Wat is allemaal af te leiden als het gaat om de cultuur van een organisatie, vanuit de realiteit van een jaarverslag? Wat schrijft men expliciet en impliciet hierover? In dit geval gaat het om Arcelor Mittal. Niet het eerste bedrijf waar je veel over cultuur verwacht. []
Zelf was ik benieuwd of er bij Arcelor Mittal nu meer gecommuniceerd wordt over India (waar haar oprichter vandaan komt) dan over andere landen bijvoorbeeld, want in het afgelopen decennia is India sterk ontwikkeld - en heeft Europa steeds meer uitdagingen. En dat blijkt inderdaad zo te zijn. De landen waar het meest over gecommuniceerd wordt zijn als volgt:
- Luxemburg (juridische zetel), Europa, Brazilië, China, India, Frankrijk (Arcelor).
Maar hierbij is gekeken naar hoe het gemiddelde over alle laatste 15 jaren. Lettend op de laatste vijf jaar, dan blijkt India belangrijker dan China, in ieder geval gezien vanuit het jaarverslag.
Op een zelfde manier lijkt het - je moet hier voorzichtig mee blijven - dat een samenwerking zoals die met Bekaert (wereldleider op gebied van barbed wire) minder belangrijk wordt omdat het expliciet minder aan de orde komt. Maar dat hoeft niet zo te zijn. [Tegelijkertijd vraag ik me rond dit thema dan af of er een trend te herkennen is dat prikkeldraad relatief - dus onafhankelijk van de groei van de bevolking - meer gebruikt wordt. Daarvoor zou een jaarverslag van Bekaert handig zijn.]
Algemeen
Over cultuur [De passages zijn letterlijk uit het verslag overgenomen, en hier automatisch vertaald, met Google, verderop is de oorspronkelijke Engelse tekst gebruikt]
"Wij worden gedreven door een ondernemersgeest en een passie voor uitmuntendheid. Wij belonen lef, waarderen nieuwsgierigheid en zien de kansen in uitdagingen. We zijn nooit tevreden met stilstaan, maar zijn op een reis die tot doel heeft de grenzen van de mogelijkheden in onze branche te verleggen.
We verkleinen de ecologische voetafdruk van staal, ontdekken nieuwe manieren om gebouwen te bouwen en we gebruiken geavanceerde technologie om de efficiëntie van het staalproductieproces te verbeteren. We zijn al bezig met toekomstige mobiliteitsconcepten waarbij de rit die we via een telefoon-app oproepen, perfect en veilig op tijd aankomt – maar zonder chauffeur, omdat het voertuig zelf rijdt. Omdat we geloven dat niemand ooit zijn volledige potentieel bereikt, moedigen we onze ruim 158.000 medewerkers aan om zichzelf uit te dagen, zodat ze zich kunnen ontwikkelen, groeien en vooruitgang kunnen boeken.
Veiligheid - Waar ter wereld we ons ook bevinden, veiligheid staat voorop. Het opbouwen en in stand houden van een veiligheidscultuur is een dagelijkse inzet die afhankelijk is van de volledige betrokkenheid van ons leiderschap en ons personeelsbestand. In al onze activiteiten worden strenge veiligheidsprocedures toegepast, gecombineerd met grondige training en een cultuur van gedeelde waakzaamheid, waarbij mensen worden aangemoedigd om hun stem te laten horen. We moeten nog verder gaan op onze reis naar nul, maar er is geen belangrijker resultaat in het bedrijf dan onze veiligheidsprestaties.
Onze veiligheidsvideo uit 2018, 'We kiezen de veiligste manier', is sinds de lancering in 2018 door meer dan 230.000 mensen bekeken en heeft een gouden medaille gewonnen bij de Cannes Corporate Media & TV Awards.
(Marketing)tekst "wij kiezen voor de veiligste weg"
Kracht voor positieve verandering - Het duidelijkste voorbeeld van de cultuur van ons bedrijf is de fusie waaruit het is voortgekomen. De fusie, die voorzitter en CEO L.M. in 2006 omschreef als “…de beste match tussen twee bedrijven in de sector”, was ongetwijfeld gedurfd en bracht de twee grootste spelers in de sector samen om ‘s werelds grootste staalbedrijf te creëren. Die gedurfde geest drijft M. nog steeds. Eregast op het evenement ter gelegenheid van de oprichting van het bedrijf, wijlen Neil Armstrong, de eerste mens die voet op de maan zette, gaf in eenvoudige maar ontwapenende stijl commentaar op de noodzaak om ‘vooruit te kijken’. naar de toekomst". Zijn woorden klinken vandaag nog steeds waar.
