESERVE
Magnelis® used for stamped parts
Australia, 1,100 MW (PV)
Magnelis® used for girder parts
These efforts have already led to the delivery of 
high-specification pipes for a new high-pressure 
hydrogen pipeline that stretches almost 450km 
across Italy.
We are also researching and developing new  
grades of steel and pipe designs to transport CO2, 
for commercial applications and to limit carbon 
emissions through the capture, transportation and 
sequestering of CO2.



22
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Driving innovation in the automotive industry
The automotive industry is profoundly important to 
our business. The speed of the transition to electric 
vehicles is surpassing expectations. Consequently, 
the demands facing vehicle manufacturers are 
changing dramatically. To date the focus has been 
on weight reduction and tail pipe emissions for 
conventional internal combustion engine vehicles; 
the latter have been responsible for 60-70% of life 
cycle emissions. However in the era of electrification, 
it is anticipated emissions from materials production 
could reach 60% of overall life cycle emissions for  
an EV vehicle by 2040, assuming the use of clean 
electricity for vehicle driving. Reducing emissions 
from material production becomes even  
more important. 
% of life cycle emissions
Material production versus other emissions
(150,000km/vehicle)
2020
2030
2040
40%
60%
65%
35%
82%
18%
  Material production 
  Other emissions
Our automotive customers expect new techniques 
to reduce the impact of the manufacturing process 
- the use of cast components, reducing pressing 
and welding operations, new battery pack 
concepts, automation of final assembly and novel 
body painting solutions. 
We are a member of the Horizon 2020 EU-funded 
ALMA project. Together with eight other partners 
including Ford in Germany, this international 
collaboration of scientists, researchers and 
engineers aims to develop a more energy  
efficient, sustainable vehicle structure.  
See more information 
.
S-in motion® range of solutions
We continue to develop new S-in motion® solutions 
for automotive customers. Compared with 
aluminium, our lightweight steel solutions for battery 
electric vehicles (BEVs) can reduce costs by as much 
as 45% and CO2 emissions by up to 58% during the 
manufacturing process.
A project dedicated to B-segment (‘small’) BEVs, 
popular in Europe and China, enabled us to propose 
new battery pack concepts. We also implemented  
a project that illustrates the potential of the latest 
hot-rolled products for chassis applications. And  
we industrialised new ultra-high-strength solutions 
offering outstanding combinations of mechanical 
properties particularly attractive for the rapidly 
growing battery pack market.
.
Steel is the dominant material in a car and as automotive evolves, steel will get smarter.
Global breakdown of car materials (by weight)
Steel 68%
Long, ﬂat and tublar steel used for:
• Power train
• Body-in-white
• Chassis and suspension
• In-car equipment
• Closures (doors and other panels)
• Other parts
Non-ferrous metal (Al, Mg etc.) 8%
Electrical parts 1%
Fluids 2%
Carpets 1%
Battery 1%
Glass 3%
Rubber 2%
Tyres 3%
Process Polymers 1%
Other 1%
Plastics 9%
Source: Cambridge University 
Global R&D Montataire  →
Section 2 – Responsible growth – Transforming for long-term growth
Pioneering new products, solutions and business models for a smart transition
Smarter steels have a central 
role to play in the new world 
of electrified mobility. Given 
the inherent strength of 
these advanced materials, 
cars today can be both 
lighter and safer. Steel can 
also make electric drivetrains 
more efficient and is 
perpetually recyclable.



23
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Paving the way in the construction transition
Construction is also going through momentous 
change as it adapts to the demands of 
decarbonisation. Increasingly our construction 
customers are requiring detailed specification of  
Life Cycle Assessments (LCAs) and Environmental 
Product Declarations (EPDs) for our products. We are 
focusing our attention on the higher-value-added 
products that meet our customers’ complete needs. 
Steligence® – a holistic approach  
to building design
Our proprietary integrated Steligence® solution 
considers buildings holistically and encourages 
greater collaboration between architects, engineers, 
urban planners, real estate developers and 
construction contractors by delivering a range  
of facts-based sustainability and cost benefits.  
As a result, buildings can become more modular  
and quicker to construct, leading to significant 
efficiencies, cost savings and carbon reductions, 
while also creating the potential for reuse and 
recycling. In 2021, amid rising global prices of 
construction materials, customers expressed greater 
interest in using Steligence® to reduce costs and 
optimise the carbon footprint of buildings.
XCarb
TM recycled and renewably produced steels
Steligence® solutions are increasingly integrated with 
our XCarb
TM products in the construction of green 
buildings. Launched in 2021 their high recycled content 
and the green energy steelmaking route deliver 
significantly lower CO2 emissions. We can offer steel 
produced with a CO2 footprint as low as 0.33 per tonne 
of sections and merchant bars and 0.37 per tonne for 
the EcoSheetPile
TM Plus brand.
Our XCarb
TM recycled and renewably 
produced steels can support the 
construction industry in meeting more 
stringent requirements for reducing the 
embedded carbon footprint of buildings 
and infrastructure. 
Olivier Vassart
Chief executive officer of Steligence®
A mid-rise office building in the Greater Toronto Area in Canada was virtually designed using steel 
component construction and contrasted against concrete construction with identical specifications 
and functionality. Life cycle assessments of the two design scenarios were conducted using the life 
cycle analysis application tool, winner of the World Steel Associations award for excellence. The steel 
solution was 48% lighter than the concrete construction, delivered a 9% cost saving and a 36% 
reduction in embodied carbon.
A mid-rise office building in the 
Greater Toronto Area, Canada  ↓
Section 2 – Responsible growth – Transforming for long-term growth
Pioneering new products, solutions and business models for a smart transition
↑  One Tower, Toronto. Copyright credit: Foster + Partners
MegaColumn
TM
Our innovative MegaColumn
TM construction concept 
is being used for the first time in what will be 
Canada’s tallest building, the One Tower. Architects 
need to minimise the size of vertical structural 
elements without compromising the economic 
feasibility of projects. The MegaColumn
TM technical 
solution brings several advantages: a smaller column 
footprint; lower prices; enhanced safety and 
reliability through the minimisation of welding on site 
and a significant reduction in construction times 
thanks to off-site fabrication and faster assembly.
 



24
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Innovating for sustainable manufacturing
Broader pollution and particulates are understandably 
of concern to communities. The monitoring, tracking 
and prediction of flue gases and dust emissions are 
increasingly important and we devote considerable 
research efforts to addressing these areas. This 
includes technology for cleaning fumes from stacks, 
reducing dust diffusive emissions, cleaning water 
discharges and solving water scarcity issues.
Using cutting-edge laser scanning we can now find 
the origin of emissions and start to predict how they 
may develop given variables of production metrics, 
meteorological conditions and other variables. This 
then enables appropriate preventative or mitigating 
measures to be put in place such as de-dusting and 
advanced filtration. 
We are looking for alternative uses for the waste  
slag that is produced during steelmaking, in order  
to facilitate a more circular approach. In 2021, we 
made considerable progress in developing a 
roadmap for our operations in Kazakhstan. Our R&D 
team collaborated with Nazarbayev University and 
defined three potential applications for asphalt 
agglomerates, winter abrasives and railway ballasts. 
This work will continue in 2022.
The project to characterise the steel 
slags produced and stored is important 
for the entire environmental community, 
for scientific potential, and for the 
economy of Kazakhstan. 
Ilesanmi Adesida
Nazarbayev university provost
In 2021, ArcelorMittal also launched research projects 
to investigate the steel co-products that will be 
generated in the new decarbonised steel routes.  
The aim is to design and develop the new 
valorisation routes to eliminate waste with the 
continuous flow of materials in the economy.
Seizing the potential of 3D printing
Additive manufacturing and 3D printing will  
be transformative across all industrial and 
manufacturing sectors including the steel industry. 
During 2021, we progressively increased the 
adoption of the use of 3D printed parts in our 
operations, and The Steel Printers (a joint-venture 
between ArcelorMittal and Frankstahl) is now  
present in four countries where it produces parts  
for our plants.
As 3D technology matures it will increasingly impact 
the way we all do business. Our intention is to be  
a key player in the supply of powders and wires  
to the additive manufacturing industry. Significant 
progress has already been made in the ATOM 
project, aiming at producing our first powders  
for additive manufacturing in 2023. We see huge 
opportunities in the integration of science in AI and 
additive manufacturing for delivering a whole new 
generation of solutions for clients particularly in the 
automotive industry, that answer their demands for 
reduced numbers of parts, more robust composition 
and streamlined manufacturing processes.
Section 2 – Responsible growth – Transforming for long-term growth
Pioneering new products, solutions and business models for a smart transition
Case study
ArcelorMittal and Nebrija University partner to 
develop revolutionary lightweight steel motorbike 
chassis with 3D printing technology
In collaboration with Nebrija University in Spain, 
we have used our growing 3D printing expertise 
to produce a revolutionary new steel chassis for 
the motorbike world. Weighing just 3.8 kg, 
compared with 5 kg or more of a typical chassis, 
it combines the mechanical properties of steel 
with the lightweight characteristics more 
typically associated with aluminium or titanium. 
It has been made possible through designing a 
completely hollow geometrical skeleton and the 
use of additive layer technology. Managing to 
make steel components lighter than those 
made of aluminium or titanium, while controlling 
the cost is a challenge that Sergio Corbera, 
Head of the Motor Engineering department at 
Nebrija University says “seems simple but is 
enormously complex”.
It opens the way to developing very lightweight 
steel solutions in a whole range of 
manufacturing applications. 
Lightweight steel motorbike chassis ↑ 
with 3D printing technology



25
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
The role of Life Cycle Assessment (LCA) and 
Environmental Product Declarations (EPDs) 
in smarter steel applications
Life Cycle Assessments
Innovation extends to our expertise in LCA  
which establishes the full environmental impact  
of a product throughout its entire life cycle from  
raw material extraction and transformation to 
delivery, use and disposal. Steel already regularly 
outperforms competing materials such as aluminium 
or concrete in LCA terms. Focusing on LCA we can 
analyse all the component parts and processes  
of a product’s journey, such that we can improve 
efficiencies and enhance its overall environmental 
performance, thereby producing a better result for 
our customer and further outcompeting other 
products and materials.
Our expertise in LCA is an important R&D asset and 
we have accumulated over 15 years’ of experience. 
In 2021, we undertook a total of 37 LCA studies 
related to steel products and the processes  
used to produce them, all guided by the relevant 
international standards (ISO 14040-44). We are 
members of the CIRAIG International Lifecycle  
Chair and a member of the Product Social Impact 
Assessment Partnership.
Environmental Product Declarations
Environmental Product Declarations (EPDs) are 
transparent, objective evaluations of the potential 
impact of products on people and the planet.  
They are becoming increasingly important in the 
specification of products and decision-making in 
supply chains. Information communicated in an EPD  
is based on LCA methodology and is aligned with the 
LCA standards (ISO 14040 & 14044) and also specific 
to EPDs ISO 14025 and EN 15804. An EPD effectively 
summarises the environmental performance and 
impact of different materials or products over  
the course of their lifetime. They are particularly 
applicable to the construction industry, where  
they support carbon emission reduction by making  
it possible to compare the impacts of different 
materials and products to select the most 
sustainable solution at building level. EPDs help to 
achieve credits in certification schemes such as LEED 
(Leadership in Energy and Environmental Design)  
and BREEAM (Building Research Establishment 
Environmental Assessment Methodology).
In 2021 we issued four EPDs, including the first two 
EPDs for XCarb
TM recycled and renewable produced 
steel solutions, one for the EcoSheetPile
TM Plus brand 
and one for our structural steels used in construction 
and infrastructure.
Final inspection of part made by wire  
and arc additive manufacturing →
Section 2 – Responsible growth – Transforming for long-term growth
Pioneering new products, solutions and business models for a smart transition



26
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Section 2 – Responsible growth
Decarbonising the global economy and mitigating 
the impacts of climate change is fundamental to a 
sustainable future. The size of the global challenge 
presented at the COP26 conference in Glasgow  
in November 2021 has further raised expectations 
on businesses and governments to demonstrate 
greater ambition on the transition to net-zero and 
to accelerate progress. It is now one of our most 
material issues, with increased scrutiny on both 
targets and performance.
For ArcelorMittal this represents a huge transformation 
in how we operate and requires the full integration of 
climate considerations into the way we run our 
company, both strategically and operationally.  
We made significant progress in 2021 by developing 
our low carbon product portfolio, investing in new 
technologies, setting out our new 2030 carbon 
emissions reduction targets and developing our 
roadmap to achieve net-zero steelmaking.
Our roadmap 
to net-zero
Our decarbonisation strategy
New, more ambitious targets
We intend to be leaders within the steel industry  
in terms of target-setting, performance and 
disclosure. In July 2021, we published our Climate 
Action Report 2 
 in which we set out our new target 
to reduce carbon emissions intensity by 25% globally  
by 2030, and by 35% (increased from 30%) in Europe. 
Both targets cover Scopes 1 and 2 for steel and 
mining per tonne of crude steel.
The 2030 group carbon emissions intensity reduction 
targets reflect the unequal pace of change of the 
world’s decarbonisation journey. In Europe and 
Canada, where the promise of supportive policy is 
more advanced, we can be more ambitious. In other 
regions, the pace of change is likely to be slower as 
the regulatory system is less evolved. Policymaking 
has a crucial role to play, and we will continue to 
advocate for policies that support the acceleration 
of this transition.
Group target of a
25%
reduction in CO2e emissions 
intensity by 2030  
(Scope 1 and 2)
Europe target increased to 
35%
reduction in CO2e emissions 
intensity by 2030  
(Scope 1 and 2)
Decarbonisation is one of our most 
material sustainability issues, and we 
intend to be leaders within the steel 
industry in terms of target-setting, 
performance and disclosure. 
Nicola Davidson
Vice president, head of corporate communications  
and corporate responsibility
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

27
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
100%
2018
Key
A. 
Steelmaking transformation (footrprint change, energy eﬃciency, pellets)
B. 
Energy transformation (CCUS, hydrogen, bioenergy)
C. Increased scrap use
D. 
Sourcing clean electricity
E. 
Oﬀsetting residual emissions
2030
2050
Scope 1
75%
Net-zero
Scope 1
Oﬀsetting
Carbon 
removal
Scope 2
Scope 2
-7.5%
-5.1%
-1.5%
-2.1%
-1.6%
2.
Announced 
projects - 
Smart 
Carbon + 
gas injection
1.
Announced 
projects - 
Innovative 
DRI-EAF
3.
Further 
projects in 
development 
in Europe
4.1
Further 
projects in 
development 
in RoW
5.
Sourcing 
clean 
electricity 
Steelmaking 
transformation
Energy 
transformation
Increased 
Scrap use
Sourcing 
clean 
electricity
Oﬀsetting 
residual 
emissions
B
A, C
A, B, C
B
A
C
D
E
A, B, C
-7.4%
4.
Canada
A, B, C
D
Carbon in the
atmosphere 
Carbon
sequestered 
Bioenergy/
CCS with 
steelmaking 
as carbon 
removal 
Section 2 – Responsible growth
Our roadmap to net-zero
Setting out our roadmap to net-zero
In 2021, we set out our roadmap to net-zero by 2050. 
The roadmap envisages five key levers that act as 
stepping stones towards the 2050 goal. These are:
A. Steelmaking transformation
B. Energy transformation
C. Increased use of scrap
D. Sourcing clean electricity
E. Offsetting residual emissions
The waterfall chart shows a breakdown of the 25% 
global reduction in CO2e emissions intensity we are 
targeting, taking into account announced projects and 
initiatives we expect to announce in the coming years.
Our assumptions behind our targets
For the purpose of setting our group target, we have 
made a key set of assumptions as a base case:
•	 The cost of green hydrogen will become 
increasingly competitive over the next decade 
but will still require government support
•	 Carbon capture, utilisation and storage 
infrastructure will take time to be built at scale. 
While Europe is expected to take the lead, CCUS 
infrastructure has the potential to expand quickly 
in the US and Canada – providing some potential 
upside to our assumptions
•	 Different regions of the world will continue to 
move at very different paces and the level of 
climate ambition will differ between jurisdictions 
at any given time
•	 The introduction of climate-friendly policies in 
other regions will be 5-10 years behind Europe
•	 As it has been reported, 2050 may not be a realistic 
net-zero target for developing economies, which 
may mean emissions do not peak until 2030.
Further detail on each of these five levers can be found on page 12 of our Climate Action Report 2 
.
The waterfall chart 2030-2050 breakdown is for illustrative purposes only



