ArcelorMittal
ArcelorMittal is one of the world’s top 3 steelmakers and the single biggest source of steel emissions in Europe. ArcelorMittal emits over 100 million tonnes of CO2 annually. That’s comparable to Belgium’s emissions. Once positioning itself as a climate leader, ArcelorMittal has more recently stalled in its decarbonisation efforts, prioritising shareholder returns over real transformation.
It’s actions show how serious it actually is about decarbonisation:
- Since 2018, its CO2 intensity has declined by just 5%. This is far below its own 2030 targets, and well short of what is necessary to halt the climate crisis.
- Its long-promised Climate Action Report 3 is delayed, leaving stakeholders in the dark on its future climate plans as it backtracks on past commitments.
- Despite securing 3.5 billion USD in subsidies, it has not made a single final investment decision on any of its major green steel projects in Europe and Canada.
- Since 2021, it’s spent just 2.5% of the 32.6 billion USD it generated in operating cash on decarbonisation.
- Meanwhile: from 2021 to 2024 the company spent 12 billion USD enriching shareholders, including 1.3 billion USD in share buybacks and 393 million USD in dividends in 2024 alone. The Mittal family controls 44.25% of the company.
Company Biography
Founded in 2007, through a 33 billion USD hostile takeover resulting in a merger between Mittal Steel Company and Arcelor, as the time the two largest steel companies globally. Headquartered in Luxembourg, the company operates in 60 countries with iron ore mining, ironmaking, and steelmaking operations in 18 countries across Europe, the Americas, Africa and Asia.
In 2023 the company produced 49.2 tonnes of iron and 58.1 million tonnes of crude steel. This declined to 47.8 million tonnes of iron and 57.9 million tonnes of steel produced in 2024.
ArcelorMittal relies heavily on coal-based blast furnace technology (BF-BOF), a major source of CO2 emissions. With over 100 million tonnes of CO2e emitted annually, the company plays a significant role in accelerating climate change and harming public health.
Insight
CEO: Additya Mittal
HQ: Pétrusse building, Luxembourg City
Annual crude steel production: 57.9 million tonnes in 2024
Number of Employees: As of December 2023- 126,756
Annual Revenue: 62.4 billion USD in 2024
Number of blast furnaces: 32
Number of electric arc furnaces: 28
Climate performance
Despite growing pressure, ArcelorMittal has made little meaningful progress on decarbonisation. Its 2030 targets remain misaligned with the 1.5C pathway, and it still lacks any targets to reduce Scope 3 emissions. Its CO2 intensity per tonne of steel has declined by just 5% since 2018, far below its own 2030 targets of -25% globally and -35% in Europe—and well short of what climate science demands.
Its last Climate Action Report (CAR2) was released in 2021. Promises to release an updated report in 2024 remain unfulfilled, raising serious questions about climate strategy. In the Sustainability Report 2024, published in April 2025, ArcelorMittal announced a significant update on the timeline of deploying these technologies stating that it now expects these decarbonisation technologies would only be commercial in the 2030s, not within this decade.
In 2024, the company also walked back on 2020 plans to adopt hydrogen-based Direct Reduced Iron (H2-DRI) which is critical for cutting emission.
Despite emitting over 100 million tonnes of CO2e annually, ArcelorMittal has yet to make a final investment decision on any major DRI projects in Europe or Canada. Its justification? Uncertainty over policy and technology.
Bottom line: ArcelorMittal’s strategy favors delay over decarbonisation – prioritising profitability for shareholders over climate leadership.
Key Climate Moments Timeline
28 July 2008
ArcelorMittal published its inaugural Corporate Responsibility Report 2007: “Taking Responsibility for Transforming Tomorrow”.
The report detailed significant environmental investments, with 306 million USD allocated to environmental measures and 214 million USD to R&D, particularly in renewable energy.
20 July 2009
ArcelorMittal released its Corporate Responsibility Report 2008: How will we achieve safe sustainable steel?
The report detailed a commitment made to reduce CO2 emissions by 8% by 2020
11 May 2010
ArcelorMittal released its Corporate Responsibility Report 2009: Our Progress towards Safe Sustainable Steel
Reaffirming its commitment to secure an 8% reduction in CO2 emissions by 2020, against a 2007 baseline – equivalent to 170kg reduction per tonne of steel produced.
May 2019
ArcelorMittal Publishes its first Climate Action Report (CAR)
https://corporate-media.arcelormittal.com/media/hs4nmyya/am_climateactionreport_1.pdf
June 2020
ArcelorMittal releases its climate action report in Europe report
https://corporate-media.arcelormittal.com/media/yw1gnzfo/climate-action-in-europe.pdf
July 2021
ArcelorMittal released its Climate Action Report 2 (CAR 2)
https://corporate-media.arcelormittal.com/media/ob3lpdom/car_2.pdf
26 November 2024
ArcelorMittal provided an update on its European decarbonisation plans.
ArcelorMittal announced that it would not take final investment decisions on “hydrogen ready” DRI-EAF facilities in Europe until there is ‘full visibility’ on the policy environment.
17 April 2025
ArcelorMittal publishes its 2024 Sustainability Report.
The report provides an update on the company’s most material sustainability topics, which include safety, decarbonisation, the environment, biodiversity, and people.