"Kijk uit naar de toekomst" - Neil Armstrong - Sindsdien is gebleken dat de transactie veel meer is dan de som der delen. Het heeft een aantal van de allerbeste mensen in de industrie bij elkaar gebracht in een gemeenschappelijk streven, waardoor het voor ons mogelijk is om meedogenloos te innoveren en nieuwe staalsoorten te creëren die in 2006 nauwelijks voor te stellen waren. En door de vastberaden focus op ons doel van nul ongevallen, het heeft bijgedragen aan het creëren van een veiligere werkomgeving voor onze medewerkers.
Durf in zaken - Durf is de kern van onze cultuur. Het is dus logisch dat we bedrijven willen aanmoedigen en profileren die blijk geven van de eigenschap die zoveel van wat we doen onderstreept. M. ondersteunt sinds 2009 de jaarlijkse FT M. Boldness in Business Awards. De prijzen belonen bedrijven en individuen die de status quo hebben uitgedaagd en berekende risico's hebben genomen om hun bedrijf vooruit te helpen in het licht van de economische onzekerheid. Tot de winnaars uit het verleden behoren bekende namen als Facebook, Apple, Twitter en Amazon – van vroeger waren ze net zo dominant als nu. Prijzen zijn ook gegaan naar minder bekende maar noodzakelijkerwijs gedurfde nichespelers zoals DeepMind Technologies en Mobileye. En meer traditionele bedrijven als Empresas Polar, Handelsbanken en Mara Group. Met de prijzen wordt ook jaarlijks een persoon van het jaar erkend; in 2019 was de ontvanger Sir Tim Berners-Lee, uitvinder van het wereldwijde web.
Innovatie belichaamd - De M. Orbit, ontworpen door kunstenaar Sir Anish Kapoor en ontwerper en ingenieur Cecil Balmond, werd opgevat als een 114 meter hoog, monumentaal beeldhouwwerk in het centrum van de Olympische en Paralympische Spelen van 2012 in Londen. Het idee van een hoog bouwwerk als iconisch middelpunt binnen het Olympisch Park was het idee van de toenmalige burgemeester van Londen (nu premier van Groot-Brittannië) Boris Johnson, samen met wijlen Tessa Jowell, de Britse minister met verantwoordelijkheden voor de Londense Spelen. 2012 Spelen destijds. Ze waren allebei van mening dat hoewel er prachtige gebouwen waren gepland – waarvan er vele geschikt waren voor recycling en hergebruik – hun grotendeels horizontale ontwerpen een kans creëerden voor een verticale structuur die als middelpunt zou kunnen fungeren binnen het Olympisch park. / Een forum tussen Boris Johnson en L.M., voorzitter en CEO van M., leidde er vervolgens toe dat het bedrijf ermee instemde de nodige financiële steun voor het project te verlenen. Er volgde een ontwerpwedstrijd, waarbij architecten, kunstenaars, ontwerpers en beeldhouwers van over de hele wereld voorstellen indienden ter beoordeling door een jury van juryleden onder leiding van Sir Nicolas Serota, directeur van de Tate Gallery. De uiteindelijke winnaar was ‘Orbit’, ontworpen door kunstenaar Sir Anish Kapoor en ontwerper en ingenieur Cecil Balmond. Bijna volledig gemaakt van staal vervaardigd door M., 70% van het gebruikte metaal was afkomstig van schroot. / De M. Orbit heeft zijn rol gespeeld als symbool van Londen 2012 en staat nu in het centrum van het Queen Elizabeth Olympic Park als herinnering aan de verbazingwekkende Olympische Spelen en als symbool van de voortdurende regeneratie van 520 hectare Oost-Londen. / In 2016 werd 's werelds langste tunnelglijbaan aan de M. Orbit toegevoegd. Het werd gemaakt door de Duitse kunstenaar Carsten Höller op uitnodiging van Sir Anish Kapoor. Tussen de opening van de glijbaan en januari 2020 hebben 410.000 mensen van de glijbaan bij de M. Orbit gereden.