28
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Section 2 – Responsible growth
Our roadmap to net-zero
Pursuing new technology pathways
We are adopting a multi-pronged approach to 
decarbonisation, having developed the industry’s 
broadest and most flexible suite of low-emissions 
steelmaking technologies and integrating them into 
two pathways, Innovative-DRI and Smart Carbon. 
Both these pathways hold strong potential to deliver 
carbon-neutral steelmaking. A third pathway – 
direct electrolysis of iron – is in the research and 
development phase and showing good potential.
We have made considerable progress in developing 
these two more immediately viable routes. Whilst 
they are not yet commercially competitive, the 
expectation is that over time these technologies  
will become more competitive as the cost of carbon 
increases around the world, and the technologies 
themselves mature and become more efficient.  
We envisage that this will take at least ten years  
and in the transition period support will be required, 
enabling us to manage the required capital spend 
against the longer-term returns. That is why we are 
asking for public funding support for around half  
of our estimated $10 billion capex programme to 
achieve our 2030 group target, as well as support  
on operating costs in the short to medium term.
Innovative DRI-EAF
Existing natural gas based DRI technology can be 
transitioned to use hydrogen as the main energy 
and reductant, thereby emitting significantly less 
emissions. This is seen as a major enabler that will 
help the steel industry to achieve net-zero by 2050. 
As the availability of renewable and low-carbon 
electricity increases, the production of affordable, 
industrial-scale green hydrogen to supply DRI-EAF 
plants becomes more viable. Reflecting the 
commitment in Europe and Canada to prioritise 
Smart Carbon
Smart Carbon also has the potential to achieve 
zero-carbon emissions steelmaking by harnessing 
circular, sustainable bioenergy (forestry and 
agriculture residues), other biomaterials (waste 
plastics) and carbon capture, utilisation and storage 
(CCUS). These are technologies that the International 
Energy Agency and the UN Intergovernmental Panel 
on Climate Change see as critical to achieving 
net-zero by 2050. Crucially, Smart Carbon gives us 
flexibility to adjust our carbon emission reduction 
plans to local steelmaking conditions.
We are constructing several commercial-scale 
projects to test and prove a range of Smart  
Carbon technologies:
Smart carbon projects
See Climate Action Report 2 
 and ArcelorMittal 
website 
 for details of projects.
Torero, Ghent, 
Belgium
€55 million construction of demonstration 
plant to convert waste wood into 
renewable energy through torrefaction.
Two reactors will produce 40,000 tonnes 
of biocoal annually as a replacement for 
coal in the Ghent plant 
commencing 2022.
Carbalyst
®, 
Ghent, Belgium
€180 million investment in an industrial 
scale plant using Carbalyst
® technology 
to capture steelmaking waste gases to 
produce bioethanol.
Expected production of 80 million litres 
of bioethanol with sales of €75 million per 
year commencing 2022.
3D, Dunkirk, 
France
Pilot project at Dunkirk to capture CO2 
off-gases, for transport and/or storage.
Its goal is to lower CO2 capture costs 
versus alternative technologies.
Roll out of technology would be 
dependent on development of transport 
and storage infrastructure.
Innovative DRI-EAF projects
See Climate Action Report 2 
 and ArcelorMittal website 
 for details of projects.
Sestao & Gijon, 
Spain
It will become world’s first full-scale zero-carbon emissions steel plant by 2025. 
€1 billion MoU with the Spanish government for investment in hydrogen DRI plant and hybrid electric arc furnace 
to produce 1.6Mtpa.
50% reduction in carbon emissions within next 5 years.
Strategic alliance with HyDeal España to deliver competitive renewable hydrogen to our operations.
Hamburg, 
Germany 
Testing hydrogen DRI instead of natural gas in Europe’s only DRI-EAF plant and carbon-free DRI in EAF 
steelmaking process.
Aiming for 100,000 tonnes of DRI per year by 2025.
Supported by planned €55 million investment from the German federal government.
Fos-sur-Mer, 
Dunkirk & 
Mardyck
Investment of €1.7 billion in decarbonisation of both sites with EAF at Fos-sur-Mer and 2.5Mt DRI unit and 
additional EAF at Dunkirk. Operational by 2027, it will reduce company’s carbon emissions in France by around 
40% by 2030.
Investment of €300 million in Mardyck to produce electrical steels for industry and electromobility. Scheduled 
to start up in 2024.
Supported by the French government.
Partnering with Air Liquide: implementing solutions to produce low-carbon steel in Dunkirk by combining a Direct 
Reduction Plant with arc furnaces, expected to produce 2Mt of hot metal/year, using low carbon hydrogen.
Planned for 2025.
Ghent, 
Belgium
€1.1 billion investment in 2.5Mt DRI plant and 2 EAFs.
Letter of Intent with governments of Belgium and Flanders to invest in Ghent’s decarbonisation.
The DRI plant and electric furnaces will operate alongside modified BF taking waste wood and plastic as fossil 
carbon substitute.
Planned carbon emissions reduction of 3.9Mtpa by 2030.
Hamilton, 
Canada
Joint investment with governments of Canada and Ontario of CAD$1.8 billion in decarbonisation to transition 
to DRI-EAF from BF-BOF.
Will reduce Hamilton’s carbon emissions by 60% by 2028.
Contrecoeur, 
Canada
2022 test of hydrogen injection in DRI plant.
green hydrogen production and infrastructure at 
competitive prices, our approach to date is largely 
focused on the Innovative DRI pathway. We are 
accelerating our Innovative DRI investment through 
the following projects:



29
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Launch of XCarb
TM low carbon products  
and initiatives
In 2021, we launched our proprietary strategic low 
carbon brand, XCarb
TM. It brings together all of 
ArcelorMittal’s reduced, low and zero carbon 
emissions products and steelmaking activities, as 
well as wider initiatives and green innovation 
projects, into a single effort focused on achieving 
demonstrable progress towards net-zero steel. 
XCarb
TM green steel certificates
Our progress enables us to pass our carbon emission 
reductions onto customers for the first time via an 
independently audited certification scheme. In 2021, 
our XCarb
TM green steel certificates sales reached 
0.1Mt, and we are targeting 0.6Mt run-rate by end  
of 2022 as we continue to drive down emissions 
following investments in new technologies.
An independent auditor verifies the tonnes of carbon 
savings achieved through the company’s investment 
in decarbonisation technologies in Europe, in 
accordance with the GHG Protocol Project 
Accounting standard. These savings can be passed 
on to customers in the form of verified certificates. 
They can then use those to report an equivalent 
reduction in their Scope 3 emissions, in accordance 
with the GHG Protocol Corporate Accounting and 
Reporting Standard.
XCarb
TM recycled and renewably produced
XCarb
TM recycled and renewably produced products 
are made via the EAF route using scrap steel and 
100% renewable energy. By using only scrap steel 
and renewable energy, XCarb
TM recycled and 
renewably produced products have an  
extremely low CO2 footprint that can be as low as 
approximately 300kg of CO2 per tonne of finished 
steel when the metallics are 100% scrap. The 
electricity used in the steelmaking process is 
independently verified, with a ‘Guarantee of Origin’ 
given that it is from renewable sources.
XCarb
TM innovation fund
The ArcelorMittal’s XCarb
TM innovation fund is 
supplementary to the numerous technologies the 
company is already developing and deploying 
across its operations. It is intended to invest in 
companies developing breakthrough technologies 
with the potential to support and accelerate the 
transition to net-zero carbon steelmaking. 
ArcelorMittal has made five commitments totalling 
$180 million from its XCarb
TM innovation fund to date:
Heliogen – unlocking the power of 
sunlight to replace fossil fuels
Invested an initial $20 million in renewable energy technology company Heliogen. Its technology will harness solar energy by using a field of mirrors which will act as  
a multi-acre magnifying glass to concentrate and capture sunlight. The sunlight will then be subsequently converted into heat (HelioHeat
TM), electricity (HelioPower
TM) 
or clean fuels (HelioFuel
TM). 
Form Energy – scaling low-cost and 
reliable battery technology
Committed $25 million in Form Energy working to accelerate the development of its breakthrough low-cost energy storage technology to enable a reliable, 
secure, and fully-renewable electric grid year-round. It has recently unveiled a new iron-air battery which is low cost, has multi-day reliability, is scalable; and can 
be sited anywhere.
Breakthrough Energy’s Catalyst 
programme – driving adoption of 
next-generation clean technologies
Committed to an equity investment of $100 million over the next five years. Founded by Bill Gates, Breakthrough Energy is committed to scaling the technologies 
the world needs to reach net-zero emissions by 2050. The programme will initially focus on four decarbonisation technologies: direct air capture, green hydrogen, 
long-duration energy storage and sustainable aviation fuel.
LanzaTech – carbon recycling
Expanded our partnership with LanzaTech, with a $30 million investment. Using LanzaTech’s gas fermentation technology, which captures carbon-rich waste 
gases from the steelmaking process and converts them into sustainable fuels and chemicals. It is also developing technology to convert captured emissions into 
a range of other chemical building blocks to make useful materials, such as textiles, rubber, and packaging.
H2Pro – disruptive hydrogen 
production technology
Invested $5 million as part of a $75 million Series B fundraise, with other investors including Temasek, Horizons Ventures, Breakthrough Energy Ventures and Yara. 
H2Pro is developing a disruptive way of producing hydrogen from water. It is expected to prove more cost-effective than traditional electrolysis, with capex costs 
anticipated to be broadly halved, alongside lower operational costs.
Further details on these investments are available on our website here 
.
Branded products with reduced 
emissions and low-embedded 
GHG emissions
0.1Mt of XCarb
TM green steel 
certificates sales reached in 
2021, targeting 0.6Mt run-rate 
by end 2022
XCarb
TM Innovation Fund 
investments in five technology 
partnerships
Section 2 – Responsible growth
Our roadmap to net-zero
↑  The longest cycle bridge in Europe is being made with  
our XCarbTM recycled and renewably produced steel and  
will link Ville d’Esch-sur-Alzette and Esch-Belval in Luxembourg
© 
Administration des ponts et chaussées Luxembourg



30
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Climate governance and risk management
Structures and decision-making
Our climate-related activity and progress is overseen 
by a robust governance structure that includes an 
executive-level Climate Change Committee and 
Board-level Sustainability Committee chaired by an 
independent non-executive director. The Board has 
now decided to link the achievement of our 2030 
group carbon emissions target to executive 
remuneration, with decarbonisation targets now  
part of the performance criteria for vesting of  
the performance share units in the long-term 
incentive plan.
In terms of investment decision-making, each major 
capital expenditure project proposal is required to 
demonstrate its carbon impact to the Investment 
Allocation Committee (IAC). The IAC considers both 
the potential future carbon cost as well as the 
capital cost of decarbonisation, to maximise our 
chances of achieving our targets while ensuring 
each project is economically justifiable and earns  
its cost of capital. 
TCFD-aligned risk management
In 2021, we reviewed and reported on our  
climate risks and opportunities in our Climate  
Action Report 2 
 which was our initial response  
to the recommendations of the Task Force on  
Climate-Related Financial Disclosures (TCFD).
In 2022, we have taken further expert advice to 
assess the resilience of the business against 
different transition and physical climate scenarios, 
so that our business can consider the potential 
financial implications in more detail, inform our 
strategy and manage our transition and physical 
climate risk exposure. The first phase of this project 
will establish initial, high-level conclusions in 2022.
.
Reporting and disclosing our climate 
performance and actions
Investor benchmarks and frameworks
The finance community is increasing its scrutiny  
of companies’ carbon emissions reduction 
commitments and performance, with many investors 
seeking to align their portfolios with the goals of  
the Paris Agreement, often using third-party ratings 
and proxies in order to do so. The longest standing 
of these are the Carbon Disclosure Project (CDP) 
Climate survey, which incorporates the 
recommendations of the TCFD, and the  
Science-Based Targets Initiative (SBTi).
Climate Action 100+
As a coalition of institutional investors, Climate 
Action 100+ has developed a common approach to 
engaging companies in hard-to-abate sectors on 
their response to climate change. We have engaged 
with the coalition since 2018. In March 2020, Climate 
Action 100+ released its Net-Zero Benchmark 
covering not only targets but plans and policies. 
Over the two cycles of the benchmark published  
to date, we have improved our alignment and are 
working towards full alignment with the benchmark.
The Center for Climate Aligned Finance (CCAF)
CCAF aims to define collective agreement on how 
banks assess steel companies’ decarbonisation 
progress for use by the Net Zero Banking Alliance. 
We have liaised with CCAF on those aspects of the 
Net Zero Steel Pathway Methodology Project 
(NZSPMP) where the thinking has been provided by 
ArcelorMittal: the need to ensure that any Paris 
Agreement aligned trajectory firstly considers the 
limits on global scrap supplies and so drives the 
decarbonisation of primary steelmaking and 
secondly draws a clear and consistent boundary 
around the emissions considered.
Section 2 – Responsible growth
Our roadmap to net-zero
Climate Action 100+ Net-Zero Benchmark published in March 2022, with our own assessment
Benchmark 
indicator 
Climate 
Action 100+ 
assessment
ArcelorMittal 
self-
assessment
Explanation 
Net-zero greenhouse 
gas emissions by 2050
 
In September 2020, ArcelorMittal made a commitment to achieve 
carbon-neutral steelmaking by 2050.
Long-term (2036-2050) 
greenhouse gas 
reduction targets
ArcelorMittal’s net-zero target covers 95% of its greenhouse gas 
emissions from steelmaking.
Medium term (2026-
2035) greenhouse gas 
reduction targets
 
ArcelorMittal has published 2030 and 2035 targets for its global 
operations. We believe these are in line with the IEA Net-zero 2050 
scenario for steels.
Short term (up to 2025) 
greenhouse gas 
reduction targets 
ArcelorMittal has published a 2030 target for CO2 emissions reduction.
Decarbonisation  
strategy
 
ArcelorMittal has outlined its decarbonisation strategy and roadmap 
to meet its medium and long-term CO2 targets and quantified the 
reductions from different sources.
Capital 
allocation alignment
ArcelorMittal’s Investment Allocations Committee ensures its capex 
decisions do not disable the company from achieving its Paris 
Agreement aligned CO2 reduction targets.
Climate policy 
engagement 
 
ArcelorMittal supports climate policy that facilitates our sector’s alignment 
with the Paris Agreement and commits to ensuring all company and our 
engagement with the policymakers is consistent with this position.
Climate governance 
 
ArcelorMittal has clear board oversight for the delivery of its CO2e targets. 
The Group’s 2030 target is now linked to executive remuneration.
TCFD disclosure 
 
 
ArcelorMittal has committed to implement TCFD recommendations. 
Its analysis is based on the outcomes of policy/technology scenarios 
to test the opportunities for CO2 reduction, rather than temperature 
scenarios to test its operational resilience. Additional project to 
assess resilience of the business against different transition and 
physical climate scenarios will be finalised in 2022. 
CDP and ACT
CDP Climate (and also CDP Water and CDP Forests) 
aim to provide investors with a signal of the level of 
progress a company has made in its response to 
climate change and related aspects of sustainable 
development, by rating a company based on its 
response to a detailed survey. We received B score 
in the 2021 CDP Climate Change assessment. 
Reporting Scope 3 emissions
To be truly net-zero, we understand that we must 
address Scope 3 emissions alongside our Scope 1 and 
2 emissions. We are working to expand our coverage 
of and improve the quality of our Scope 3 data, so 
that we can analyse and report on these emissions 
more completely in future. This involves interacting 
closely with our upstream and downstream supply 
chains and transport networks to establish holistic 
carbon emissions from our entire value chain.



31
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Requirement for supportive climate policies
Policy has a key supporting role to play in 
transitioning the global economy to net-zero. Policy 
is required to address not just the significant capital 
expenditure needed to transition to the new zero 
carbon-emissions technologies, but also the 
considerably higher operating costs associated with 
these technologies in their early stages of 
implementation. Policy instruments such as 
contracts for difference, used so effectively in 
enabling the renewable energy industry to become 
competitive, will play an important role in ensuring  
a level playing field during the transition period. 
ArcelorMittal intends to actively and directly  
engage with policymakers and organisations that 
advocate for the policies and conditions that will 
enable steel to accelerate and achieve its net-zero 
transition globally while remaining competitive.  
We believe that policy instruments need to deliver 
five market conditions to ensure that low and zero 
carbon-emissions steelmaking is at least as 
competitive as higher carbon-emissions steel:
1. 	Measures to incentivise the transition to low and 
zero carbon-emissions steelmaking.
2. 	A fair competitive landscape that accounts for 
the global nature of the steel market, ensuring 
domestic production, import and exports are 
subject to equivalent GHG reduction regulations 
and incentives, such as a fairly and internationally 
applied Emissions Trading Scheme (ETS).
3. 	Financial support to innovate and make long-term 
investments and neutralise the higher operating 
costs of low and zero carbon-emissions 
steelmaking.
4. 	Access to sufficient clean energies at affordable 
price levels.
5. 	Incentives to encourage the consumption of low 
and zero carbon-emissions steel over higher 
carbon-emissions steel.
Working and collaborating with industry, 
civil society and policymakers
We are committed to playing a leading part in the 
steel industry’s role in decarbonisation. This means we 
need to actively engage with the rest of the industry, 
public organisations, NGOs and policymakers. 
Standards for low-CO2 steel and responsibly sourced 
steel are vital to ensuring steel fulfils its potential to 
underpin the transition to a circular low carbon global 
economy. Collaboration and partnerships are critical 
to drive positive change and enhance understanding 
of differing perspectives.
Beyond these initiatives, we are actively advancing 
the climate change regulation agenda in all 
jurisdictions, also focusing on developing significant 
traction between industry advocacy platforms and 
governments (for example via Eurofer and Canada).
Section 2 – Responsible growth
Our roadmap to net-zero
Our carbon performance in 2021
We are committed to our global target KPI – 
reducing our CO2e intensity of our steel and mining 
operations (Scopes 1 and 2) – by 25% by 2030. 
However, in 2021, our global target KPI was  
2.04tCO2/tcs, similar to our 2018 baseline. Significant 
reductions are only likely to be made with the 
successful deployment of steelmaking and energy 
transformation projects. Fluctuations in this KPI since 
2018 have been largely caused by volatility in 
methane levels in our Kazakhstan mines (per tonne 
crude steel). These mask smaller improvements  
in our steel operations. 
In order to view the trend for CO2e intensity of steel 
only, we also report this data since 2018 in the table 
below, adjusted for structural changes to our 
portfolio (e.g. exclusion of ArcelorMittal USA, 
Acciaierie d’Italia, ex ArcelorMittal Italia, AM/NS 
Calvert). This shows a reduction of 1.5% since 2018, 
from 2.05tCO2e/tcs to 2.02 tCO2e/tcs. 
For our European target KPI - CO2e intensity of our 
steel operations (Scopes 1 and 2) we saw a 2.4% 
improvement in 2021, down to 1.66tCO2e/tcs from  
the 2018 baseline of 1.70tCO2e/tcs.
 
