To mark its 10th anniversary of being ArcelorMittal, the steel giant announced the company's global economic contribution of US$700 billion.The company shipped over 890Mt of finished steel products to customers in more than 160 countries and invented more than 250 new steels, having spent US$2.5 billion on research and development.
ArcelorMittal has recycled 250Mt of steel and saved 341Mt of C02 and it's lost time injury frequency rate has decreased from 3.1 to 0.78.
Lakshmi N Mittal, chairman and CEO of ArcelorMittal, speaking of the 2006 merger between Arcelor and Mittal Steel, said, "The logic for the merger was that the combined business would enjoy numerous advantages: geographic and product diversification, reducing volatility; the ability to supply global customers and access high value-added, long-term contracts; leadership in key product segments such as automotive; and access to the lower costs and high growth of emerging markets."
He said that much had changed over the past decade and alluded to tough times for commodity and industrial companies, including steel companies. "But the logic of the merger is as sound today as it was in 2006 and I am convinced it helped us to navigate this highly challenging environment and remain the world's leading steel and mining company," he said.
Mittal believes that the last decade has defined the spirit and culture of ArcelorMittal, showcasing its strength and resilience, knowledge and capability. "We have reshaped our asset base, we have improved our competitiveness, we have improved our safety performance, we have strengthened our balance sheet and we have invested in innovative products for the future," Mittal said.
Mittal said the merger delivered global reach for the company that led to quality consistency globally and close proximity to all customers. It also meant a safer working environment for ArcelorMittal's steelworkers and enabled the company to expand strategically. "For example, through the acquisition of the Calvert downstream operation in Alabama, AM/NS Calvert, or through building the VAMA greenfield plant in China – both of which have expanded our capability to supply the automotive industry, one of our most demanding and important customers," Mittal said.
Looking forward, Mittal said the company remained committed to maintaining its leadership position. He said that steel remained integral to the fabric of modern life and that ArcelorMittal would continue to promote and champion its use.
"Steelmaking is our passion and it is this passion that will continue to drive ArcelorMittal for many years to come," he concluded.