Tegenwoordig is de gebouwde omgeving, zelfs zonder de afvalkoolstof die wordt uitgestoten tijdens de productie van bouwmaterialen mee te tellen, verantwoordelijk voor meer dan 40% van de mondiale koolstofemissies. Kansen om dit te verminderen, de efficiëntie te verhogen en kosten te besparen door prefabricage of hergebruik van materialen, gaan verloren. Dit betekent op zijn beurt dat woon- en werkruimtes die betaalbaarheid combineren met duurzaamheid vaak buiten bereik zijn. Slechts een paar bevoorrechte mensen hebben toegang tot hoogwaardige, zeer…
Competitief voordeel - Wat maakt Arcelor Mittal uniek?
Woorden die opvallen zijn, o.a. (naast het merk Arcelor Mittal):
- Kwantiteit: AM is een business die meer dan bij andere bedrijven over schaal gaat, hoeveel er geproduceerd wordt (tonnes, tonne)
- Algemeen: non-controlling (finance), pit, liberia, aperam (spin-off van AM), revolving, wire, oriental, tubular, jurisdictions, amsa (Mijn in ZuidAfrika), peña (mexico, mijnbouw), stripping, metallurgical,
- Type mining producten: vooral pellet(s) - "ArcelorMittal’s mining operations
produce various types of mining products including iron ore
lump, fines, concentrate, pellets, sinter feed and coking coal."
- En verder: mineralization, median, crushing, stainless, indiana, spin-off, vat, unobservable, hera, covenant, nil, geographic, bilateral, gerais, lumen, tailings, liège, bhatia, summons, slabs, bremen, periodically, inferred, nearest, burt, inception, bekaert, greenfield, filing, nsc, cut-off, bruno, bars, remedies, convening, michel, arc, hms, privately, wholly-owned, alloys, franchise, claimant, rocks, epa, pledges, bulletin, lenders, bargain, graduate, formally, suzanne, lewis, intangibles, vale, retrospectively, acres, oxidized, quebec, discharges, variables, bachelor, lumps, senegal, ponds, exited, blooms, aml, commonwealth, newcastle, asbestos, boulevard, madrid, merits, outcrops, downgrade, spacing, uttam, undertakes, attaching, induction
En dan, Emoties in Bedrijf:
Op de cover van het verslag van 2022 staat deze afbeelding, en als je denkt dat de Staalbusiness geen emotie herbergt dan hoef je enkel dit plaatje te zien, hoe zonder staal onderdeel is van onze wereld, met de gebouwen die niet langer kaarsrecht maar alle vormen kunnen aannemen.
Maar expliciet, komen emoties minder aan bod, toch zijn ze er. Dit is (het begin) van een zoektocht daarna: emoties in bedrijf.
Impliciet vind je emoties wanneer je het verslag leest, maar dat is moeilijk concreet te maken. Elk bedrijf volgt hier een zakelijke opstelling. Maar Arcelor wist met haar eerdere verslagen toch meer te imponeren (emotie) door concrete motto's te gebruiken, zoals "Recovery underway" (2010) of
"Core strengths, sustainable returns" (2011) daarvan zijn ze sinds 2012 afgestapt. Jammer.
Bij Arcelor kom je de volgende (expliciet) tegen:
- respecteren, beïnvloeden, reserveren, vrij, bepalen, nodig hebben, dwingen, zoals, beveiligen, alsjeblieft, overwegen, zorg, begrijpen, uitdagen, spelen, vertrouwen, aanmoedigen, wijden, voldoen aan, paniek, accepteren, angst, twijfelen, geruststellen, willen, hopen, ontspannen, van plan zijn, vermoeidheid, angst, ontmoedigd, verlangen, beroven, verkeerd
En:
- gedreven, vriendelijk, afgewezen, depressief, tevredenheid, anticiperend, verwachting, berusting, ontspannen, angst, twijfel, ondanks, vastgelopen, gestresseerd, lijden, waakzaamheid, kwetsbaar, bang, acceptatie, agressief, verlangen, spijt, optimistisch, geschokt, nood, verstoord
-- Voorbeelden.