The adjusted absolute emissions that correspond  
to our global target KPI (Scope 1 and 2, steel and 
mining) increased by 12.8% compared with 2020.  
This is due to a corresponding increase in steel 
production on a like for like basis, accounting for 
structural changes e.g. exclusion of ArcelorMittal 
USA, Acciaierie d’Italia (ex ArcelorMittal Italia) and 
AM/NS Calvert, as shown in the adjusted steel 
production figures in the table below. 
Metric
Unit
Scope + perimeter
2018
2019
2020
2021
Target %  
improvement  
2018-2030
2030  
equivalent
Adjusted absolute 
CO2e footprint
1
Million tonnes
ArcelorMittal 
Scope 1+2 
151.5
144.3
122.9
138.6
–
–
Adjusted absolute 
CO2e footprint
1
Million tonnes
Europe Scope 1+2
67.4
63.8
51.2
59.2
–
–
Adjusted crude steel 
production
1
Mt 
ArcelorMittal 
74.5
70.5
58.2
67.9
–
–
Adjusted Group CO2e 
intensity target KPI
1 
(steel and mining)
tCO2e/
tonne of steel
ArcelorMittal Scope 1+2
2.03
2.05
2.11
2.04
25%
1.52
Adjusted Europe 
CO2e intensity target 
KPI
1 (steel)
tCO2e/
tonne of steel
Europe Scope 1+2
1.70
1.71
1.68
1.66
35%
1.11
CO2e intensity 
steel only
2
tCO2e/
tonne of steel
Steel Scope 1+2+ 
limited scope 3
2.09
2.15
2.07
2.02
–
–
Adjusted CO2e 
intensity
1 2 steel only
tCO2e/
tonne of steel
Steel Scope 1+2+ 
limited scope 3
2.05
2.05
2.04
2.02
–
–
1	
These figures have been adjusted for structural changes to the ArcelorMittal portfolio in the previous 12 months, and reflect emissions 
and production for ArcelorMittal’s site portfolio as at December 2021 to enable a like for like annual comparison. 
2	 This indicator includes those emissions from purchased goods that a steelmaker would normally be expected to produce, such as 
coke, slabs, burnt lime in order to maintain a consistent system boundary and so a like for like comparison – see the Basis of Reporting 
for more explanation.
Collaborations & partners
With these partners and memberships, the group will 
continue to step up advocacy efforts for policies that 
support the acceleration of the steel industry’s climate 
transition, addressing the fact that both capex and opex 
costs will be significantly higher, at least in the short to 
medium term. This includes developing clean energy 
infrastructure, securing public funding support and 
addressing the carbon leakage resulting from the 
unequal regional pace of change in a globally traded 
steel market.



32
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
ResponsibleSteel
TM – 
underpinning improved 
ESG performance
Section 2 – Responsible growth – Sustainability leadership
We started working with ResponsibleSteel
TM  
in 2015 to develop a credible platform for standards 
certification in the steel industry that went beyond 
existing cross-sectoral technical accreditations such 
as ISO 9001. We were looking for a system that also 
addressed environment, health and safety, energy, 
social, community, labour and other multi-stakeholder 
considerations. ResponsibleSteel
TM now fully 
encompasses this holistic standards perspective.  
As such, we see our compliance with it as a powerful 
pivot to the future of responsible, smarter and greener 
steelmaking. Beyond this we now recognise its power 
to drive forward how we operate as a business, 
employing a more integrated systems way of thinking 
and interacting, breaking down silos, bringing our 
teams together to address issues and challenges,  
and building value in our brand and products.
In our mining business, we are working in a very 
similar way with IRMA, the Initiative for Responsible 
Mining Assurance, to deliver the same credible 
validation for our many stakeholders.
ResponsibleSteel
TM is the steel industry’s first global 
multi-stakeholder standard and certification 
initiative. ArcelorMittal is a founder member and has 
played a pivotal role in establishing it. The initiative 
now involves over 100 members, including steel 
producers, customers, NGOs, mining majors, 
financial institutions and industry bodies.
In 2019, ResponsibleSteel
TM published its first 
certification standard for steelmaking sites based on 
12 environmental, social and governance principles. 
This global, multi-stakeholder standard addresses 
everything from health and safety to biodiversity. 
Preparing for the rigorous audit process can take over 
a year and involve self-assessment against more than 
400 requirements. Members using the standard are 
able to reassure customers and other stakeholders  
of the credibility of social and environmental 
management of their steel operations.
A global first in ResponsibleSteel
TM 
certification
In 2021, nine ArcelorMittal plants in Belgium, Germany 
and Luxembourg became the first sites globally to 
become ResponsibleSteel
TM certified. In early 2022,  
we also achieved certification at one of our plants in 
Brazil. Focus has now shifted to the certification of the 
remainder of our steel plants in Europe and Brazil.  
We have also started self-assessment at NAFTA sites.
We see the standard as a major differentiator, 
defining the quality, provenance and reduced 
impacts of the steel coming from our certified sites. 
The next step is to take this differentiation into our 
product portfolio, so we have been actively engaged 
in a ResponsibleSteel
TM initiative to create a ‘Certified 
Steel’ product standard to complement the existing 
‘Certified Site’ standard. The final product standard  
is expected to be released by mid-2022.
Our leading role with ResponsibleSteel
TM, along with 
certification for our own sites, demonstrates our 
commitment to going ‘beyond compliance’ and 
yields significant internal and external benefits.  
It gives us advantage when competing for market 
share and enhances relations with our customers, 
particularly in automotive, renewable energy and 
construction industries.
Setting responsible mining standards  
with IRMA
Within our mining operations we are pursuing the 
same approach through our membership of the 
Initiative for Responsible Mining Assurance (IRMA). 
IRMA is a leading multi stakeholder standard-setting 
organisation focused on more socially and 
environmentally responsible mining. Our mining 
operations in Canada, Liberia, Brazil, Mexico have 
started the IRMA self-assessment process and are 
working towards achieving the first level of the 
certification pathway by end 2025.
We also remain committed to the Mining Association 
of Canada’s Towards Sustainable Mining (TSM) 
initiative at our mines in Canada. ArcelorMittal 
Mining Canada has implemented TSM protocols 
since 2004 and is both TSM-assured and five-star 
rated. The IRMA and TSM initiatives give us high 
quality, rigorous assessment tools that help us 
demonstrate how we’re managing social and 
environmental performance at our mines. Both  
IRMA and TSM have been formally recognised by 
ResponsibleSteel
TM as meeting the criteria for its 
‘certified steel’ responsible sourcing requirements 
expected to be released in mid-2022.
Earning our licence to operate and 
engaging with stakeholders
Our work with ResponsibleSteel
TM, IRMA and TSM 
demonstrates our willingness to drive industry-wide 
standards and solutions. Gaining credible verification 
against these standards provides assurance to our 
customers and stakeholders of our licence to operate. 
Certification and compliance is about taking a more 
outward-looking view of our business, and how we 
impact the society around us. Implementing world-
class standards of ESG has proven to improve key 
stakeholders’ perceptions of our business. It is helping 
us to make better, long-term decisions and thereby 
build and protect value for the future.
In 2022, ArcelorMittal was 
recognised as a Sustainability
Champion by worldsteel for its
outstanding sustainability efforts
and performance in 2021.
Ford Motor Company’s World Excellence 
Awards recognise our top-performing 
suppliers around the world for helping 
bring the Ford+ plan to life. Suppliers like 
ArcelorMittal are key to Ford’s continued 
success as we leverage foundational 
strengths to build new capabilities and 
enrich customer experiences. 
Hau Thai-Tang 
Chief product platform and operations officer of Ford
In 2021, ArcelorMittal won the Supplier 
Sustainability Award at Ford Motor 
Company’s World Excellence Awards.



33
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Section 2 – Responsible growth – Sustainability leadership
ResponsibleSteel
TM – underpinning improved ESG performance
The ResponsibleSteel
TM audit process
Hanna Piorkowska, Support manager 
site management, ArcelorMittal 
Belgium, shares her experience of the 
ResponsibleSteel
TM audit.
“We were the first ArcelorMittal sites to go through 
the ResponsibleSteel
TM audit process for site 
certification. This was a tremendous opportunity 
for the company but we were also a test case for 
ResponsibleSteel
TM so it was quite daunting.
When the audit process started, we assembled 
an internal team of eleven process owners and 
site coordinators who would lead and 
coordinate the assessment and audit. The 
process focuses on our relationship with the 
outside world, and with external stakeholders.
Next, we completed an internal gap analysis  
to identify potential weaknesses in each of the 
12 ResponsibleSteel
TM principles, and against 
considerations including: strategy (including 
governance, compliance and risk management); 
people development and employee experience; 
continuous improvement; energy and 
environment; sourcing of products and services; 
and occupational health and safety.
After three weeks of intensive work, we were 
ready for the stage one audit. The certification 
team from AFNOR, an independent standards 
organisation, conducted the initial, one day-
audit, followed by the longer one-week stage 
two audit that included visits to all ArcelorMittal 
Belgium sites. The auditor conducted interviews 
with many of our external stakeholders and 
employees to gauge people’s perceptions  
of the business and how it operates. 
After each audit, the auditor provided a  
report listing our minor non-conformities,  
any opportunities for improvement, and ‘strong 
points’. This generated a lot of work for the team 
as we had to provide root cause analysis and 
proposals of corrective action plans for every 
non-conformity to the auditor. 
The final audit report was submitted by the 
auditor to the ResponsibleSteel
TM assurance 
panel for final checking. A surveillance audit 
takes place around 18 months after certification 
is received to check if the non-conformity gaps 
have been closed in line with the proposed 
actions plans and if the site continues to meet 
the requirements of the ResponsibleSteel
TM 
standard.
We’ve all learned a lot during the audit process 
– including the importance of listening to our 
diverse group of stakeholders – are incredibly 
proud of our achievement. We’ve also used 
issues raised during the audit process to make 
improvements elsewhere in our business. It’s 
great to know that ArcelorMittal manages social 
topics with the same systematic rigour with 
which quality, environment and safety topics  
are handled.”
Building a responsible supply chain
Our commitment to ESG reassurance covers our 
entire steel supply chain. One of the benefits of 
being a vertically integrated steelmaker is that we 
supply around two-thirds of our iron ore needs –
giving us the ability to manage the social and 
environmental performance at our own mines. We 
also work closely with suppliers of iron ore and other 
raw materials that we purchase to support the wider 
adoption of higher standards.
To create a responsible value chain, we want to 
source raw materials from suppliers whose policies 
and practices are aligned to the standards we apply 
to ourselves. This means encouraging raw material 
suppliers to work towards robust mining certification 
schemes – such as IRMA and TSM – that are 
recognised by ResponsibleSteel
TM. To facilitate  
this process for suppliers we revised our Code for 
Responsible Sourcing to include explicit references 
and targets relating to our commitment to 
ResponsibleSteel
TM, IRMA and other industry initiatives.
The Code was established in consultation with 
customers, suppliers, peer companies and NGOs.  
It covers health and safety, human rights, labour 
standards, business ethics and environmental 
management. Every year, we assess several of our 
largest suppliers against our Code. We also ask 
suppliers to complete self-assessment questionnaires, 
backed by supporting evidence. We may also 
conduct a site visit to identify potential breaches of 
the Code and agree on a timeline and process for 
mitigating them. Any new suppliers are required to 
commit to the terms of our Code and adopt practices 
in line with ResponsibleSteel
TM or equivalent standards.
We continue to carry out additional ESG risk mapping 
and analysis and apply further layers of due diligence 
based on OECD guidelines where our Code 
assessments highlight areas of social and 
environmental concern. We develop action plans 
where needed, and pay particular attention to ‘conflict 
minerals’, such as tin and tungsten, which are needed in 
small quantities for effective steelmaking, and engage 
with suppliers over the ESG concerns we identified.
With the new ‘European Due Diligence Act’ and 
German ‘Act on Corporate Due Diligence in Supply 
Chains’ we are reviewing our management systems, 
policies and standards to ensure we comply with  
these new requirements.
ResponsibleSteel
TM
The steel industry’s first global 
multi-stakeholder standard  
and certification programme. 
ArcelorMittal is a founding member 
and has been instrumental in  
the development of global 
standards for the steel value chain. 
ArcelorMittal is a founding member 
with a seat on the Board.
IRMA (the Initiative for 
Responsible Mining Assurance)
The mining industry’s first global 
multi-stakeholder standard  
and certification programme. 
ArcelorMittal sits on the Steering 
Committee.
Toward Sustainable Mining (TSM)
A sustainable mining standard 
established by the Mining 
Association of Canada (MAC) 
and recognised worldwide. 
ArcelorMittal has been 
implementing TSM protocols 
since 2004.



Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
34
ArcelorMittal  Integrated Annual Review 2021
Strengthening our 
environmental stewardship
New five year environment plans 
underpinning improvement programme
We aim to be a trusted user of resources and assure 
our local communities and broader stakeholders 
that we are responsible stewards of the environment.
To achieve this aim, we know we need to continue  
to strengthen our overall environmental strategy, 
investment and governance. Last year, our 
Investment Allocation Committee (IAC) approved 
expected capital expenditures totalling $565 million 
for 40 projects with environmental benefits. We have 
also put in place more robust measurement  
and monitoring. 
Our environmental experts in diverse fields meet on 
a quarterly basis to share best practice and discuss 
matters related to environmental governance. Each 
quarter the network focuses on one particular issue 
for deeper discussion and analysis.
Perhaps most critically, we have committed to 
establish comprehensive and accountable five-year 
environmental improvement plans across the 
business, for all segments and sites, that are integral 
to their broader business plans and targets.
All our steel business units and their individual sites 
are now required to prepare these five-year plans.  
In addition to the compliance and performance 
monitoring and reporting requirements, ducted  
dust, SO2, and NOX have been selected initially as 
environmental KPIs. The plans are required to include 
actions, projects, timelines and expected emission 
reductions to be achieved by 2025 and then 
subsequently 2030. Their importance is evidenced 
by the requirement that they should be fully integral 
to each business’ broader strategic plans.
This will also help ensure we meet the regulatory 
requirements which are developing rapidly and 
becoming more stringent. Environmental impacts are 
coming under greater scrutiny as evidenced by the 
updated air quality guidelines issued by the World 
Health Organisation (WHO) in September 2021 and 
the impending revision of the European Union’s 
Industrial Emissions Directive (EU IED 2010/75/EU). 
We are also preparing for the new wave of 
stakeholder expectations that will emerge from  
the new Task force on Nature-related Financial 
Disclosure (TNFD). TNFD is a risk management and 
disclosure framework for organisations to report  
and act on nature-related risks and it is expected  
to launch its final recommendations in late 2023.
In 2021, ArcelorMittal’s IAC has approved 
expected capital expenditures totalling
$565 million
for 40 projects with environmental benefits
Port Cartier  ↑
While sustainability and the environment 
have always been at the heart of our 
strategic thinking, the challenges of Covid 
and the imperative to decarbonise have 
increased our focus on these priorities. 
Anne van Ysendyck
Vice president,  
head of government affairs and environment
Section 2 – Responsible growth – Sustainability leadership
Further support to reducing emissions and other 
impacts is also provided through product development. 
LCAs and EPDs are becoming a necessity for the 
specification and validation of our products and 
services. More detail is found on page 20.
ResponsibleSteel
TM and IRMA compliance 
and certification
We are underpinning our environmental governance 
through the ResponsibleSteel
TM and IRMA certification 
processes (see page 32) against which we are also 
testing our social responsibility performance, helping 
us to verify the robustness of our environmental and 
stakeholder management systems. This approach 
enables us to provide greater assurance to our 
customers, stakeholders and communities regarding 
issues that matter to them, both globally and locally. 
We have 10 sites already certified under 
ResponsibleSteel
TM guidelines with more to come  
in 2022, read more on page 32.
We have also established an Environmental 
Compliance Methodology that covers the 
identification, investigation and mitigation of 
environmental non-compliances and associated 
risks. It is based on ISO 14001 and covers 
environmental compliance at all steel and mining 
operations across the group, relating to air, water, 
soil, residues, noise, permits, landfills, monitoring and 
reporting, among others. 
The Board Sustainability Committee and the 
executive level Sustainable Development Council 
also review and discuss environmental performance 
and planning regularly. 



Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
35
ArcelorMittal  Integrated Annual Review 2021
Reducing emissions to air
Emissions to air remains one of our most critical issues, especially for the 
employees and communities in and around our operations. 
Last year there has been some improvement in average emissions 
levels of dust, NOX and SOX. We are determined to continue improving 
our performance. A large share of our emissions come from Kryvyi Rih in 
Ukraine and Temirtau Kazakhstan. We are therefore making emissions 
to air a major part of our five-year environmental plans for each site, 
with detailed planned abatement of ducted dust, SO2, NOX. At the 
same time, we are running pilot programmes to test the effectiveness of 
automated monitoring equipment aimed at giving us a better oversight 
of dust emissions and ad hoc emission events with the intention to be 
rolled out across the priority sites.
Section 2 – Responsible growth – Sustainability leadership
Strengthening our environmental stewardship
Emissions performance 2021
Dust intensity kg/tonne steel
0.62
2020: 0.64
2019: 0.63
NOX intensity kg/tonne steel
1.11
2020: 1.18
2019: 1.16
SOX intensity kg/tonne steel
1.82
2020: 1.89
2019: 1.83
Case studies
Air quality improvement projects
Kryvyi Rih, Ukraine
At Kryvyi Rih* we are investing $1 billion to 
address the emissions improvement necessary. 
We have started building a new pellet plant to 
replace two high-emission sinter plants, and are 
modernising a third. Together, they represent 
75% of the site’s total emissions. The new pellet 
plant will reduce pollution by 78,000 tonnes a 
year and cut CO2 emissions by 800,000 tonnes 
a year.
*Due to the war in Ukraine, there will be delays in the 
implementation of investments.
Temirtau, Kazakhstan
In addition to already invested $240 million in the 
last ten years in environmental projects, we are 
investing more than $800 million over the next 
ten years in environmental projects (part of the 
$3 billion investment in Temirtau operations, 
2021-2031). The 2025 environmental action plan 
includes innovative hybrid filter technology at 
sinter machines, upgrade of emission filters for 
power plant 1, two new boilers in power plants 
1 and 2, a new coke gas cleaning plant, and the 
replacement of coal with natural gas for our 
upstream and downstream facilities. Completion 
of the five-year plan is expected to deliver more 
than 39% reduction in total dust, NOX and SOX 
per tonne of steel by 2025 from 2018 baseline. 
Completion of the ten-year plan is expected to 
deliver 52% reduction of air emissions.
Read more about the investment programme 
.
ArcelorMittal Méditerranée, France
In Fos-sur-Mer, France, a 10-year €100 million 
investment programme has reduced SO
X and 
NOX levels by 45% each and dust emissions by 
70%. Several environmental protection units have 
been commissioned, including to desulphurise 
coke oven gases and to remove dust at the steel 
plant furnace, as well as low NOX burners in the 
slab furnace of the hot strip mill. In parallel with 
this programme, we have invested €150 million  
in fully renovating the coking plant’s 126 ovens. 
Between 2021 and 2023, the site will invest 
another €50 million in environmental projects.
ArcelorMittal Asturias, Spain
Between 2017 and 2022, we are investing 
€210 million in environmental upgrades that are 
expected to reduce the site’s diffuse emissions 
by 50%. This includes installation of bag filter  
to improve dust collection capacity in the cast 
house of blast furnace B, collecting and filtering 
equipment for diffuse emissions in coke oven 
plant and new gas washing system and revamp 
of process gas ducts in Aviles steel-shop.
Among other initiatives, we have installed a new 
€17 million bag filter at sinter plant A. Completed 
in 2021, it is expected to reduce particulate 
emissions from the source by 75%, bringing 
them below 10mg/Nm
3.
In addition, we completed a project to introduce 
coke oven injection in blast furnace B at the 
Gijón plant. This will reduce CO2 emissions 
by 125,000 tonnes a year.
Control room of the continuous annealing line, Saint- Chély  ↑



