CMD superman logo.jpg SourceWatch, a project of the Center for Media and Democracy,

depends on donations from people like you!

Click here to make a tax-deductable contribution.

Arcelor-Mittal

From SourceWatch
Jump to: navigation, search

This article is part of the Coal Issues portal on SourceWatch, a project of CoalSwarm and the Center for Media and Democracy. See here for help on adding material to CoalSwarm.

Arcelor-Mittal is a producer of flat carbon steel, long carbon steel and stainless steel; processing, finishing and distribution of steel. It is amongst the world's top 5 producers of iron ore and metallurgical coal, with operations in more than 60 countries. In 2010, the company produced an overall of 68.6 million tonnes of iron ore, and 7.4 million tonnes of coking and thermal coal. As of December 31, 2010, the operating income was $3.6 billion. [1]

In late-August 2011 it was announced that an offer put in by Peabody Energy and ArcelorMittal to purchase Macarthur Coal had been accepted. The purchase price was approximately $5.2 billion. Macarthur is a producer of pulverized coal that is sought after by steel makers. The company was one of the few remaining independent midsize miners in Australia. The deal was subject to approval by U.S. regulators.[2] However in October 2011 ArcelorMittal pulled out from the US$ 5 billion joint bid at the last minute, a decision made as a result of being in debt and no longer has the capacity to allocate capital for a "minority business interest", according to a statement released by the company.[3]

Carbon emissions

ArcelorMittal led the initiative Ultra Low CO2 Steelmaking, backed by the European Union, which is in the roll-out phase. This project aimed to develop a technology which reduces more than 50 per cent of carbon emissions after the implementation of carbon capture and sequestration (CCS). [4]

In the 2011 Greenpeace report on carbon-intensive industrial companies, ArcelorMittal was one of the biggest profiteers after receiving large emissions allowances. It was reported that the excess allowances themselves are likely to overtake Belgium's total annual emissions by 2012. [5]

Active government lobbying by the company in South Africa opposed the proposed carbon tax. In the company's submission to the government, it suggested the carbon tax will "to seriously impact on our profitability if pushed through… [and] undermine our competitiveness against both developing and developed country steel producers, which do not currently confront such a tax burden". [6]

Directors (South Africa)

Accessed November 2011: [7]

Existing Coal Mines

Contact

Web: http://www.mittalsteelsa.com
Web: http://www.arcelormittal.com

Resources and articles

Related Sourcewatch articles

References

  1. ArcelorMittal Annual Report 2010 "ArcelorMittal Annual Report 2010", ArcelorMittal website, accessed November 29, 2011.
  2. "Macarthur Bows to Raised Peabody and Arcelor Bid" Bettina Wessener, New York Times, August 30, 2011.
  3. Energy Global, "ArcelorMittal withdraws form Macarther Coal Bid", Energy Global website, accessed November 24, 2011.
  4. ArcelorMittal Annual Report 2010 "ArcelorMittal Annual Report 2010", ArcelorMittal website, accessed November 29, 2011.
  5. Greenpeace, "Who's holding us back? How carbon-intensive industry is preventing effective climate legislation", Greenpeace website, accessed November 29, 2011.
  6. IOL, [http://www.iol.co.za/business/business-news/carbon-tax-will-hamper-job-plans-say-mines-1.1054069?ot=inmsa.ArticlePrintPageLayout.ot "Carbon tax will hamper job plans, say mines", IOL website, accessed November 29, 2011.
  7. ArcelorMittal South Africa "Directors and Management Profile", ArcelorMittal South Africa website, accessed November 29, 2011.
This article is a stub. You can help by expanding it.