"Respect:" Responsible value chains Customers increasingly expect to buy products that are responsibly sourced and sustainable. They together with broader stakeholders are exerting pressure across value chains to ensure that they are committed to ensuring the respect of human rights and the environment as well as addressing climate change
"Affect:" ArcelorMittal is exposed to a number of different market risks arising from its normal business activities. Market risk is the possibility that changes in raw materials prices foreign currency exchange rates interest rates base metal prices (zinc nickel aluminum and tin) and energy prices (oil natural gas and power) will adversely affect the value of ArcelorMittal’s financial
assets liabilities or expected future cash flows.
"reserve:" There can be uncertainty in the assumptions used that may materially impact and result in significant changes to the Company’s current estimates. The assumptions that can fluctuate may include but are not limited to market prices including long-term forecasts; operating and capital costs;
changes to estimation input parameters and techniques; and changes to cut-off grades mining and metallurgical recovery rates. These changes may also render some or all of our current proven and probable mineral reserves and measured and indicated mineral resources uneconomic to exploit and may ArcelorMittal’s reserve and resource estimates may materially differ from mineral quantities that it may be able to actually recover;
"free:"
- free cash flow
- The Group’s steel operations (excluding CIS) were fatality-free amongst its own employees in 2023,
- - Chromium-free
- carbon-free
- tin free steel
- tax-free
- duty-free
- free-up staorage capacity
- Unfair trade practices, import tariffs and/or barriers to free trade could negatively affect steel prices and ArcelorMittal’s results of operations in various markets.”
Launching a revised Human Rights policy - ArcelorMittal has revised its Human Rights policy to focus on the areas that have been identified as priorities for the business and
seeks to uphold the fundamental human rights in those
countries in which it operates. -- There is also a 3-year Housing and Accommodation plan to
support construction workers at Buchanan and Yekepa.
Employees without housing are provided housing allowances at
competitive rates; employees’ children and dependents are
provided cost-free primary and secondary school education,
with free access to recreational and sporting facilities including
volleyball, basketball and football fields.
"Need(s):"
ArcelorMittal is able to meet the needs of diverse markets.
[Needs - passage over haar business - Product and geographic diversification. By operating a
portfolio of assets diversified across product segments and geographic areas, ArcelorMittal benefits from a number of natural hedges. As a global steel producer with a broad range of high-quality finished and semifinished steel products, ArcelorMittal is able to meet the needs of diverse markets. Steel consumption and product requirements vary between mature economy markets and developing economy markets. Steel consumption in mature economies is largely from flat products and a higher value-added mix, while developing markets utilize a higher proportion of long products and commodity grades. As developing economies mature and markets evolve, local customers will require increasingly advanced steel products. To meet these diverse needs, ArcelorMittal maintains a high degree of product diversification and seeks opportunities to increase the proportion of its product mix consisting of higher value-added products.]
"Force:" In addition, the ETS and CBAM regulations in Europe will impact the carbon emissions allowances from the second trading period of Phase IV (i.e., 2026-2030) onwards, resulting in additional costs, with the risk of a loss of competitiveness of EU exports
due to higher EU prices as a result. See “Laws and regulations
restricting emissions of greenhouse gases could force
ArcelorMittal to incur increased capital and operating costs and
could have a material adverse effect on ArcelorMittal’s results of
operations, financial condition and reputation.”
- task force
- into force (begint van kracht te zijn...)
- force majeur
- labor force (Various industries (automotive, appliances) were facing constraints in parts’ supplies, as well as labor force shortages, generating weakening demand.)
- Despite a government push to force property developers to complete presold homes, home buyer confidence remained low, deepening the downturn [markt condities in China]
"Accidents"
However, in 2023, 61 colleagues have lost their lives in accidents in the Company’s operations, and we cannot conclude that we are where we would like to be on health and safety. We were shocked by the
tragic accident at our Kostenko coal mine in Kazakhstan on October, 28 2023, in this terrible accident a total of 46 employees have lost their lives.
andere:
- like-for-like (Like for like growth is a measure of growth in sales, adjusted for new or divested businesses. This is a widely used indicator of retailers' current trading performance.)
"Secure:"
The $0.8 billion project aims to secure and decarbonize a considerable proportion of ArcelorMittal Brasil’s future electricity needs and is estimated to provide 38% of ArcelorMittal’s Brasil’s
total electricity needs in 2030 pursuant to a 20-year power purchase agreement to be entered into with the JV for the supply of electricity.