36
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Section 2 – Responsible growth – Sustainability leadership
Strengthening our environmental stewardship
Safeguarding water resources
Water is a vital resource and we aim to be 
responsible for the amount we consume and the 
quality discharged back into the environment. Our 
work in this area is aligned with the UN’s SDG 6 
(“Clean water and sanitation”), with particular 
reference to targets 6.3 (water recycling), 6.4 (water 
efficiency) and 6.5 (water management). Our net 
water use, defined as the difference between the 
water we withdraw and what we discharge,  
is measured, monitored and managed at each site 
by a dedicated team. We generally treat and 
recycle the same intake of water repeatedly, losing  
it only through evaporation. Withdrawals from 
groundwater sources make up less than 1% of our 
water intake. In 2021, net water use per tonne of  
steel was at 2.6 compared with 4.2m
3/t in 2020. 
We are committed to ongoing reductions in our water 
consumption. In pursuing our responsibilities, we are 
investing significantly in innovative techniques for 
water recovery, water treatment, establishing 
alternative water sources and reduced energy usage.
In our mining operations, some sites recycle as much 
as 98% of their water. At AMMC in Canada, we are 
working on a $36 million multi-year holistic water 
management project that includes installing 
treatment units to control surface effluents on waste 
rock piles. The project is expected to be completed 
by the end of 2022.
Protecting the land and communities 
around our sites
We aim to practice prudent land use management in 
the environments where we operate and protect local 
communities from impacts during and following our 
operations. In 2021, we have increased our efforts 
regarding tailings dam safety, reclamation and 
closure planning of mines and are also focusing 
attention on reducing the storage of waste around 
our steel operations, including slag. We are aware 
that increasing residue storage is creating potential 
future problems in terms of both space and peripheral 
impacts, and therefore we have ongoing initiatives to 
minimise reusable and recyclable residues going to 
landfill and to minimise onsite storage.
Reducing waste storage and finding 
innovative uses for residues
In line with our pursuit of circular principles, we are 
searching for innovative uses of slags, dust and 
sludges. Our R&D team is looking at ways to improve 
slag quality and find new applications for it. As an 
example, in 2021, 9.2 million tonnes of blast furnace 
slag were reused as a raw material in cement 
production saving 7 million tonnes of CO2. 
We currently recycle most dust and sludges 
internally. With the help of an EU-funded project 
that started in 2020, our researchers are working  
on agglomeration solutions that will allow us to use 
these materials as alternatives to natural resources.
Tubarao desalination plant  →
Case study
ArcelorMittal Tubarão constructed 
largest desalination plant in Brazil
South eastern Brazil underwent one of its worst 
droughts in four decades in 2014. The drop in 
rainfall saw river levels fall so severely that the 
government of the state of Espirito Santo 
declared a state of emergency. In response, 
ArcelorMittal Brazil developed a water master 
plan to deal with the water shortage.
Within the master plan, ArcelorMittal Tubarão 
has constructed the largest sea water 
desalination plant in Brazil. The plant, extending 
over 6,000m
2, provides an alternative source to 
freshwater from the Santa Maria da Vitória River. 
The process consists of collecting sea water and 
transforming it into industrial water using reverse 
osmosis. The $13.4 million investment covers all 
the necessary infrastructure to collect and filter 
sea water, desalinise it, and then store and 
distribute the end product. The desalination 
plant will consume around 3 MW of energy, 
which is equivalent to 1% of energy generated 
by ArcelorMittal Tubarão itself. One of the 
desalination plant’s differentiators is its modular 
configuration. The first module will be able 
to desalinate 500m
3 per hour of seawater, 
enough to supply a community of 80,000 
people per day. Additional modules may be 
added in the future.
The project mainly aims to increase 
water security and ensure the 
stability of our operations, putting 
ArcelorMittal Tubarão at the forefront 
of water management, with an 
appropriate strategy for future 
adaptation to climate change. 
Jorge Luiz Ribeiro de Oliveira
Vice president, chief executive officer, 
Flat South America
Newcastle, South Africa –  
storm water treatment project
•	 $8 million project to construct 460,000m
3 
stormwater runoff dam
•	 Project aims also to reduce the plant’s 
overall water demand
•	 Includes increased capacity 
stormwater interceptors
•	 Integration with existing water 
treatment facilities
•	 Due for completion in May, 2023



37
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Fundamental focus on tailings dam safety 
and impacts
We have developed our tailings strategy based on 
the leading industry guidelines from the Mining 
Association of Canada (MAC), the Canadian Dam 
Association (CDA) and the Global Industry Standard 
for Tailings Management (GIS TM). Our governance 
model takes the principles laid out in the GIS TM and 
aims to ensure that all our tailings facilities are 
structurally sound and safe, with all efforts directed 
at minimising risk, including independent audits 
benchmarked against these international guidelines.
We have 26 tailings storage facilities (TSFs) including 
conventional, paste, dry-stack and in-pit facilities, of 
which 15 are active, 10 are inactive and one is closed.
To ensure the safety of all our TSFs, we have a review 
process that includes internal and external audit. 
The internal part is conducted at the corporate level 
to assess compliance with ArcelorMittal’s tailings 
management strategy standard. The external audit 
includes an independent technical review evaluation 
by a panel of industry specialists. These are 
considered best practice.
We are also seeking continuous improvement 
through best available technologies. This includes 
reducing the risk of existing conventional operations 
by promoting reduced moisture disposal 
methodologies; and using latest and proven new 
technologies such as high-precision radar, InSAR 
satellite monitoring and remote instrumentation to 
monitor facilities globally in real time.
We are assessing all our mining operations for 
transition in line with these principles and developing 
customised design solutions for non-conventional 
tailings system management. To date we have 
implemented tailings thickening steps in assets  
in Mexico, and reduced moisture disposal 
methodologies in Brazil and Canada.
Section 2 – Responsible growth – Sustainability leadership
Strengthening our environmental stewardship
ArcelorMittal 
Liberia BCP  →
In 2011, we launched the ‘BCP’ to compensate for 
biodiversity impacts from our mining operations  
that could not be avoided, minimised or restored. 
Designed to achieve a net gain for biodiversity, the 
BCP is multidisciplinary in its approach, and founded 
on the principle of nature-based solutions (NbS). Our 
BCP scheme seeks to address multiple threats to 
biodiversity, including underlying drivers of livelihood 
insecurity and unsustainable farming practices, and 
is designed to deliver numerous benefits. 
We have found that this multifaceted, collaborative 
approach is the most effective way to create 
long-term change and protection. We are working 
closely with Liberian government bodies and both 
international and local NGOs we now have 
conservation agreements and livelihood 
programmes in 13 communities in Nimba County.
In 2021, we also embarked on a joint programme 
with the World Bank on NbS. Given an anticipated 
increase in pressures on biodiversity and ecosystem 
services in the landscape, we will expand the 
programme in 2022. To this end, in 2021, we signed a 
memorandum of understanding with the University 
of Monrovia regarding collaborating on biodiversity.
Given the BCP success in Liberia, we are now looking 
at rolling out a similar BCP approach to our Canadian 
mining operations and associated communities.
In compliance with the new resolution set by  
the Brazilian National Mining Agency (ANM),  
the emergency level of the tailings dam located  
at Serra Azul Mine,) was changed to level 3. 
This reclassification does not change the dam’s 
safety conditions, which remain unchanged since 
February 2019. The dam has been idled since 2012 
and the structure is monitored 24/7, with daily 
updates being sent to ANM. The engineering 
projects are being developed for the construction  
of a downstream containment structure and for the 
dam decommissioning. 
Since 2019, safety measures stricter than those 
required by legislation have been preventatively 
adopted, including the preventative relocation of 
residents within the Self-Rescue Zone. 
Partnering to protect biodiversity
We aim to protect biodiversity in the environments 
within which we operate, particularly through 
partnerships with local environmental organisations 
and community groups to preserve local flora and 
fauna. Limiting our land use, reducing emissions and 
ensuring local water supply and quality all contribute 
to reducing biodiversity impacts, but we recognise 
that our involvement and work needs to go beyond 
the boundaries of our sites and extend into 
engagement with local communities and livelihoods.
Nature based solutions – the Biodiversity 
Conservation Programme (BCP) in Liberia
Located to the east of ArcelorMittal Liberia’s mining 
operations, the Nimba mountain range extends from 
Liberia into Guinea and the Ivory Coast, and is 
covered in moist evergreen, montane and secondary 
forests. The range has global conservation value 
and is home to a remarkable diversity of species and 
habitats, many of which are highly threatened or 
occur nowhere else in the world. 
In Brazil, we are particularly proud of our 20-year 
support for the TAMAR project, run by the Chico 
Mendes Institute for Biodiversity Conservation.
The initiative focuses on protecting local marine 
habitats and species, such as endangered sea 
turtles, including a colony that lives near the 
company’s Tubarão site. Also in Brazil, through the 
Serra Azul facility, we managed more than 1,000 
acres of the Atlantic Forest, one of the world’s most 
ecologically diverse regions. The area is five times 
larger than that set aside for iron ore extraction.
To preserve the forest for future generations, we 
work with the Valhas River Basin Committee and its 
in-house nursery, which grows and donates 
seedlings from more than 60 native species.
Environmental Impact Assessments (EIAs)
Environmental Impact Assessments (EIAs), which 
analyse comprehensively the environmental impacts 
of a scheme, project or programme, are compulsory 
for all major industrial developments internationally, 
and we undertake them for any proposed new mine 
or plant, and see them as an inherent part of their 
feasibility assessment alongside their financial 
performance and returns. We have completed a 
number of EIAs for ArcelorMittal Liberia and the 
expansion project to evaluate potential 
environmental impacts and develop mitigation plans.
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38
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Developing a workplace for 
tomorrow; building strength  
in diversity
People are our most important asset and we are 
committed to ensuring that they have the support, 
resources and opportunities to succeed, to develop 
their professional capabilities and to realise their 
potential. Our performance as a company is 
dependent on ensuring the positive contribution  
of all our employees to the collective success of  
the business.
Introducing a new diversity  
and inclusion strategy
We believe that our international diversity delivers 
great strength to our company, and we are 
committed to go further, to establish equal 
opportunities and inclusion across the company.  
Our first focus is on making up the gap that  
currently exists in the representation of women  
in our management teams.
In 2020, we benchmarked our diversity and inclusion 
policies against other companies, to identify gaps 
and opportunities. We also engaged with several 
stakeholders on this topic and developed a strategy 
to address this issue. The topic was discussed at the 
ARCGS Committee and has the full support of the 
Executive chairman and the CEO. As a result, we 
introduced a new diversity and inclusion strategy 
and publicly committed to doubling the number of 
senior leadership positions held by women to at 
least 25% by 2030, up from 14% currently. A new 
group diversity and inclusion committee was formed.
Four of our eleven Board members 
are women, including a female 
sustainability expert who was 
appointed in 2021.
4
Two of our Group 
Management Committee 
members are women. 
2
Our gender diversity target: to 
double women in management.
By 2030:
25%+
2021:
14%
Case study
ArcelorMittal makes further progress on French 
gender equality index and reaches a score of  
94 out of 100 
ArcelorMittal has continued to improve on its 
professional gender equality index for its French 
operations with a 2021 score of 94 points out  
of 100, +5 points on 2020 based on the index 
criteria set out by the French Ministry of Labour.
Eric Niedziela, Vice president, chairman of the 
Board, ArcelorMittal France, commented: “This 
further improvement in our professional equality 
index reflects our commitment to give women 
their full and deserved place in our teams. 
ArcelorMittal offers exciting jobs, open to both 
women and men. In France, our workforce is 
more than 14% female and we are working to 
increase this share: women represent more than 
17% of new hires in 2021 and more than a quarter 
of our apprentices. 
The index result shows particularly good 
performance on the following criteria:
•	 No gap between the pay increases granted 
to women and men in most of the group 
companies in France, and only a small gap 
between promotions
•	 Few pay gaps between women and men
•	 Individual increases systematically granted 
on return from maternity leave
ArcelorMittal Méditerranée – Vincent Négrerie  →
Section 2 – Responsible growth – Sustainability leadership
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39
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Our new strategy is designed to raise awareness  
of the importance of greater diversity, build an 
inclusive culture to support women’s career 
progression and increase our focus on female talent 
in recruitment. In 2021, women accounted for 17%  
of our total workforce. We now require at least one 
female successor to be named in every senior 
management succession plan. 56% of key positions 
have at least one woman assigned as potential 
successor. We are also actively supporting  
high-potential women through career-mapping, 
outlining the steps and skills needed to progress, 
and by providing role models to assist with their 
professional development. In 2021, we also decided 
to include our gender diversity target in our 
executive remuneration schemes.
At a broader level, we are reviewing our policies and 
HR practices. This includes tackling unconscious bias 
and discrimination through training. At least one 
woman candidate, is now required in shortlists for  
all professional and leadership positions. We have 
also evolved our approach to flexible working, 
recognising this is an important component of 
having an engaged and diverse workforce.
To strengthen our diversity and inclusion governance, 
a global Diversity & Inclusion Council was created,  
to oversee and stimulate the group’s performance in 
this area and share positive experiences. The Council 
itself is diverse in many ways, representing every  
part of the organisation, as well as comprising both 
senior and junior people. When selecting members, 
we sought to include people who are passionate 
about diversity and inclusion and who can act as 
ambassadors in their local constituency.
The D&I council has already met  
four or five times – we are having 
some very valuable open, honest 
conversations that should help us 
drive forward in this important area 
across the group. 
Nicola Davidson
Vice president, corporate communications and  
corporate responsibility, co-sponsor of the D&I Council
In 2021, we took clear, decisive steps 
to make our workforce more diverse 
and inclusive. As a global business  
we see real strength in our diversity, 
and we regard truly equal access to 
opportunity and skills as part of our 
performance culture for the future’. 
Bart Wille
Executive vice president and  
global head of human resources
Diversity comes in many forms. To harness a broader 
range of talent, our integrated management system 
set up in 2020 enabled us to take a more data-led 
approach in 2021. Drawing together all employee 
information, from recruitment and performance to 
succession planning and career development, it helps 
us better identify gaps and opportunities to improve 
the diversity of our people and our inclusiveness.
We have also put in place learning opportunities to 
promote a more inclusive culture. Over 1,100 people 
attended three workshops, focusing on driving 
inclusivity held in October, November, and 
December 2021. 
Case study
D&I initiatives across 
the group
In Brazil, the management team have  
been developing a robust D&I programme 
with participation from the Executive 
Committee, the National Diversity and 
Inclusion Committee and a committee 
covering each minority group including 
gender, people with disabilities, racial,  
and LGBTI+. More than 1,000 people  
have been trained on inclusive leadership, 
individual accessibility mapping and  
a diverse learning programme.
ArcelorMittal Spain has joined the CEO 
Alliance for Diversity, the first alliance in 
Europe to bring together business leaders 
around the topic of diversity and inclusion. 
Supported by 75 companies, seeks to 
support competitiveness of talent in Spain 
and to reduce inequality and exclusion in 
Spanish society.
ArcelorMittal Belgium has entered into  
a partnership with the non-profit 
organisation JobRoad to attract more 
diverse candidates, focused on people 
excluded from the job market through
disadvantaged backgrounds, with the 
objective of better integrating them into 
society and the workplace.
Diversity and Inclusion (D&I) Council and Charter
The Council was formed in 2021 to champion D&I and oversee actions at corporate and segment level.
Responsibilities:
•	 Champion diversity and inclusion and support our ambition to be an employer of choice
•	 Improve inclusion, growth and trust throughout the employee experience
•	 Provide guidance, share best practices and encourage segments to develop their own D&I 
strategies and plans
•	 Challenge the status quo, monitor the group’s global progress and promote company-wide 
communication on D&I achievements
The mission, actions and governance of the Council are detailed in the global D&I Charter.
Section 2 – Responsible growth – Sustainability leadership
Developing a workplace for tomorrow; building strength in diversity

