ArcelorMittal, one of the world's largest steel producers, shared its 2024 sustainability report with the public. The report addressed critical topics such as climate change, reduction of carbon emissions, product sustainability and employee rights. While emphasizing that the company has taken important steps towards its net zero target, it was announced that the 2030 targets will be reviewed due to uncertainties regarding decarbonization investments in Europe
Decarbonization Targets to be Revised
ArcelorMittal reported a 46% reduction in carbon emissions since 2018. By 2024, Scope 1 and 2 emissions are down to 102 million tons, compared to 188 million tons in 2018. Average carbon intensity fell to 1.75 tons, below the world average of 1.92 tons/ton of crude steel.
Nevertheless, the company said that achieving the 2030 targets is becoming more difficult as energy, policy and market conditions in Europe do not provide a favorable environment for green hydrogen and DRI-EAF investments. The direction of investments will be reshaped after the policy environment becomes clearer.
1 Billion Dollar Decarbonization Investment
Since 2018, the company has spent a total of USD 1 billion on decarbonization-focused investments. These investments include electric arc furnaces (EAF), carbon capture and storage (CCS), direct reduced iron (DRI) and energy efficiency projects.
In 2024, construction began on a new EAF in Gijón, Spain, with an investment of EUR 213 million. This plant is expected to reduce CO₂ emissions by 35%. In addition, a new EAF capable of producing high quality automotive steels is being commissioned at the Calvert plant in Alabama, USA. The share of electric arc furnaces in Group-wide crude steel production increased from 19% in 2018 to 25% by 2024.
Certified Production and Sustainable Products Highlighted
ArcelorMittal's progress in the area of sustainable products and processes was also covered extensively in the report. The number of ResponsibleSteel™ certified plants reached 42 by the end of 2024, while sales of XCarb® products contributing to the circular economy increased to 0.4 million tons. 26 new products and solutions for sustainable construction, energy and infrastructure were launched.
R&D investments reached USD 285 million, while 145 Life Cycle Assessments (LCA) and 45 Environmental Product Declarations (EPD) were published.
Employee Rights and Safety Strategy Strengthened
Among the company's people-focused initiatives for 2024, the completion of independent safety audits and the implementation of six key recommendations stood out. While the Human Rights Due Diligence guide was developed, a more transparent structure on employee rights was created with the updated Whistleblowing and Grievance Procedure.
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