- secured a lease agreement
Most of the external debt is borrowed by the parent company on an unsecured basis and bears interest at
varying levels based on a combination of fixed and variable interest rates.
In May 2023, ArcelorMittal formed a joint venture with Casa dos Ventos, one of Brazil’s largest
developers and producers of renewable energy projects, to develop a 554 MW wind power project aiming to secure and decarbonize a considerable proportion of the Company's wholly-owned subsidiary ArcelorMittal Brasil’s future electricity needs.
"concerns:" concerns about global growth and weaker investor sentiment.
"Challenge:" challenge:
- Dynamic responses to market challenges and opportunities. ArcelorMittal’s management team has a strong track record and extensive experience in the steel and mining industries.
- Acknowledging that a combination of structural issues and macroeconomic conditions
will continue to challenge returns in its sector, the Company has
adapted its footprint to the new demand realities, intensified its
efforts to control costs and repositioned its operations to
outperform its competitors
- Finally, ArcelorMittal is developing a strategic response to the
challenges and opportunities posed by decarbonization, which it
believes will fundamentally change the market structure of the
steel industry.
- Investing in clean electricity
Reducing the business’ Scope 2 emissions means mainly
focusing on sourcing low-carbon electricity. This will be an
increasing challenge as the Company launches projects to
transition from BF-BOF technology to scrap and DRI-EAF
technology.
- The Company is focused on engaging with numerous other
important strategic initiatives that gather key stakeholders to
identify the main challenges and requirements for the steel
sector’s transition. These include the Energy Transition
Commission (ETC), the World Economic Forum (WEF), Rocky
Mountain Institute (RMI), Mission Possible Partnership (MPP),
the International Energy Agency (IEA), Industry Transition
Accelerator (ITA), World Business Council for Sustainable
Development (WBCSD), Organization for Economic
Cooperation and Development (OECD), World Trade
Organization (WTO), World Steel Association, American Iron
and Steel Institute (AISI), ResponsibleSteelTM, the United
Nations Industrial Development Organization (UNIDO), and the
Industrial Deep Decarbonization Initiative (IDDI), amongst
others.
"Rely:" (vertrouwen / betrouwbaar)
- rather than relying on equity injections from its shareholders as its sole source of capital.
- ArcelorMittal must rely upon estimated calculations for the mineral reserves and mineral resources and grades of mineralization on the Company’s properties
- However, despite these advances, BF-BOF operations still rely
heavily on fossil fuels, and as outlined above there are rapidly
growing pressures to shift steel production to cleaner forms of
energy.
"Encourage:" (aanmoedigen)
- Incentives to encourage the consumption of low- and zero-carbon emissions steel over higher carbon
emissions steel.
- The ArcelorMittal Environment Award: created to encourage the school community to propose scientific and innovative solutions to environmental issues, in addition to raising awareness of sustainability.
- * Guides discussions at the Board of Directors meetings and encourages directors to express their positions (role of the CEO)
ArcelorMittal’s remuneration philosophy for its senior management is based on the following principles:
•encourage and reward performance that will lead to long-term enhancement of shareholder value; and
- Employee development
Attracting, developing and retaining the right people continues to be a strategic priority for ArcelorMittal in maintaining a high- performing organization.
There continues to be strong demand for the best talent and
ArcelorMittal wants to ensure it is considered as an aspirational
place to work. That means ensuring employees feel safe,
respected and valued. It also means building a culture that
constantly keeps employees committed, motivated, encouraged
to learn and eager to perform at their best. In 2023, to attract
diverse talents, the Company refreshed its Employee Value
Proposition by launching new talent attraction and retention
messaging and materials to better communicate the benefits,
value and impact of working at ArcelorMittal.
Devote:"
- As membership of the Board of Directors represents a significant time commitment, the policy requires ... to devote sufficient time to the discharge of their duties as a Director of ArcelorMittal. Directors are therefore required to consult with ... can
devote to their role as a Director of ArcelorMittal
- Employees are prohibited from acquiring any financial or other
interest in any business or participating in any activity that could
deprive ArcelorMittal of the time or the attention needed to
devote to the performance of their duties.
- satisfy"
and any Luxembourg tax will need to satisfy these requirements in order to be eligible to be a
creditable tax for a U.S. Holder.