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40
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Ensuring a culture of wellbeing and support 
The theme of mental health and resilience has been 
identified as a key focus area for 2022, following 
feedback from our internal engagement survey, 
SpeakUp+, We are preparing a global mental 
wellbeing initiative to be launched this year, building 
on the internal workshops we launched last year 
titled “Taking a moment to breathe.” It will seek  
to increase recognition of stress factors in the 
workplace, improve ways of working, and provide 
support to any employees who might be affected.
To ensure that our people perform optimally, we are 
seeking to encourage a healthy work-life balance, 
with generous holiday allowances. A new flexible 
working policy is part of this. 
Launch of SpeakUp+ to monitor  
and drive engagement
In 2021, we launched SpeakUp+, an upgraded 
version of our employee engagement survey. This 
‘pulse check survey’ will be carried out every quarter. 
This way it can provide more regular feedback and 
This year we have seen a real step up 
in the engagement and dialogue with 
our employees. Being able to check in 
regularly really helps us move quickly 
to address issues. There is a lot of 
positive feedback but also some 
important areas to work on. 
Bart Wille
Executive vice president and  
global head of human resources
Fostering a learning culture
Learning and adaptability is crucial, particularly in 
this fast changing world – and we are committed  
to building a true learning culture. Our main catalyst 
for sharing knowledge across the organisation is the 
ArcelorMittal University. Through its academies, we 
offer wider access to leadership and technical skills 
development. Employees are also encouraged to 
connect virtually, reflect, and share experiences, 
supported by better digital resources and greater 
online access and webcasts.
In 2021, we saw a 14% increase in the number of active 
learners and a 49% increase in total learning hours. 
Notably, the accumulated number of learning hours 
has nearly doubled since 2019. Feedback remains 
highly positive and most employees who completed  
a post-training survey noted that they were likely to 
apply what they had learned in their job.
Developing our new leaders
We are fostering a culture where leaders strongly 
empower our employees and hold them to account, 
all while setting the example through their own 
actions, leadership and behaviour. 
To ensure that we are encouraging an engaging 
culture, we are developing a methodology that 
measures leaders on ‘how’ they are leading, in 
addition to ‘what’ they are doing. This includes a 
focus on the following core aspects of leadership:
•	 Prioritising the health, safety and wellbeing of all, 
and leading by example by caring for others
•	 Setting clear directions and ambitious objectives 
for ourselves and the people around us
•	 Providing inspiring and effective support, 
encouraging a diverse and inclusive culture, and 
communicating transparently and consistently
•	 Recognising people’s efforts and rewarding 
significant contributions
•	 Seeking and providing opportunities for learning 
and development for ourselves and others
•	 Establishing and integrating a culture of ethics, 
honesty and integrity
•	 Demonstrating and promoting exemplary 
behaviour, inside the company and in all 
stakeholder interactions
In 2021, we have continued to harness our skills and 
resources and stepped up efforts to identify and 
accelerate the development of our high potential 
employees (HiPos).*
We have developed ‘leadership pipeline’ learning 
journeys, preparing candidates for promotion 
through personalised programmes delivered  
through both face-to-face and digital interaction.
Section 2 – Responsible growth – Sustainability leadership
Developing a workplace for tomorrow; building strength in diversity
ArcelorMittal Dofasco in Canada has launched 
a wellness programme to support physical  
and mental wellbeing. It is supported by an 
Employees and Family Assistance Programme 
together with web resources available 24/7.
Over 2,000 employees have been trained in 
mental health awareness so far. As a result, 
ArcelorMittal Dofasco has been recognised 
with an Excellence Canada Gold Certification 
Award in the Healthy Workplace category.
allow us to address issues early. In the latest survey 
over 140,000 qualitative comments were provided 
by our employees.
The transition to SpeakUp+ saw an increase in 
engagement across the group to 75%, compared 
with an average of around 70% over the last 10 
years. It is gratifying that this indicates that our 
workforce has emerged from the pandemic more 
engaged in what they are doing. Our current survey 
reaches over 35,000 people - we are now 
encouraging operations to conduct their own 
surveys, so we can listen to every single individual.
The new survey enables us to:
•	 Listen more actively through more frequent contact
•	 Identify potential risks, such as attrition, and 
actions to improve performance
•	 Make results more accessible to leaders
•	 Conduct multiple benchmarking of results, 
internally and with peers
•	 Drive participation through an improved process 
and a more streamlined survey design
We scored above the manufacturing industry 
benchmarks on key engagement drivers such as 
meaningful work, accomplishment and peer 
relationships, but below them on rewards, 
recognition and work-load. The results helped to 
identify areas for our focus in 2022:
•	 Focus on mental health and resilience 
•	 Diversity and inclusion targets
•	 Attract and develop talented people
•	 Engage more proactively with our people
•	 Further empower management through  
HR digitalisation
•	 Raise the bar in health and safety through 
training, performance management and 
compensation and benefits
*	 A High Potential employee is someone who has demonstrated a consistent level of successful performance and, given the right development opportunities and experience, has the ability, aspiration and engagement to rise to and succeed in a position of significantly 
higher complexity and responsibility at an accelerated pace.
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41
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
The ‘talent acceleration pool’ (TAP) is an accelerated 
development programme for HiPos who have been 
identified deep in the organisation and who have 
potential to reach at least manager level. The  
HiPos are provided with tailored development plans, 
including assessments, career interviews, and 
training to support a succession pipeline for 
manager and above roles.
A new cohort of candidates, TAP 2, was successfully 
launched in Q3 of 2021, taking in 78 participants from 
21 nationalities, of which 23 were women (30%).
In addition, our group mentoring programme 
provides employees with an opportunity to learn 
from the experience of their colleagues. At the end 
of 2021, 135 mentors and 324 mentees were involved 
in the initiative. 
Building a pipeline of future  
STEM professionals
To be ready for the future, our sustainable 
development outcome 9 calls on the group to build a 
‘pipeline of talented scientists and engineers for 
tomorrow’. We need employees who can adapt to 
change, exploit new technology, and thrive in an 
increasingly complex workplace. There is an incredibly 
competitive market for the best thinkers and the best 
skills, not just from other industrial companies but 
from virtually all other sectors. Moreover, there has 
traditionally been a smaller proportion of women than 
men training in STEM subjects and seeking to pursue 
careers particularly in heavy industry. This has limited 
the flow of women into employment in the sector and 
into management.
Consequently, supporting the teaching and 
development of STEM subjects at grassroots, school 
and university is an absolute priority, as is positioning 
ArcelorMittal to be a company of choice for students 
and employees entering the career marketplace.
In 2021, we invested $3.5 million in STEM initiatives. 
We also offered long-term engineering internships 
for 100 students and 20 PhD students to work with 
our global R&D teams, seeking to put in place a 
pipeline of talented potential recruits.
Coping with Covid
We are by no means through the challenges of 
responding to the Covid pandemic either at the 
society or company level. We have all been affected 
directly whether amongst our work colleagues or 
amongst friends and family. As a global business  
we have been heavily hit by the virus – we have lost 
over 250 of our colleagues since the start of this 
pandemic. These are high and tragic numbers.
However, in the face of this adversity our people 
have responded extraordinarily with commitment 
and fortitude. Our operational and financial 
performance has been a tribute to the tenacity  
of our teams around the world.
The way in which our people 
have organised themselves to 
continue working in the face of 
Covid has been hugely impressive 
and their commitment has been 
truly remarkable. 
Aditya Mittal
Chief executive officer
In 2021 we sought to build on the lessons learned in 
transitioning the business to the Covid circumstances 
that we experienced in the previous year. In particular, 
we focused on promoting vaccines and joined forces 
with public bodies to make vaccinations available to 
employees and local communities. We continue to 
actively combat the impact of the pandemic by 
monitoring all our sites, adapting our response to 
changing circumstances, and by donating essential 
medical supplies and equipment.
The new ways of working that we have discovered  
over the last two years are undoubtedly here to stay.  
A degree of working from home can be beneficial to 
work-life balance and productivity, but we also 
recognise the strong value of working together and 
collaboration that cannot be achieved remotely and 
online. We anticipate assessing this more formally 
during the course of 2022 and identifying the best ways 
forward as we hopefully come out of the pandemic.
Section 2 – Responsible growth – Sustainability leadership
Developing a workplace for tomorrow; building strength in diversity
$3.5 million
investment in 2021 in STEM
ArcelorMittal France encourages young people  
to choose STEM careers through a mix of active 
communication on social networks and a strong 
presence at school forums. We engage young 
people and schools through school visits, 
conferences, virtual forums, and virtual tours of  
our plants. These activities engage young people 
on the themes of decarbonisation and the 
environment, and also help to attract future talent.
At ArcelorMittal Belgium in Ghent, we have 
participated in a programme of ‘job days’, which 
are part of the Green Engineer job campaign. 
This aims to recruit recently graduated 
engineers (including bioengineers and civil 
engineers) to build our STEM expertise and 
support our transition to a climate neutral future.
ArcelorMittal’s employees  →
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42
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Engaging with our communities 
and pursuing a Just Transition
Community investment spend 
(including STEM spend)
10.2m 
Estimated direct 
economic contribution
68bn
Total tax contribution
5.7bn
Spent on STEM projects
3.5m
We play an important, indeed often vital, 
role in our local communities.
We are committed to making a positive 
contribution by creating economic and 
social value, through employment, 
procurement, taxation, sustainable 
development initiatives, stewardship of the 
environment and respect for human rights. 
We want our employees, their families  
and local communities to thrive. In order  
to achieve this, we are committed to 
engaging, listening and responding with 
a constructive partnership approach.
As a business we are under ever greater scrutiny and 
stakeholder expectations are constantly rising, such 
that we must engage more proactively to demonstrate 
the value we create and earn our licence to operate. 
This means having open, two-way dialogue about 
challenges and concerns, and discussing ways to 
respond, balancing the financial demands of business 
with the building of social capital.
Our community engagement work is driven largely 
by local corporate relations teams, which are best 
placed to understand local needs. Our global 
sustainable development team supports them – 
advising on best practice stakeholder engagement 
policies and processes. These combined efforts help 
us to focus on making a positive contribution in  
the areas that matter most to our communities.
Assessing material issues for our 
communities and stakeholders
To better understand the key issues that should drive 
our engagement, we undertook a comprehensive 
stakeholder double materiality assessment during 
2021, which included social and community criteria 
that influence our licence to operate. 
It was also an opportunity to identify what we call 
‘watch list’ items that could potentially impact our 
stakeholders, as well as ‘hidden value creators’ that 
might affect the group. Insights from the materiality 
process will inform our sustainable development 
strategy moving forwards. Read more on materiality 
assessment on page 52.
Section 2 – Responsible growth – Sustainability leadership
We don’t exist just to make and sell steel. We work  
to build a brand centred on the health, safety and 
wellbeing of our communities. And we do this through 
regular engagement with our stakeholders. 
Jorge Luiz Ribeiro de Oliveira
Vice president & CEO, Flat South America
Over the years we have made a significant contribution, 
investing in a variety of community, housing, education, 
healthcare and other community projects in Nimba, 
Grand Bass and Bong Counties. Our ability to deeply 
engage and understand how we can better serve our 
local communities and effectively meet their needs is 
an important part of our licence to operate.
We want our communities to see us as partners in local 
socio-economic development and trust us to have an 
open dialogue when challenges arise. 
Joep Coenen
Chief executive officer, ArcelorMittal Liberia 
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43
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Working with our stakeholders
The audit process for ResponsibleSteel
TM certification 
is requiring us to comprehensively deepen our 
engagement with local communities and wider 
stakeholders. It involves gaining a holistic external 
view of their expectations of us and then seeking to 
align our plans and targets accordingly. As each site 
goes through the audit process, we are setting in 
motion new levels of engagement and insight that 
will hopefully continue to drive forward our 
stakeholder relationships in a mutually positive way. 
We anticipate the same momentum for greater 
engagement to be encouraged by our IRMA 
certification programme in our mining business.
We are in the process of reviewing and updating our 
policies to ensure that they are fully aligned with good 
international industry practice, and that sites are well 
prepared to go through the certification process.
Towards a Just Transition
Decarbonisation will drive an industrial 
transformation over the next two decades 
unparalleled since the 19th century, with many 
aspects of the value chain changing beyond 
recognition. The growing need to understand and 
respond to the social impacts of these changes was 
recognised by the declaration on the Just Transition 
signed by 40 nations at the UK Climate Change 
Conference in Glasgow in 2021 (COP 26).
A Just Transition aims at ensuring not only 
environmental sustainability, but decent work and 
quality of life for all, and the eradication of poverty. 
Companies are expected to play a key role by setting 
clear, time-bound and company-wide commitments 
and action plans for achieving this transition in a 
responsible and caring manner. For us it means 
mapping the potential social impacts and 
Case study
The ResponsibleSteel
TM audit process – 
ArcelorMittal Fos-sur-Mer, France
The initial decision to pursue a ResponsibleSteel
TM certification came at the end of 2019 just before the 
onset of the Covid crisis. It was seen as an opportunity to accelerate and enhance our environmental 
and social responsibility commitments together with our community and stakeholder engagement.
The process and benefits of the audit may be summarised as follows:
•	 The audit focused on our relationship with the outside world, such as local elected officials, public 
inspection authorities, industry associations, NGOs as well as our customers, suppliers and employees;
•	 We sought to align the expectations of each of our stakeholders with our own position and 
developed a detailed stakeholder engagement programme along with a comprehensive social 
management system monitored by the management committee;
•	 The AFNOR certification audit team carried out an intensive one week audit on our two sites, covering 
nine production departments and detailed interviews with employees, suppliers and local stakeholders;
•	 Action plans were developed to address the minor non-conformities that were identified during the audit;
•	 The whole process fostered the involvement of our management and employees towards our 
broader sustainability plans and targets.
The intention is for the site to be certified in H1 2022.
Through its well designed and systemic approach, ResponsibleSteel
TM  
pushed us, as a team, to look at ourselves from the standpoint of our main 
stakeholders and to understand and better address their expectations.
This is key to our sustainability in today’s world. 
Bruno Ribo
Chief executive officer, ArcelorMittal Fos-sur-Mer
Section 2 – Responsible growth – Sustainability leadership
Engaging with our communities and pursuing a Just Transition
requirements such as employment and skills, not only 
in our own operations, but also in the transformed 
supply chains, and entering into discussions with 
governments and other stakeholders on future policy 
requirements to support just outcomes.
In Spain, where we plan to move from blast furnace 
steelmaking to the DRI/EAF route, we anticipate a 
positive employment impact along the value chain, 
both in the construction of the new assets, the 
decommissioning of existing assets, and in the 
development of the renewable energy infrastructure 
and hydrogen production and transportation systems.
Working with the Product Social Impact  
Assessment Association
As part of our engagement, we also account for the 
impact of our products on communities. For many 
years, we have partnered with the Product Social 
Impact Assessment Association to integrate 
community concerns into our future product plans. 
Our work has included four stakeholder groups – 
workers, local communities, users and smallholders 
– and assesses human rights, discrimination, benefit 
of products and other social topics.
Building on our community outreach
The concerns felt by our communities can be very 
specific to their locality and range across employment, 
skills, social development, human rights, health, safety 
and the environment. Our local community relations 
teams are best placed to understand local needs, but 
we supplement these with our global oversight system 
that enables us to apply a single set of community 
standards globally which, in many cases, exceeds local 
standards. We can also cross-fertilise best practice 
between countries and sites and share learning 
between teams.
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44
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 3 – Strong governance
Section 2 – Responsible growth
Contents
Section 2 – Responsible growth – Sustainability leadership
Engaging with our communities and pursuing a Just Transition
Supporting our colleagues  
and communities in Ukraine
At the time of writing, the people of the Ukraine are acutely 
suffering from the violence, deprivation, fear and uncertainty 
created by the war that has been inflicted on them. Millions  
of citizens are fleeing away from the war zones seeking help 
and support in neighbouring countries. Amongst these are 
hundreds of ArcelorMittal Ukraine colleagues or their families.
Many of these refugees are ending up in make-shift camps in 
the neighbouring countries, or they are offered temporary 
residence by locals. We are grateful to our ArcelorMittal Poland 
colleagues who were immediately available to coordinate the 
arrival of their Ukrainian colleagues, showing great solidarity  
and humanity.
We have launched an urgent appeal to our colleagues from 
across Europe to host company refugees where possible, 
supported by funding and logistical assistance from the 
company. We have also set up a matched charitable funding 
programme, through which every donation by an ArcelorMittal 
employee will be equally matched by the company. The funds 
raised will be employed to support NGO’s in the region in 
scaling up efforts to reach vulnerable children and families 
affected by the conflict, with essential services including 
health, education, protection, water and sanitation.
We are deeply concerned about the ongoing situation in the 
country and will endeavour to support our people and local 
communities affected in whatever way we can.
Community engagement at Tubarão
Our Tubarão plant in Brazil is setting strong standards for the group in 
terms of community engagement. The management understand that we 
have an important role to play in the social transformation process in the 
community and is devoting considerable time and effort into dialogue 
and transparency with our local stakeholders. We are active in promoting 
and supporting initiatives in education, health, culture and sports, and 
participate in and encourage the development of community 
associations, institutions and organisations.
The Tubarão team have set out a vision for 2030  
for the business and its people to be admired by stakeholders  
“for its sustainable practices, transparent communication, honesty  
and integrity, and enduring institutional co-responsibility”.
They have laid out a stakeholder and community engagement plan  
to identify priorities for each stakeholder group. The Novos Caminhos 
programme, launched in 2006, is a good example of local cooperation 
between the company and government agencies to improve local road 
infrastructure, using by-products from our industrial processes – a 
further 850,000 tonnes of aggregate are due to be donated in 2022. 
This project has been a winner of the Steelie Award for Excellence in 
Sustainability by the World Steel Association.
Skills and vocational training in Liberia
Since 2017, our Vocational Training Centre in Liberia has helped local young 
people to develop vocational skills to provide them with opportunities that 
otherwise they would not have. In 2021, a further 97 students enrolled, and 
the first group of 45 apprentices graduated from the three-year residential 
programme in May. We have also launched a training and development 
programme for high-potential Liberian employees who will gain work 
experience and knowledge in ArcelorMittal Mining operations globally, 
focused on fields such as operational optimisation, planning and 
execution, and plant systems maintenance.
Promoting women in steel in Mexico
In Mexico, the ArcelorMittal ‘Women of Steel’ programme received 
recognition from the Mexican Center for Philanthropy (CEMEFI) for 36 
successful initiatives focusing on the development of local communities 
over 11 years. It promotes the development, integration and empowerment 
of communities in the Lazaro Cardenas region and beyond. The 
programme’s ultimate goal is to empower communities to be agents  
of change, transforming their ideas into reality using their knowledge  
and skills and contributing to the formation of a more just society. The 
programme began in 2009 and has seen more than 43,000 people of  
all ages participate so far.
Developing STEM skills in our local communities 
Alongside responding to communities’ needs and concerns, our 
community investment strategy focuses on developing skills in STEM.  
This reflects the important role that scientists and engineers will play in 
building a sustainable future for society at large, the steel industry and 
the company. The strategy is delivered through: providing teaching aids 
and technological support, inviting students to steel plants, and 
developing long-term partnerships with leading academic organisations 
around the world. In Krakow in Poland for example, we began our fourth 
scholarship programme there for the most talented students at the AGH 
University of Science and Technology, this time focusing on materials 
science. For more on our STEM commitments see page 38.
Continuing our response to Covid
We recognise that the Covid pandemic is by no means over.  
We are mindful that the virus remains a challenge worldwide, especially 
in emerging economies where rates of vaccination have been lower.  
We remain vigilant in our efforts to combat it and are committed to 
engaging with our employees and communities to help them through 
further outbreaks and mitigating measures.
We have collaborated with local government and communities to 
address the severe lack of required safety and medical equipment, 
including face masks and ventilators. Our businesses around the world 
have collectively donated to various initiatives, including financial 
donations to healthcare facilities in communities where we operate. 
Where we have had excess capacity, we have offered space to 
medical facilities to host additional wards.



Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
45
ArcelorMittal  Integrated Annual Review 2021
Contents
45
Strong 
governance
Section 3 – Strong governance
Strong governance is fundamental to 
the way we run our company, but is  
also essential to assure our customers, 
investors, employees and all our wider 
stakeholders of our values, integrity and 
reputation. Our success depends on 
their trust in us, and this comes from 
constantly delivering the highest levels 
of oversight and transparency in all  
that we do. 
Lakshmi N. Mittal
Executive chairman
Continuous Annealing Line, Saint-Chély  →
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46
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Section 3 – Strong governance
Governance
Governance
We place a strong emphasis on good 
corporate governance, and aim to maintain 
a culture of integrity that ensures compliance 
and the sensible management of business risks. 
Demonstrating responsibility and respect for 
our colleagues and all stakeholders, and 
actively listening and responding to their 
concerns, are central to our business.
Governance structure
ArcelorMittal S.A., the parent company of the group, 
is a public limited liability company (Société 
Anonyme) incorporated in Luxembourg. It is 
governed by a Board of Directors in accordance 
with the requirements set out in law and the 
company’s Articles of Association.
The Board oversees the governance and direction of 
the business. Responsibility for the implementation 
of the company strategy, the overall management 
of the business and all operational decision-making 
is delegated to the Executive Office, which 
comprises the Executive chairman, Lakshmi N. Mittal, 
and Chief executive officer, Aditya Mittal. The 
Executive Office is supported by eight other 
Executive officers. Together, the Executive officers 
are responsible for the implementation of the 
company’s strategy, overall management of the 
business and all operational decisions.
The background and experience of each Board 
member is described in ArcelorMittal’s Annual 
Report. The Board is of the view that its members 
have the appropriate range of skills, knowledge 
and experience, as well as the degree of diversity, 
to govern the business efficiently.
The Board’s composition and its members’ skills are 
reviewed on a regular basis and in line with the 
expected development of the business. We actively 
seek to strengthen Board knowledge on key issues, 
additional skills and experience when appropriate. 
For example, in 2021, the Board welcomed a new 
member, Clarissa Lins, who has extensive expertise 
in sustainability. The Board is also involved in 
succession planning.
The Company secretary, Henk Scheffer, oversees 
compliance with statutory and regulatory 
requirements and acts as Head of compliance 
and as secretary of the Board of Directors.
In line with worldwide efforts to increase gender 
diversity among executives, the Board set a goal to 
increase the number of women among its members 
to at least three by the end of 2015. This target was 
met in May 2015, with the election of Karyn Ovelmen. 
Following the appointment of Clarissa Lins in the 
reporting period, women represented 36% of the 
11 Board members in 2021. ArcelorMittal intends to 
increase this ratio further.
For details of the composition of the Board of 
Directors and their remuneration, see the  
Annual Report 
.
The Board of Directors committees
Appointments, Remuneration and Corporate 
Governance Committee
In 2021, as part of its greater focus on sustainability, 
ArcelorMittal transferred responsibility for oversight 
of that area from the Appointments, Remuneration, 
Corporate Governance and Sustainability 
Committee (ARCGS) to a new dedicated one, the 
Board Sustainability Committee, and renamed the 
ARCGS the Appointments, Remuneration and 
Corporate Governance Committee (ARCGC).
The current members of the ARCGC are: Bruno 
Lafont, Suzanne Nimocks, Tye Burt and Clarissa Lins, 
all of whom are independent under the Company’s 
corporate governance guidelines, the New York 
Stock Exchange (NYSE) standards and the 10 
Principles of Corporate Governance of the 
Luxembourg Stock Exchange. The Committee is 
chaired by Bruno Lafont, who is also the Board’s 
lead independent director.
The Committee reviews and approves corporate goals 
and objectives relevant to the executive officers and 
senior management’s compensation and evaluates 
performance considering these goals. It makes 
recommendations to the Board with respect to trends 
in Board remuneration, incentive compensation plans 
and equity-based incentive plans. It also identifies 
candidates qualified to serve as members of the 
Board and the executive officers and recommends 
candidates to the Board for appointment by the 
general meeting of shareholders or for appointment by 
the board to fulfil interim vacancies at the Board. 
ArcelorMittal is committed to placing 
sustainability at the heart of the 
business. To this end, in 2021, the 
company’s activity and progress 
continued to be overseen by a robust 
governance structure that includes 
the Appointment Remuneration and 
Corporate Governance Committee, 
the Board Sustainability Committee, 
an executive-level Climate Change 
Committee and an executive-level 
Sustainable Development Council. 
Having set a 2030 group carbon 
emissions intensity reduction target, 
and gender diversity target, ArcelorMittal 
will link these now to executive 
remuneration, alongside safety. 
Henk Scheffer
Company secretary, group compliance 
and data protection officer
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47
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
It develops, monitors, and reviews corporate 
governance principles applicable to the company. It 
facilitates the evaluation of the Board, reviews the 
succession planning and the executive development 
programme for the members of the Executive 
Officers. It reviews relevant policies and procedures 
relating to compliance and corporate governance, 
report conclusions to the board and make 
recommendations for approval.
The ARCGC meetings are convened by the chairman 
at least four times a year. It can also meet at the 
request of at least two of its members.
Board Sustainability Committee
Fully integrating sustainable development into the 
business is essential to reach ArcelorMittal’s aim of 
achieving long-term value for its shareholders and 
other stakeholders, while maintaining a profitable 
market share.
The Sustainability Committee comprises three 
members and are appointed by the Board of 
Directors. The current members of the Sustainability 
Committee are Clarissa Lins, Tye Burt and Michel 
Wurth. Clarissa Lins and Tye Burt are independent 
under the company’s corporate governance 
guidelines, the NYSE standards and the 10 Principles 
of Corporate Governance of the Luxembourg Stock 
Exchange. The chairwoman of the Sustainability 
Committee is Clarissa Lins.
The Committee reviews group’s level frameworks, 
policies, standards, and guidelines in sustainability 
matters. It reviews the company`s sustainable 
development plan and associated management 
systems and ensures the group is well positioned to 
meet the evolving expectations of stakeholders, 
including investors, customers, regulators, 
employees, and communities. It also reviews the 
effectiveness of the process for assessing and 
managing catastrophic risks, coordinates the risk 
management work with the Audit and Risk 
Committee, in relation to reporting to the Board. 
It reviews the findings of important climate 
action report and the management response. 
The Committee also supports and provides 
guidance to management in developing and 
updating policies and procedures relating to 
employee health & safety, environment, climate 
change and community relations. It monitors any 
current, pending or threatened legal actions with 
respect to safety, climate change, environment,  
and community relations. It produces a report on 
sustainable development plan to be included in 
ArcelorMittal`s Annual Report.
It reviews and recommends to the Board on the 
adequacy of the reporting on sustainability 
opportunities, risks and issues in the Annual Report, 
Sustainability Report, and other relevant public 
documents. It makes recommendations to the Board 
with respect to trends in results and programmes in 
all covered areas.
The members have relevant expertise or 
experience relating to the objective of the 
Sustainability Committee. 
The responsible senior managers pertaining to their 
respective areas of responsibility – health and 
safety, environment, climate change, for community 
relations – are permanent invitees to the meetings 
of the Sustainability Committee.
The Chairman of the Sustainability Committee 
makes a verbal report of the Committee’s decisions 
and findings to the Board of Directors after  
each meeting.
Audit and Risk Committee
The members of the Audit and Risk Committee are: 
Karyn Ovelmen, Bruno Lafont, Karel de Gucht and 
Etienne Schneider, all of whom are independent 
under the company’s corporate governance 
guidelines, the NYSE standards and the 10 Principles 
of Corporate Governance of the Luxembourg Stock 
Exchange. The chairwoman of the Audit and Risk 
Committee is Karyn Ovelmen.
The primary function of the Audit and Risk 
Committee is to assist the Board in fulfilling its 
oversight responsibilities by reviewing: the integrity 
of the financial reports and other financial 
information provided by the company to any 
governmental body or the public; the company’s 
compliance with legal and regulatory requirements; 
the registered public accounting firm’s (Independent 
Auditor) qualifications and independence; the 
company’s system of internal control regarding 
finance, accounting, legal compliance, ethics, and 
risk management that management and the Board 
have established; the company’s auditing, 
accounting, and financial reporting processes 
generally; the identification and management of 
risks to which ArcelorMittal is exposed. It also 
examines the yearly, half-yearly and 
quarterly financial statements for the parent 
company and the group, and comments on 
accounting principles and rules and on the 
valuation, rules used by the company when 
compiling these financial statements.
The Audit and Risk Committee’s meetings are 
convened by its chairman at least four times a year. 
It can also meet at the request of at least two of  
its members.
As part of its role to foster open communication, 
the Audit and Risk Committee meets at least 
annually with management, the head of the internal 
audit department and the company’s independent 
accountants in separate executive sessions to 
discuss any matters that the Audit and Risk 
Committee or each of these persons believe should 
be discussed privately.
Executive-level committees 
The Management Committee 
It comprises senior managers with responsibility  
for various business divisions and functions in 
ArcelorMittal. For more information see the 
ArcelorMittal website 
.
Climate Change Committee
Chaired by Nicola Davidson, VP communications 
and sustainable development, the executive-level 
Climate Change Committee consists of senior 
managers from relevant corporate functions to 
ensure that their views on the issue are represented. 
Its overall mandate is to position ArcelorMittal as a 
global leader on climate change, particularly from 
the perspective of steelmaking and provide 
guidance that ensures a single approach across  
the value chain.
Reporting to the Board Sustainability Committee, 
the committee reports on and provides 
recommendations regarding the progress needed to 
maintain ArcelorMittal’s chosen leadership position 
on climate change, as well as guidance on its views 
and responses when engaging with external 
stakeholders on climate change and 
decarbonisation issues. In addition, it guides 
the business in understanding the risks and 
opportunities associated with the transition to 
the low-carbon economy and adverse physical 
Section 3 – Strong governance
Governance
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48
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
effects of climate change. It also coordinates the 
company’s overall policy and advocacy positions 
to guide segment decision making and lobbying 
of governments and industry associations.
Sustainable Development Council
To complement the Board Sustainability 
Committee’s work, ArcelorMittal also has an 
executive-level Sustainable Development  
Council (SDC), which was re-instated in 2020.  
It is chaired by James Streater, general manager, 
sustainable development.
The purpose of the Sustainable Development 
Council is to strengthen the Company’s 
environmental, social and governance (ESG) 
oversight. It reviews and discusses quarterly 
developments on ESG matters across all operations 
including performance dashboards and KPI progress 
reports. It also discusses stakeholder expectations 
and business performance to help ArcelorMittal to 
decide which ESG issues are most material and 
require executive oversight. Reporting to the Board 
Sustainability Committee, the Sustainable 
Development Council meets on a quarterly basis 
between each standard Board Sustainability 
Committee meeting, enabling it to follow up and 
discuss issues raised there and ensure that the 
necessary work is undertaken before the next one. 
Its chair discusses ESG issues with the Executive 
Office and recommends topics to be discussed 
with the Group Management Committee.
Investment Allocations Committee
Chaired by Aditya Mittal and Brad Davey, executive 
vice president and head of corporate business 
optimisation, the Investment Allocations Committee 
(IAC) authorises large capex projects, including 
those designed to deliver safety, carbon and 
environmental improvements, and reviews the 
carbon emissions impact of all proposals. 
Committee members include EVP and chief financial 
officer, Mr. Genuino Cristino, chief technology officer, 
Mr. Pinakin Chaubal, and VP head of corporate 
strategy, Mr. David Clarke.
Other bodies
ArcelorMittal also convenes several other bodies at 
the executive level, such as the group CTO Council. 
Chaired by Pinakin Chaubal, it coordinates and 
oversees progress on the global technology 
roadmap through regional and project-based 
committees involving the CTO and R&D. The Council 
reports to the IAC. Another is the XCarb
TM Technical 
Panel, chaired by Brad Davey, reporting to the IAC, 
which reviews requests from the network to have 
their products or projects appearing beneath the 
XCarb
TM brand.
At the executive level, the Global Health and Safety 
Council (GHSC) under the chairmanship of Jefferson 
De Paula, an executive vice president and CEO of 
ArcelorMittal South America Long, is responsible for 
development of a group-wide safety plan, 
conducting analysis to identify site-specific gaps; 
pairing high-performing sites with those that need 
more help; preparing detailed action plans to ensure 
quality and consistency when implementing ‘golden 
tools’; ensuring minimum requirements for in-house 
safety training; and carrying out close follow-up on 
leading KPIs to ensure improvement. The GHSC 
reports to Aditya Mittal, CEO of ArcelorMittal.
We have also created a dedicated Diversity and 
Inclusion Council, chaired by Bart Wille, executive 
vice president and head of human resources, to 
coordinate and drive progress in this priority area. 
It is reporting to the ARCGC.
In addition, business segment area reviews are 
conducted regularly to enhance reporting to the 
Executive Office.
For an overview of ArcelorMittal’s remuneration 
policy for senior management and key performance 
metrics from 2021 see page 188, Form 20-F 
.
Business ethics
ArcelorMittal encourages its employees to be 
responsible corporate citizens and act with integrity 
in everything they do. We strive to create a positive 
culture in which everyone wants, and knows how, 
to do the right thing.
This commitment to integrity is embodied in the 
company’s Code of Business Conduct and 
supported by a comprehensive framework of 
policies and procedures in areas such as human 
rights, anti-corruption and insider dealing. These 
documents reflect the principles and concepts of 
the UN Global Compact, the OECD Guidelines 
on Multinational Enterprises and UN Sustainable 
Development Goal 16: peace, justice and 
strong institutions.
Compliance and Code of Business Conduct
The company’s Code of Business Conduct defines 
what acting with integrity means in practice. It 
applies to all directors, officers and employees of 
ArcelorMittal S.A. and its subsidiaries worldwide. 
To maintain knowledge about the Code of Business 
Conduct and other aspects of compliance, 
employees take part in training based on a matrix 
system every three years.
Confidential reporting of breaches
Our employees and stakeholders can report any 
breaches of the company’s policies and procedures 
through a confidential whistleblowing facility on 
the corporate website. ArcelorMittal also has 
confidential whistleblowing hotlines in all major 
countries where it operates.
In 2021, we received complaints relating to alleged 
fraud through these channels. All allegations were 
referred to and duly investigated by the internal 
assurance department. Following review by the 
Audit and Risk Committee, none of these complaints 
were found to be significant. Where appropriate, 
however, we took actions to mitigate the issue.
Human rights
We developed our first human rights policy in 2010 
and review it regularly in line with the United Nations 
Guiding Principles on Business and Human Rights 
and the UK Modern Slavery Act. Our current policy 
was approved by the Board of Directors in May 2017. 
The policy draws on the UN Universal Declaration of 
Human Rights, the International Bill of Human Rights, 
the Core Conventions of the International Labour 
Organisation and the UN Global Compact. It also 
aims to incorporate UN SDG 8’s focus on decent 
working conditions, including target 8.7 on 
eradicating modern slavery. The policy includes 
commitments to workers, local communities and 
business partners and covers health and safety, 
labour rights and the rights of indigenous peoples. 
In 2022, we are planning to update it to ensure 
it remains aligned with good international 
industry practice.
We require all employees in appropriate functions 
to undergo human rights training every three years.
In 2021, we continued to deepen our understanding 
of the relevant risks in our supply chain by 
strengthening our supply chain risk management 
and audit processes, and the work on this will 
continue in 2022. The most salient human rights risk 
was identified in our raw materials supply chain and 
this is also a focus of interest for our customers.
Section 3 – Strong governance
Governance
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49
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
We also continued to progress ResponsibleSteel
TM 
certification for our steel operations and IRMA 
certification programme for our mines. As the 
ResponsibleSteel
TM certification process is being 
rolled out, our sites prepare for the rigorous audit 
against a range of ESG issues, including social ones 
such as human rights, health and safety and 
stakeholder engagement. This assures our 
stakeholders that we are operating sustainably, 
responsibly and to the highest standards, as 
expected by our stakeholders.
Last year, we also revised our Code for Responsible 
Sourcing to include explicit references to our 
commitment to ResponsibleSteel
TM, IRMA and other 
industry initiatives. The Code sets out the minimum 
standards we expect from our core suppliers, in 
areas such as health and safety, human rights 
and ethics. The updated Code now includes our 
expectations that suppliers will adopt practices 
in line with ResponsibleSteel
TM standards.
Stakeholder relations
We endeavour to be transparent and honest with 
all our stakeholders and do our best to address the 
issues that matter most to the communities living 
near our sites. To help us do that, we talk to 
them regularly, including through this report, 
ResponsibleSteel
TM site certification audits, local 
forums and engagement meetings. In addition, we 
are developing a social performance management 
framework aligned with good international 
industry practice.
For more details, see ‘Engaging with our communities’ 
section on page 42 and Risk management, 
materiality and assurance on page 51.
Transparency and balance
Reporting is central to ArcelorMittal’s promise of 
openness with stakeholders. We are committed 
to applying best practice in corporate governance 
in our dealings with shareholders and other 
stakeholders, and with respect to the transparency, 
balance and quality of disclosure and reporting. This 
commitment underpins all of our key publications, 
including the Integrated Annual Review, Climate 
Action Report 2 and Annual Report. For details of 
our materiality process, see the next section.
In 2021, alongside making disclosures to the CDP 
(formerly the Carbon Disclosure Project) on climate 
change and water and conducting numerous 
investor and customer surveys, we published our 
Climate Action Report 2 
 and several country 
sustainability reports. In addition, we published our 
second Climate Advocacy Alignment Report 
 
which maps the policy positions of the 61 
associations of which the Company is a member, 
against the objectives of the Paris agreement and 
the five policy priorities ArcelorMittal outlined in the 
Climate Action Report 2 
. We also released our 
Report on Payments to Governments 
 in Respect 
of Extractive Activities for the year ended 
31 December 2021. We report in line with the 
Mine Safety Disclosure Requirements of the 
Dodd-Frank Act.
Section 3 – Strong governance
Governance
Edith Provencher,  
ArcelorMittal Mining Canada  →
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50
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Smarter steels
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The wheel shows the relationship between 
the five sustainable development (SD) 
themes through which the Board 
Sustainability Committee oversees SD and 
the planning process across the business in 
order to achieve our 10 SD outcomes.
Alignment between 10 SD outcomes 
and the 17 UN SDGs
The UN SDGs were launched to address the major 
challenges the world faces and fast-track progress 
towards a better and more sustainable future for 
everyone. They inform and underpin our 10 SD 
outcomes and overall sustainable development 
strategy of the company. This illustration shows 
alignment between our 10 SD outcomes and the 
17 UN SDGs.
10 SD outcomes
Our 10 SD outcomes describe the business we need to 
become if we are to bring optimal value to all our 
stakeholders, and drive our transformation into the steel 
company of the future. Their development was informed 
by the SDGs, in particular those most relevant to our 
business, and they support our strategic SD governance 
through the five themes.
Five SD themes
The Board Sustainability Committee oversees the 
company’s management of sustainable development 
issues against the five themes. It reviews progress 
on a quarterly basis, with reporting on theme-by-theme 
dashboards and detailed sets of KPIs ensuring active, 
specific and robust governance. It also meets quarterly 
in between regular meetings for a deep dives on 
specific topics.
To enhance our day-to-day oversight, the Sustainable 
Development Council meets quarterly to complement 
discussions at the Board Sustainability Committee.  
(See page 48 for more information on the Council’s role.)
The 5 SD themes are addressed fully in this report:
•	 Health and safety 
•	 Climate change 
•	 Environment 
•	 Customer assurance 
•	 Social 
As innovation is one of the core strategic priorities of our 
business, it has separate oversight and is discussed in 
Pioneering new products, solutions and business models 
for a smart transition, page 20.
How we govern sustainable development
Section 3 – Strong governance
Governance



Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
51
ArcelorMittal  Integrated Annual Review 2021
Section 3 – Strong governance
Risk management, 
materiality and assurance
Risk management: overview
ArcelorMittal identifies, assesses and 
manages short, medium and long-term 
risks – including ESG and climate-related 
risks – on an ongoing basis through 
a robust risk management process. 
The global assurance risk management 
function facilitates the risk management 
process and provides support formalising 
a quarterly process enabling business/ 
corporate functions to identify these risks 
and opportunities to the business – 
based on social, environmental, regulatory, 
workforce, stakeholder, resource, 
technological and other trends – and 
specify mitigation actions. A consolidated 
report is shared on a bi-annual basis with 
the key stakeholders.
The establishment and maintenance of a risk 
management process is the responsibility of site/ 
segment/ corporate function management. Risks 
are analysed by building models and developing 
scenarios to understand potential financial impacts. 
Short-term risks (within a 12-month time frame) are 
identified through a bottom-up process by 
respective management teams. Business segments 
consolidate the identified risks and report the top 
ones as part of the periodic reporting to key internal 
stakeholders. The company uses a risk management 
framework based on a blend of a COSO, ISO 31000 
and an in-house model. Sites assess risks, including 
ESG and climate related risks, by assigning them a 
probability of occurrence, potential financial impact 
and/or non-financial consequences.
Global trends, and the risks and opportunities 
identified as arising from them, are used to inform 
the company’s strategic outlook and planning.  
For example, on climate, the work is coordinated  
by ArcelorMittal’s executive officer for business 
optimisation, Brad Davey, in consultation with 
segment CEOs; discussed on a regular basis by  
the group management committee; and overseen 
by the Executive Office, which provides leadership 
and guidance. The company’s climate strategy  
is reviewed regularly by the Board Sustainability 
Committee. At segment level, key climate-related 
financial risks are brought to the attention of the 
Management Committee, and where financially 
significant at a group level they are addressed at 
the Corporate Finance and Tax Committee. Central 
to our approach is our work to advocate for policy 
support strategy to ensure that we can respond to 
rising carbon prices with viable investments in 
decarbonisation technologies. At the same time, 
all our business segments are required to prepare 
carbon emission reduction plans to reach net zero 
by 2050 as part of the annual planning cycle. 
Our Climate Action Report 2 
 serves as 
ArcelorMittal’s response to the recommendations 
of the Task Force on Climate-related Financial 
Disclosures (TCFD) as well as the Climate Action 100+ 
Net Zero Company Benchmark. We are working 
towards full disclosure on these. In the report, we 
have provided the assessment of the resilience of 
our business to the transition and physical risks. We 
have also commenced a climate scenario analysis 
project to better understand the potential future 
financial impacts on the business resulting from 
policy, technology, market, legal and physical 
climate-related risks and opportunities. The first 
phase of the project is due to be finalised in the 
second quarter of 2022.
For more details of our risk factors, see our 
  Form 20-F
For more details on climate related risks 
and opportunities, see our second 
Climate Action Report
  Climate Action Report 2



52
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Materiality: overview
In addition to risk management, we assess the issues 
that are material to our stakeholders and to our 
business in maintaining our license to operate. In 2021 
as part of our SD materiality process, we applied a 
comprehensive ‘double materiality’ approach to 
identify the most material sustainability matters for 
our business, our stakeholders, the environment and 
people. These were grouped into the eight themes:
People
•	 Safety: the physical safety of our employees
•	 Work & life: the health and fulfilment of 
our employees
•	 Gender: the equal representation, development 
and remuneration of women
•	 Community: the approval of our communities  
and our perception as a welcome member of  
the community
Planet
•	 Climate: the extent to which we play a leadership 
role in the steel sector’s decarbonisation, and the 
drive to a more stable climate/reduction in global 
warming/Paris Agreement
•	 Nature: acting as a trusted steward of air, land, 
water, biodiversity and ecosystems
Products and supply chain
•	 Products: the value of our products to a 
circular economy
•	 Customer reassurance: supply chains that are 
responsible and that meet customer expectations
It was also an opportunity to identify what we call 
‘watch list’ items that could potentially impact on 
society and the environment, as well as ‘hidden 
value creators’ that might affect the group. Insights 
from the double materiality process will inform our 
sustainable development strategy moving forwards.
To understand the material issues and their likely 
impact on our organisation and the planet, we 
engage at every level with internal and external 
stakeholders, and continuously monitor global 
sustainability trends, commercial challenges 
and opportunities.
Key challenges and opportunities are raised and 
discussed by the Sustainability Committee at the 
board level, and by the Climate Change Committee 
and the Sustainable Development Council at the 
executive level.
The purpose of the SDC is to strengthen our ESG and 
SD oversight. It reviews stakeholder expectations 
and business performance and identifies the most 
material ESG/SD matters that would require executive 
oversight. It complements discussions at the Board 
Sustainability Committee. 
The Climate Change Committee was created to 
strengthen our focus and coordinate our activity  
in this increasingly pressing area. See ‘Governance’ 
section on page 46.
The materiality process gives us a strong 
understanding of the key social, environmental, 
technology and regulatory external trends, the most 
material sustainability matters for our business, our 
stakeholders, the environment and people.
Section 3 – Strong governance
Risk management, materiality and assurance
Material SD topics underpinning our 10 SD outcomes
Below we outline the material SD topics that underpin our 10 SD outcomes. 
We use our ongoing materiality process to draw up this list:
01
SD outcome 1
Safety and Social
Occupational health and safety
Employee development
Gender diversity
Human rights – workforce
02
03
SD outcome 2
and outcome 3
Product 
Innovation
Product innovation
Ensuring our innovation pipeline creates SD solutions for 
our customers
04
SD outcome 4
Environment
Recycling
Waste and by-products
Process innovation
05
SD outcome 5
Environment
Air emissions
Water efficiency in stressed areas
Tailings dam management
Biodiversity (mining)
Process innovation
 
06
SD outcome 6
Climate change
Carbon
Energy
Process innovation
07
SD outcome 7
Supply chain
Due diligence on environment, workforce, community, ethics and 
human rights issues in our supply chain
Customer reassurance via standards and certification
08
SD outcome 8
Social
Community trust
Community health
Community investment
Human rights – community
09
SD outcome 9
Social
STEM talent pipeline
STEM education projects to encourage gender diversity
10
SD outcome 10
Social
Economic and social impact



53
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Section 3 – Strong governance
Risk management, materiality and assurance
Materiality: assessment of issues
The double materiality approach consisted 
of five steps.
Step 1 – We mapped and prioritised our 
stakeholders.
Step 2 – We mapped the issues by creating an 
expansive list of trends and issues for consideration 
in our materiality assessment based on internal and 
external research and stakeholders’ interviews.
Using our 10 SD outcomes as our foundation, we 
assessed social, environmental, governance and 
technological trends in the evolving sphere of 
sustainability to understand emerging areas that 
might affect our business now and in the future.  
For example, we:
•	 Monitor social media and relevant publications to 
identify trends in stakeholder concerns and 
sectoral trends
•	 Monitor research and opinion pieces relevant to 
our sector to identify emerging stakeholder views 
on risks and opportunities
•	 Actively participate in several cross-sector working 
groups and industry bodies, which helps us to 
identify key emerging focus areas for stakeholders
We used a wide range of channels to talk to key 
stakeholders about our 10 SD outcomes and key topics 
that matter to them including a detailed stakeholder 
perception survey on our approach to decarbonisation 
which was undertaken by a third party.
Employees – We invited our employees to complete 
our updated Speak Up+ survey four times a year to 
act as internal ‘pulse checks’ on a range of material 
topics. This helps us to gather their views and 
concerns and identify areas for improvement. 
Each business unit develops an improvement plan 
following the survey. We also conduct leadership 
surveys, often several times a year. For more about 
our updated Speak Up+ surveys, see page 40.
Customers – We discussed SD issues at all levels  
of customer engagement, through one-to-one 
meetings with key customers, as well as through 
customer satisfaction surveys on a business unit 
level. We also used other channels to confirm the 
changing importance of SD and ESG topics to our 
customers. These include ESG customer initiatives, 
such as Drive Sustainability, EcoVadis and the Green 
Building Council, and our participation in standards 
such as ResponsibleSteel
TM, IRMA and TSM.
Investors – We engaged with shareholders, lenders 
and ratings agencies throughout the year through 
one-to-one calls, roundtables, conferences and 
meetings. We also responded to numerous ESG 
investor surveys which often reflect the growing 
expectations of stakeholders. We tracked investor 
areas of interest and record the ESG topics raised 
during engagements. Continuous monitoring 
allows us to quantify, prioritise and adapt to 
investor expectations.
Suppliers – we engaged with our raw material 
suppliers over the ESG concerns we have 
identified and encourage them to adopt 
practices and assurance schemes aligned to the 
ResponsibleSteel
TM standard as this is the best way 
to improve responsible sourcing of the raw materials 
used in steelmaking and reduce supply-chain risks.
Communities – We worked with local communities 
to make a positive economic and social contribution 
through employment, procurement, taxation and 
sustainable development initiatives. While in parallel 
maintaining strong level of risk management, and 
respect for human rights. To accomplish this, we 
seek to adopt a partnership approach, where we 
listen to the needs and concerns of stakeholders at 
site, country and segment levels, to give them the 
confidence that we will address issues affecting 
them and their environment. This is an essential part 
of our integrated approach to managing risks and 
impacts and, therefore, maintaining our social 
licence to operate. Our local operations teams 
manage community issues directly, monitoring local 
risks and opportunities, as well as overseeing any 
action to address them.
Insights from the ResponsibleSteel
TM site certification 
audit process, including interviews with our 
stakeholders, inform our materiality process as well.
Community dashboards established with the Board 
Sustainability Committee oversee the significance of 
a site’s risks and opportunities. We aim to use the 
dashboards to improve performance at sites 
identified as being at risk.
NGOs – We worked with several NGOs on climate 
issues at global and local levels. This helps us to 
track both the evolving expectations of civil society 
and issues material to local communities on this 
priority topic.
Step 3 – We assessed which issues are material and 
require executive oversight and governance by 
looking at what the risks and opportunities to 
society and environment from the company’s 
activities are and what the impact of each issue 
on the company’s success is.
Step 4 – We plotted the issues on a materiality 
matrix, conducted strategic assessment of each 
material issue and reviewed whether our sustainable 
development policy framework remains fit-for-
purpose, making amendments where necessary.
Step 5 – We have started developing goals, targets 
and internal plans to address these issues, e.g. zero 
serious injuries and fatalities, 25% group-wide 
carbon emissions reduction by 2030, net zero group-
wide carbon emissions by 2050, and doubling the 
percentage of women in management by 2030.



54
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
The outcome of the materiality process is an internal 
understanding of the key social, environmental, 
technology and regulatory external trends, the 
topics of concern for our stakeholders at each level 
of the business, and the implications of both for 
ArcelorMittal. Key topics are managed and reviewed 
internally, with oversight from the Board, and we 
report on these externally. We disclose information 
to our stakeholders that reflects the key challenges 
and opportunities that we see, as well as our ability 
to create value, and a longer-term perspective on 
materiality. This is delivered through our 20-F forms, 
integrated annual reviews, CDP, climate action 
reports and quarterly sustainable development 
leadership reviews.
Assurance: overview 
ArcelorMittal believes that independent assurance 
leads to quality and process improvements, as well 
as reassures readers and the management that the 
information that it publishes is accurate and 
material. As such, this contributes to building  
trust and credibility with key stakeholders.
This is the 12th year that our sustainable development 
reporting has received independent assurance.
In 2021, we asked our group non-financial auditors, 
DNV, to provide limited assurance on the following 
ESG sustainability performance indicators, in 
accordance with the International Auditing and 
Assurance Standards Board’s International  
Standard on Assurance Engagements – Revised 
(ISAE 3000 Revised):
•	 Target to reduce CO2e emissions intensity in 
Europe by 35% by 2030 (Scopes 1 and 2)
•	 Target to reduce CO2e emissions intensity across 
the group by 25% by 2030 (Scopes 1 and 2)
•	 CO2e intensity (steel; tonnes of CO2/tonne of steel) 
•	 Absolute CO2e footprint (steel and mining; 
million tonnes)
•	 Absolute CO2e footprint (steel; million tonnes)
•	 Absolute CO2e footprint (mining; million tonnes)
•	 Primary energy consumption (steel; petajoules)
•	 Dust (ducted) per tonne of steel  
(kg/tonne of crude steel)
•	 NOX (ducted) per tonne of steel  
(kg/tonne of crude steel)
•	 SOX (ducted) per tonne of steel  
(kg/tonne of crude steel) 
•	 Net water consumption (steel; m
3)
•	 Waste (non-used residues) landfilled  
(steel; tonnes)
•	 Waste (non-used residues) in storage  
(steel; tonnes)
•	 Fatalities (steel and mining)
•	 Lost-time injury frequency rate (steel and  
mining; per million hours worked)
•	 Industrial operations (including mining)  
certified to OHSAS 18001 (steel and mining; %)
DNV provides an independent third-party assurance 
statement, which covers the selected information 
outlined above in the Fact Book 
 and on  
the relevant pages of this report. DNV’s 
recommendations will be addressed in 2022.
  Independent Limited Assurance Report
Section 3 – Strong governance
Risk management, materiality and assurance
ResponsibleSteel
TM informs our materiality process 
ResponsibleSteel
TM is a multi-stakeholder industry initiative that has identified priority issues through 
extensive discussions between steel companies, automotive companies (key customers), financial 
institutions and NGOs. Those discussions led to a ResponsibleSteel
TM standard that is based on 
12 principles, covering ESG aspects: 
1. Corporate Leadership
2. Management Systems
3. Occupational Health and Safety
4. Labour Rights
5. Human Rights
6. Stakeholder Engagement
7. Local Communities
8. Greenhouse Gas Emissions
9. Noise, Emissions, Effluent, Waste
10. Water Stewardship
11. Biodiversity
12. Decommissioning and Closure
In 2021, nine of our steelmaking sites in Europe and one in Brazil achieved ResponsibleSteel
TM site 
certification. We are targeting certification at the remaining sites in Europe and our Brazil operations 
in 2022.
Insights from the ResponsibleSteel
TM site certification audit process, including interviews with our 
stakeholders, inform our materiality process.



