ArcelorMittal, the world's largest integrated metals and mining company, has announced the publication of a new Corporate Responsibility report for the year ending 2007, entitled "Taking Responsibility for Transforming Tomorrow", describing the company's approach and objectives over the coming years to address the new challenges for the steel industry.
The report is based around what ArcelorMittal describes as its four pillars of corporate responsibility: workplace, environment, communities, and governance.
In 2007, ArcelorMittal invested $216 million in workplace safety measures, reduced the lost time incident rate, created new safety standards, rules and a behavioural safety audit program. In 2008, the company doubled the ArcelorMittal University budget.
As regards environmental measures, in 2007 ArcelorMittal invested $306 million and increased the level of environmental management certification. Moreover, during the period in question the company invested $214 million in its research & development program, including products for the renewable energy market, and also increased the use of high strength steels for the construction and automotive sectors, delivering savings in carbon dioxide emissions.
During 2007, ArcelorMittal completed socio-economic studies for its greenfield projects in India, started social action programs in Liberia and Senegal, and supported 587 projects with a total estimated value of $47.9 million.
In addition, during the given period ArcelorMittal established new corporate responsibility committees and governance structures, continued training in the Group Code of Business Conduct for all employees and achieved high rankings in the 2007 external metals and mining investor relations studies recognising good shareholder dialogue.