-in particular, the European Commission’s decision to further reduce the allocation of CO2 emission rights to companies (as discussed above) could negatively impact the global steel
industry, as the amount of such rights is currently insufficient to
satisfy technically achievable operating conditions.
- To ensure that mineral resource estimates for all mines satisfy
the requirements for reasonable prospects for economic
extraction ("RPEE") requirement,
"Panic:"
As in the case of European HRC price fluctuation, medium sections and rebar pricing in Europe
was affected by the war in Ukraine, which altered and delayed the standard flow of semi-finished and finished steel products in Europe, pushing buyers to panic purchases in the early part of 2022.
- In the third and fourth quarter of 2023, two major price spikes
occurred in Asian markets. In August and October 2023,
workers at Australia’s biggest LNG terminals (a major source for
Asian LNG demand) voted for a strike action, threatened a total
of 54 bcm/y (billion cubic meters per year) LNG supply capacity.
Such a possible supply disturbance created a panic
environment in the markets and in one day the JKM price
jumped from $11.2/MMBtu to $14.3/MMBtu on August 16, 2023,
and from $14.4/MMBtu to $17.7/MMBtu on October 16, 2023.
Accept:
resignation to the Chairman of the Board of Directors, who would decide to accept the resignation or not.
Fear:
-This high level of inventory began to weigh on pricing during 2022, despite the temporary support from supply disruption due to the war in Ukraine. This was particularly true in the EU where the increase in energy costs, exacerbated by the fear of the need for gas rationing, negatively impacted real
demand as the European economy slowed considerably in the second half of 2022.
- Europe
avoided a more severe scenario of widespread curtailments
across industry which had been feared in the event of a lack of
available gas
- This price increase was a
repercussion of the war in Ukraine, amid fears of disruptions in
supply chains.
- The global supply disruptions caused by
the war, the looming fears of a recession in Europe driven in
part by soaring energy costs, and weakening domestic demand,
all pushed medium sections and rebar pricing on a downward
spiral through most of 2022.
-recession fear, pandemy
- Prices were also boosted by fears
over weather disruptions at Queensland ports, with cyclone
season often peaking in the late summer.
- Market fears were realized when it was announced that the
Nord Stream 1 pipeline would not come back online in 2022,
Doubt:
-For the avoidance of doubt, price restrictions set out in the immediately preceding paragraphs do
not apply to cash-settled derivative financial instruments entered into to mitigate volatility in the per share prices paid to acquire shares in the Company
Reassure:
-There is also an alignment with the increasing legislative developments to reassure stakeholders that the Company is working to operate responsibly. The key strategic actions on certification include:
- Members using the standard
are able to reassure customers and other stakeholders of the
credibility of social and environmental management of their steel
operations.
Want:
-Distribution centers provide access to ArcelorMittal’s products to smaller customers that cannot or do not want to buy directly from the operating facility.
- ArcelorMittal wants to be a leader in
both powders and wires supply for AdM.(additive manufacturing ("AdM")
- He sees climate change as ArcelorMittal’s top
strategic issue and wants the Company to lead the decarbonization of the steel industry. (A. MIttal)
- There continues to be strong demand for the best talent and
ArcelorMittal wants to ensure it is considered as an aspirational
place to work
Hope:
- The
intensive efforts that have been made to improve safety performance across the Group have not delivered the progress for which the Company had hoped.
.- It is hoped that new technology and innovations will gradually close off any remaining net emissions from these cycles.
Relax:
-In Brazil, the new 2024 fiscal framework is more relaxed with respect to public spending than the previous framework, addin
- However, over the medium-term, downside risks remain elevated due to the risk of high public debt as the new 2024 fiscal framework is more relaxed with respect to public spending
than the previous framework.
- The slight increase in U.S. domestic Midwest HRC price at the
end of the year might have been influenced by expectations that
China would relax its nationwide COVID-19 restrictions, which
was expected to improve consumer demand.
- In November 2021, there was however a sharp decline in the
Chinese HRC price, VAT excluded, reported at $666/t... which was a direct effect of the Chinese
Government’s intervention in loosening the electricity supply and
relaxing the control on coal prices.
- The market sentiment remained firm in
China throughout the first quarter of 2023 due to strong demand
recovery expectations in the second quarter of 2023 amid a
slew of relaxing policies announced in the real estate sector and
easing monetary policies
Intend:
- The cost to the Company of providing benefits can change from year to year. The level of
benefit provided is intended to remain competitive
- The ArcelorMittal
Equity Incentive Plan is intended to align the interests of the
Company’s shareholders and eligible employees by allowing
them to participate in the success of the Company.