55
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Section 3 – Strong governance
Our approach to reporting
This Integrated Annual Review 2021 describes the 
context for and progress of our business as the 
world’s leading steel and mining company, and so 
outlines what the key considerations are in creating 
value for our stakeholders now and in the future.
Through this report, we aim to reflect the guiding 
principles of the Value Reporting Foundation 
(VRF) 
 : International Integrated Reporting Council 
(IIRC) and Sustainability Accounting Standards 
Board (SASB).
Integrated reporting demonstrates the linkages 
between the company’s strategy, governance, 
financial performance and the social, environmental 
and economic context within which it operates.
By reinforcing these connections, integrated 
reporting helps our business to take more 
sustainable strategic decisions, manage our risk 
better, and communicate to our investors and other 
stakeholders how our company is performing  
across all these dimensions.
UN Sustainable Development Goals (SDGs)
There is significant alignment between our 10 SD 
outcomes and the 17 UN SDGs (see our ‘Reporting 
Index’). We contribute to many of the SDGs and we 
have identified 10 SD outcomes and five SD themes 
through which we manage and provide oversight 
for our strategic response.
EU directive on non-financial reporting
European Union law requires large companies to 
disclose certain information about the way they 
operate and manage social and environmental 
challenges. The EU Directive on non-financial 
reporting, 2014/95/EU lays down the requirement 
for disclosure of non-financial and diversity 
information by large companies. As a company 
registered in Luxembourg, we are guided by the 
Luxembourg implementation of the directive, using 
the IIRC framework to guide our reporting on risks 
and materiality.
The European Commission’s proposal for the 
Corporate Sustainability Reporting Directive 
envisages the adoption of EU sustainability reporting 
standards. We will contribute to consultation 
process to ensure it is fit for purpose and seek 
greater alignment with the International 
Sustainability Standards Board.
Our approach to reporting
Together with my fellow members of 
the Board Sustainability Committee, 
I have reviewed the 2021 edition of our 
Integrated Annual Review and am 
satisfied that it describes the context  
of our business and the progress that  
we have made in the past year as the 
world’s leading steel and mining 
company. The report outlines the key 
considerations the Board must make  
to create value for all our stakeholders 
today and in the future. I believe its 
content meets the principles and 
concepts of integrated reporting. 
Lakshmi N. Mittal
Executive chairman
ArcelorMittal R&D, Aviles, Spain  →



56
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Scope, boundaries and methodologies 
This Integrated Annual Review covers ArcelorMittal S.A. 
and its consolidated entities, unless indicated 
differently in the outcome and boundary description in 
the Basis of Reporting. A list of consolidated entities, 
joint ventures and associates can be found within our 
Form 20-F filed with the US Securities and Exchange 
Commission. All data is reported for the period from 
1 January to 31 December 2021. Our reporting cycle is 
annual, and the previous Integrated Annual Review 
was published in May 2021.
Financial data – basis of presentation
Financial information has been extracted from the 
audited consolidated financial statements of 
ArcelorMittal and its consolidated subsidiaries, 
including the consolidated statements of financial 
position as of 31 December 2021 and the consolidated 
statements of operations, other comprehensive 
income, changes in equity and cash flows for the year 
ended 31 December 2021. ArcelorMittal’s consolidated 
financial statements were prepared in accordance 
with International Financial Reporting Standards (IFRS) 
as issued by the International Accounting Standards 
Board (IASB).
Non-financial data – basis of reporting
We report on a large number of non-financial 
metrics in our SD performance table. The 
methodology behind the calculation and reporting 
of these indicators, and our reporting boundaries, 
are set out in our Basis of Reporting document.
Changes to scope and boundaries in 2021 
Our 2021 performance data excludes any sites from 
our organisational perimeter from the date on which 
they were idled. See more information on our assets 
in our Form 20-F 
 – Item 4D: Property, plant and 
equipment, page 57. On 10 December 2020, the 
company signed a binding agreement with Invitalia, 
an Italian state-owned company, forming a public-
private joint venture between the parties. The 
company completed the investment agreement with 
Invitalia in April 2021. Details of changes in our scope 
of consolidation can be found in our Form 20-F 
 
– Note 2: Scope of consolidation, page 248. Since 
2018, we no longer report on absenteeism rate as  
a meaningful indicator of employee health.
Forward-looking statements
This review may contain forward-looking statements 
that represent the expectations, beliefs, plans and 
objectives of ArcelorMittal’s management regarding 
its financial and operational performance in 2021 
and beyond, and assumptions or judgements based 
on such performance. Future performance 
expectations are forward-looking and accordingly 
involve estimates, assumptions, judgements and 
uncertainties. Many factors may cause actual 
results or outcomes to differ materially from the 
expectations of our management. These risk factors 
are set out in the Form 20-F, filed each fiscal year 
with the US Securities and Exchange Commission.
Reporting Index
Our Reporting Index houses references to the data 
and their sources in the Integrated Annual Review, 
reflecting the principles and guidelines of the Value 
Reporting Foundation (VRF): International Integrated 
Reporting Council (IIRC) and Sustainability 
Accounting Standards Board (SASB), and the 
Global Reporting Initiative Sustainability Reporting 
Standards 2016. It also reflects how ArcelorMittal 
contributes to the UN SDGs, and serves as our 
2021 communication on progress of our 
implementation of the United Nations Global 
Compact (UNGC) principles.
  Read the Reporting Index
Global Reporting Initiative (GRI)
We continue to report in line with the GRI across  
our reporting landscape, including this Integrated 
Annual Review, our ongoing online narrative 
reporting, and our local sustainability reports.  
We are now using their latest guidelines on GRI 
Sustainability Reporting Standards (further details  
in the Reporting Index). Whilst we cover those 
standards that are material on a global scale within 
this report, many more are material to stakeholders 
in certain countries, and most meaningfully reported 
within our country SD reports.
Reporting format
We believe that online reporting is the most 
practical and efficient way to communicate 
with the widest number of stakeholders, and 
we have produced this report as an interactive, 
downloadable pdf. To bring our Integrated Annual 
Review further in line with the VRF principle of 
conciseness, we have focused the content on the 
progress of the year and our outlook; where 
appropriate, we signpost the reader to further 
information published elsewhere online.
Section 3 – Strong governance
Our approach to reporting



57
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Aligned economic activities refer to activities that 
meet the criteria for sustainable economic activities 
established by the regulation and its delegated 
acts. As of December 31, 2021 a first delegated act 
on sustainable activities for climate change 
adaptation and mitigation objectives was 
published. ArcelorMittal has assessed which of its 
economic activities are included and listed in the EU 
Taxonomy in order to define the taxonomy-eligibility 
of ArcelorMittal’s sales, capital and operating 
expenditures. The manufacturing of iron and steel is 
identified as an eligible economic activity for climate 
change adaptation and mitigation (Taxonomy 
economic activity 3.9). Mining and other non-steel 
activities are considered as not eligible and thus 
reported as non-eligible activities. The key 
performance indicators were calculated using the 
consolidated financial information and further 
accounting policies are disclosed after the key 
performance indicator table below. 
Taxonomy key performance indicators
2021
Total  
($ million)
Eligible in 
%
Non-eligible 
in %
Sales
76,571
94%
6%
Capital 
expenditures
3,008
82%
18%
Operating 
expenditures
4,735
86%
14%
ArcelorMittal has defined the taxonomy key 
performance indicators as follows: 
•	 Taxonomy sales are presented in accordance with 
IFRS and consistent with the sales reported in 
ArcelorMittal’s consolidated financial statements 
as of and for the year ended December 31, 2021. 
The manufacturing of iron and steel is listed as an 
eligible economic activity, i.e. covered by the EU 
Taxonomy economic activity 3.9. Accordingly, 
ArcelorMittal sales are substantially eligible. The 
main items of sales that have been considered as 
non-taxonomy-eligible include the sale of iron ore 
and shipping and other services.
	
Taxonomy capital expenditures are presented 
and measured on a cash-basis consistent with 
the purchases of property, plant and equipment 
and intangibles presented in the ArcelorMittal 
consolidated financial statements as of and for 
the year ended December 31, 2021. Capital 
expenditures associated with mining operations 
and other non-steel activities have been 
considered non-eligible. 
•	 As regards taxonomy operating expenditures,  
the company has taken a restrictive view and 
included the following non-capitalised items  
of cost and expense as accounted for in the 
consolidated statements of operations of 
ArcelorMittal’s consolidated financial statements 
as of and for the year ended December 31, 2021: 
research and development expenses, short-term 
lease costs, maintenance and repair and any other 
direct expenditures relating to the day-to-day 
servicing of items of property plant and equipment 
that is necessary to ensure the continued and 
effective functioning of such assets. Of the total 
taxonomy restricted operating expenditure, the 
part supporting taxonomy-eligible economic 
activities has been considered eligible. Expenses 
related to mining and other non-steel operations 
have accordingly been considered non-eligible. 
The preparation of the key performance indicators 
requires management to make judgements, 
estimates and assumptions on eligible economic 
activities, capital expenditures allocated to those 
activities and related operating expenditures. 
Only one taxonomy-eligible economic activity  
has been considered in the calculations, considering 
the activities defined as eligible in the delegated 
acts adopted as of the date of this report and 
addressing the environmental objectives of climate 
change adaptation and mitigation. 
There are still considerable uncertainties regarding 
the requirements and guidelines provided by  
the EU, and ArcelorMittal continues to develop its 
calculations and definitions as new information 
becomes available. As a principle, the share of 
aligned economic activities can be the same or 
lower than the share of eligible economic activities. 
In 2022, the company will also complete its full 
assessment of the Substantial Contribution and Do 
No Significant Harm principles and the compliance 
with the minimum safeguards, which will likely have 
an impact on the eligibility level.
EU Taxonomy reporting
In accordance with the EU Taxonomy Regulation 
(2020/852) (“the EU Taxonomy”) published on  
June 18, 2020, ArcelorMittal is required to disclose 
information about the alignment of its economic 
activities with the EU Taxonomy. 
The EU Taxonomy is a classification system for the 
categorisation of sustainable business activities that 
could substantially contribute to the EU’s 
environmental goals. Non-financial companies are 
required to disclose the share of their sales, capital 
and operational expenditures associated with 
sustainable economic activities. Sustainable 
economic activities are defined in the EU Taxonomy 
as contributing to at least one of the six 
environmental objectives listed, and do no 
significant harm to any of the other objectives,  
while respecting basic human rights and labour 
standards. The six environmental objectives of the 
EU Taxonomy are: (1) climate change mitigation,  
(2) climate change adaptation, (3) sustainable use 
and protection of water and marine resources,  
(4) transition to a circular economy, (5) pollution 
prevention and control, and (6) protection and 
restoration of biodiversity and ecosystems.
For the year ended December 31, 2021, companies 
are required to report the proportion of their 
economic activities that are eligible, i.e. in scope of 
the regulation. For financial years subsequent to 
2021, companies also have to report the proportion 
of aligned economic activities for each of the 
above-mentioned objectives. 
Section 3 – Strong governance
Our approach to reporting

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58
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Section 3 – Strong governance
Independent Limited Assurance Report
to the Directors of ArcelorMittal Société Anonyme
1
DNV Business Assurance Services UK Limited (“DNV”, “us” or “we”) were engaged by ArcelorMittal Purchasing S.A.S. to provide limited assurance to ArcelorMittal Société Anonyme (“ArcelorMittal”) over Selected Information presented in the 
ArcelorMittal Fact book 2021 (the “Fact book”) for the reporting year ended 31 December 2021.
Our Conclusion: Based on the procedures we have performed 
and the evidence we have obtained, nothing has come to our 
attention that causes us to believe that the Selected Information 
is not fairly stated and has not been prepared, in all material 
respects, in accordance with the Criteria.
This conclusion relates only to the Selected Information, and is 
to be read in the context of this Independent Limited Assurance 
Report, in particular the inherent limitations explained overleaf.
Our Conclusion 
Our competence, independence and quality control
DNV established policies and procedures are designed to 
ensure that DNV, its personnel and, where applicable, others 
are subject to independence requirements (including personnel 
of other entities of DNV) and maintain independence where 
required by relevant ethical requirements. This engagement 
work was carried out by an independent team of sustainability 
assurance professionals. DNV holds other audit and assurance 
contracts with ArcelorMittal, none of which conflict with the 
scope of this work. Our multi-disciplinary team consisted of 
professionals with a combination of environmental and 
sustainability assurance experience.
Our observations and areas for improvement will be raised in a separate report to ArcelorMittal’s Management. Selected observations are provided 
below. These observations do not affect our conclusion set out above.
▪
We restate our recommendation from last year that ArcelorMittal should finalise an 
approach to reporting on joint ventures and consistently apply it across its portfolio.  
Within this approach, consideration should be made on the implications where joint 
ventures are integrated within ArcelorMittal’s activities and site boundaries, such as 
metal recycling operations, in line with reporting best practices, such as the 
WRI/WBCSD Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.
▪
Responding to our previous assurance findings, ArcelorMittal has begun the process to 
develop an online environmental data collection system.  We recommend that 
ArcelorMittal should provide separate market-based reporting on Greenhouse Gas 
(GHG) Scope 2 emissions, in addition to location-based reporting, in next year’s report.
▪
We recommend ArcelorMittal considers developing an approach to reporting the GHG 
impact of carbon reduction measures, such as Steelanol, Torero and use of black 
pellets. 
▪
We noted that the boundary of Scope 3 emissions reported this year excludes 
upstream impacts from purchases of additional types of raw materials. We understand 
ArcelorMittal is currently working on collating and calculating emissions data related to 
these purchases. We restate our recommendation to extend ArcelorMittal’s reporting 
of GHG Scope 3 emissions to include additional raw materials, transportation and 
processing of scrap metal to supply ArcelorMittal’s electric arc furnaces (EAF).
▪
If ArcelorMittal intends to build new direct reduced iron (DRI) plants and EAF facilities 
and to decommission a blast furnace as part of its decarbonisation strategy, we 
recommend the company includes impacts from the residues generated from 
construction/demolition activities, and to include any associated land remediation in 
the scope of its environmental data and reporting in the future.
▪
We noted an increased focus on safety improvements in line with ArcelorMittal’s 
Fatality Prevention Standard. We recommend ArcelorMittal creates a consistent 
approach to reporting on potential serious injuries and fatalities (PSIF) and strengthens 
oversight on reporting of this indicator. 
Selected information
The scope and boundary of our work is restricted to the following key performance indicators included within the Fact book on page 30 and 31 (the “Selected Information”), listed below:
•
Target to reduce CO2e emissions intensity in Europe by 35% by 2030 (Scope 1 and 2) 
•
Target to reduce CO2e emissions intensity across the group by 25% by 2030 (Scope 1 and 2) 
•
CO2e intensity (steel; tonnes of CO2e/tonne of steel) 
•
Absolute CO2e footprint (steel and mining; million tonnes)
•
Absolute CO2e footprint (steel; million tonnes)
•
Absolute CO2e footprint (mining; million tonnes)
•
Primary energy consumption (steel; petajoules)
•
Dust (ducted) per tonne of steel (kg/tonne of steel)
•
NOx (ducted) per tonne of steel (kg/tonne of steel)
•
SOx (ducted) per tonne of steel (kg/tonne of steel) 
To assess the Selected Information, which includes an assessment of the risk of material misstatement in the Report, we have used ArcelorMittal’s Basis of Reporting (the “Criteria”), which 
can be found here. We have not performed any work, and do not express any conclusion, on any other information that may be published in the Report or on ArcelorMittal’s website for the 
current reporting period or for previous periods. 
•
Net water consumption (steel; m3/tonne of steel)
•
Waste (non-used residues) landfilled (steel; tonnes)
•
Waste (non-used residues) in storage (steel; tonnes)
•
Fatalities (steel and mining)
•
Lost-time injury frequency rate (steel and mining; per million hours worked)
•
Industrial operations (including mining) certified to OHSAS 18001 (Sites 
certified to ISO 45001:2018 included, excluding AM/NS India)(steel and 
mining; %)
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59
ArcelorMittal  Integrated Annual Review 2021
Section 1 – Sustainable business
Section 2 – Responsible growth
Section 3 – Strong governance
Contents
Section 3 – Strong governance
Standard and level of assurance 
We performed a limited assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 revised – ‘Assurance Engagements other than Audits and Reviews 
of Historical Financial Information’ (revised), issued by the International Auditing and Assurance Standards Board. This standard requires that we comply with ethical requirements and plan and perform 
the assurance engagement to obtain limited assurance.
DNV applies its own management standards and compliance policies for quality control, in accordance with ISO/IEC 17021:2015 - Conformity Assessment  Requirements for bodies providing audit and 
certification of management systems, and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical 
requirements, professional standards and applicable legal and regulatory requirements. 
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement; and the level of assurance obtained is 
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We planned and performed our work to obtain the evidence we 
considered sufficient to provide a basis for our opinion, so that the risk of this conclusion being in error is reduced but not reduced to very low.  
All assurance engagements are subject to inherent limitations as 
selective testing (sampling) may not detect errors, fraud or 
other irregularities. Non-financial data may be subject to 
greater inherent uncertainty than financial data, given the 
nature and methods used for calculating, estimating and 
determining such data. The selection of different, but 
acceptable, measurement techniques may result in different 
quantifications between different entities.
Our assurance relies on the premise that the data and 
information provided to us by ArcelorMittal have been provided 
in good faith. DNV expressly disclaims any liability or co-
responsibility for any decision a person or an entity may make 
based on this Independent Limited Assurance Report.
The Directors of ArcelorMittal have sole responsibility for:
▪
Preparing and presenting the Selected information in 
accordance with the Criteria;
▪
Designing, implementing and maintaining effective internal 
controls over the information and data, resulting in the 
preparation of the Selected Information that is free from 
material misstatements;
▪
Measuring and reporting the Selected Information based 
on their established Criteria; and
▪
Contents and statements contained within the Report and 
the Criteria.
Our responsibility is to plan and perform our work to obtain 
limited assurance about whether the Selected Information has 
been prepared in accordance with the Criteria and to report to 
ArcelorMittal in the form of an independent limited assurance 
conclusion, based on the work performed and the evidence 
obtained. We have not been responsible for the preparation of 
the Report. 
DNV Business Assurance Services UK Limited is part of DNV –
Business Assurance, a global provider of certification, 
verification, assessment and training services, helping 
customers to build sustainable business performance. 
www.dnv.co.uk/BetterAssurance
DNV Business Assurance
Responsibilities of the Directors of 
ArcelorMittal and DNV
Inherent limitations
London, UK
29th April 2022
DNV Business Assurance Services UK Limited
Basis of our conclusion
We are required to plan and perform our work in order to consider the risk of material misstatement of the Selected Information; our work included, but was not restricted to: 
▪
Conducting interviews with ArcelorMittal’s management to obtain an understanding of the key processes, systems and controls in place to generate, aggregate and report the Selected Information;
▪
Onsite testing of the following sites to review process and systems for preparing site level data consolidated at Head Office for the Selected Information listed on the previous page. DNV were free to 
choose the sites on the basis of materiality and their contribution to the Group’s overall data. Our original plan included a site visit to Kryvyi Rih, Ukraine (steel and mining), however we were not able to 
complete this site visit.
▪
Gent, Belgium (steel)
▪
Bremen, Germany (steel)
▪
Lázaro Cárdenas Long, Mexico (steel)
▪
Contrecoeur L’Est, Canada (steel)
▪
Dofasco Flat Products, Hamilton, Canada (steel)
▪
Tubarão, Brazil (steel)
▪
Peña Colorada, Mexico (mining)
▪
Performing limited substantive testing of Group-level data at Head Office for the Selected Information to check that data had been appropriately measured, recorded, collated and reported;
▪
Reviewing that the evidence, measurements and their scope provided to us by ArcelorMittal for the Selected Information is prepared in line with the Criteria; 
▪
Assessing the appropriateness of the Criteria for the Selected Information; and
▪
Reading the Report and narrative accompanying the Selected Information within it with regard to the Criteria.
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Contents
Published 29/04/2022
ArcelorMittal
24-26, Boulevard d’Avranches
L-1160 Luxembourg
Grand Duchy of Luxembourg
corporate.arcelormittal.com
We welcome your feedback on this report.
Please send it to investor.relations@arcelormittal.com
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