Fatigue: (Staal niet mensen, HR)
Special bar quality (“SBQ”) steel. SBQ steel is the highest quality steel long product and is typically used in safety-critical applications by manufacturers of engineered products. SBQ steel must meet specific applications’ needs for strength, toughness, fatigue life and other engineering parameters.
Distress:
-On January 15, 2024, ADI [Acciaierie d'Italia (“ADI”),] applied to the Chamber of Commerce of Milan for the opening of so-called out-of-court composition (composizione negoziata della crisi; “Composition”) proceedings under the Italian Code on Distress and Insolvency, requesting in
particular the appointment of an expert to facilitate negotiations with creditors. ADI simultaneously applied to the Court of Milan to be granted certain protective measures. The Court of Milan
rejected ADI’s requests by means of two orders dated January
31 and February 16, 2024. Accordingly, on February 16, 2024,
ADI withdrew the Composition and filed instead for concordato
preventivo, a court-supervised composition with creditors
(“Concordato”), again before the Court of Milan. Pending this
proceeding, ADI would benefit from a stay on enforcement
actions and ascertainment of ADI’s insolvency (which is a
prerequisite for the opening of insolvency proceedings).
Discourage:
- This change came as a result of the abolition of export rebates announced by the Chinese Government from May 2021 onwards, a measure that was intended to discourage steel exports, and accordingly keep steel prices under check.
Desire:
- ArcelorMittal was a founding member of ResponsibleSteelTM and has a seat on the board representing business members. The Company also has a steering committee seat at IRMA. The
values and missions of both organizations correspond closely to
the Company’s own purpose and its desire to minimize risk,
improve performance and meet stakeholders’ expectations.
- Cold-rolled sheet. Cold-rolled sheet is hot-rolled sheet that has
been further processed through a pickle line, which is an acid
bath that removes scaling from steel’s surface, and then
successively passed through a rolling mill without reheating until
the desired gauge, or thickness, and other physical properties
have been achieved.
Deprive: (code of conduct)
- Employees must always act in the best interests of ArcelorMittal
and must avoid any situation in which their personal interests
conflict, or could conflict, with their obligations to ArcelorMittal.
Employees are prohibited from acquiring any financial or other
interest in any business or participating in any activity that could
deprive ArcelorMittal of the time or the attention needed to
devote to the performance of their duties. Any behavior that
deviates from the Code of Business Conduct is to be reported to
the employee’s supervisor, a member of the management, the
head of the legal department or the head of the Global
Assurance department.
- Any shares acquired in violation of this restriction will be deprived of voting rights and shall be
promptly sold by the MoU Group (Material contracts, standstill) [Memorandum of Understanding
Mr. Lakshmi Mittal, Mrs. Usha Mittal, Lumen Investments S.à r.l.,
Nuavam Investments S.à r.l. (together, the “MoU Group”) and
the Company are parties to a Memorandum of Understanding
(“MoU”), dated June 25, 2006, to combine Mittal Steel and
Arcelor in order to create the world’s leading steel company.]
Wrong:
- Product Rejection - Product shipped and billed to an end customer that did not meet previously agreed customer specifications. Claims typically result from physical defects in the goods, goods shipped to the
wrong location, goods produced with incorrect specifications and goods shipped outside acceptable
time parameters.[Revenue, cons. fin. statem.]
-The office of the CISO has
identified the following four key risk areas:
1.Large-scale cyber-attacks or malware causing
economic damage and/or reputational harm to
ArcelorMittal.
2.Dependency risks and increased vulnerability to
outages of critical systems (applications or
infrastructure) causing significant disruption to
ArcelorMittal.
3.Adverse consequences of technological advances
such as Artificial Intelligence (“AI”), cloud-based
programs or systems, Internet of Things (“IoT”) and
Blockchain which may cause harm to ArcelorMittal.
4.Wrongful exploitation of personal information causing
regulatory liabilities (e.g., GDPR or similar laws) or of business data causing contractual or other legal
liabilities (e.g., relating to IP, R&D or customers) that
would have significant impacts on ArcelorMittal. [sybersecurity]
Dan de zelfstandignaamwoorden:
Driven
- proces-driven / data-driven
- driven by
- The operating working capital release was driven primarily by lower accounts receivable (due to lower prices and lower volumes, including the impact of normal seasonality at year end), and lower inventories
Kind: (of a kind, soort)
rejected:
- Consequential Damages - Damages reported by the customer not directly related to the value of the
rejected goods (for example: customer processing cost or mill down time, sampling, storage, sorting,
administrative cost, replacement cost, etc.).
- In September 2011, the
court rejected Finmasi’s claims other than its second claim.
Depressed:
- hich substantially depressed demand for steel for an extended period
- Excess iron ore supply relative to demand has led to depressed prices at various points in recent years and could recur, with potentially a corollary effect on steel prices.
- under care and maintenance since the second quarter of 2020 due to the depressed economic environment
- By the end of 2023, sales and new starts were still significantly down year-on-year, compared to
already depressed 2022 levels.
Satisfaction:
- The political systems in these countries are vulnerable to their populations’ dissatisfaction with their government, reforms or the lack thereof, social and ethnic unrest and changes in governmental policies, any of which could have a material adverse effect on ArcelorMittal’s business,
- Excluding the Kazakhstan operations, the safety performance in our steel
business was 25% lower than the best ever result achieved by
the World Steel Association, and this is an excellent
achievement by any standards, although until that number
reaches zero, we can take no satisfaction.
- The second investment of up to €680 million was payable
on closing of the purchase obligation, which was subject to
the satisfaction of various conditions precedent by May
2022. On May 31, 2022, following an amendment to the
investment agreement signed between ArcelorMittal and
Invitalia, the latest date for the second equity injection was
extended to May 31, 2024. At the end of December 2022,
ArcelorMittal, the Italian Government and Invitalia agreed,
among other things, to accelerate the funding originally
envisaged to occur in connection with the acquisition of
Ilva’s assets (see note 2.4.1).
Anticipating:
- ArcelorMittal’s goal is to be the supplier of choice by anticipating customers’ requirements and exceeding their expectations.
- ArcelorMittal believes it possesses leading R&D capabilities among steel producers and is committed to maintaining and extending this advantage by anticipating and responding to
major technological, sustainability and social trends, while also
making a significant contribution towards achieving the
Company’s 10 Sustainable Development Outcomes (see “—
Sustainable development” below).
- In 2023, the euro appreciated against the U.S. dollar from
1.0666 on December 31, 2022 to 1.1050 on December 31,
2023. This appreciation is largely explained by the decrease in
interest rate differential, with markets anticipating the end of
hiking cycles by central banks and the start of rate cuts during
2024, expected to occur in the U.S. before the European Union.
- In 2023, the Company continued to harness skills and
resources and has stepped up its efforts to identify and
accelerate the development and readiness of its High
Potential employees ("HiPos") to take on increased
responsibilities. This has been achieved by having the right
people in the right place at the right time; identifying people
for key succession plans; anticipating and filling vacancies;
ensuring a healthy and diverse leadership pipeline; nurturing
internally the generations of tomorrow and preparing future
leaders; encouraging individual performance and making
sustainable performance gains; and ensuring the retention of
HiPos, through acknowledgement, empowerment, motivation
and challenges.
Expectancy:
- Life expectancy - Most plans provide benefits for the life of the covered members, so increases in life expectancy will result in an increase in the plans’ benefit obligations.
- ArcelorMittal’s pension plans and other post-employment benefit plans could be significantly higher than current estimates. Increases in the general life expectancy assumption have contributed to increases in the defined benefit obligation
Als laatste, Veranderingen.
Het is ook mogelijk om specifiek naar veranderingen te kijken. Dat is o.a. te vinden door verschuivingen in taalgebruik te ontdekken. Bijvoorbeeld:
- 15 jaar geleden sprak met (nog niet) over: nafta, profitability, renewable en biological
Deze laatste twee horen bij elkaar:
- "Biologische activa - Biologische activa maken deel uit van het Braziliaanse operationele segment en bestaan uit eucalyptusbossen uitsluitend afkomstig van hernieuwbare plantages en bedoeld voor de productie van houtskool die wordt gebruikt als brandstof en een bron van koolstof in het directe reductieproces van de productie van ruwijzer."
Meer later, of bij een vervolg...
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