ArcelorMittal’s AGM: Shareholders must vote against coal-based steel

Reclaim Finance argues that ArcelorMittal is hindering the transition from coal by investing in new and existing blast furnaces, including a joint venture in India with Nippon Steel. The organization highlights that less than half of the company's decarbonization projects can produce steel without fossil fuels and notes that the company's Head of European Operations has described green hydrogen as too expensive despite receiving subsidies. Reclaim Finance calls on shareholders to hold the board and management accountable by integrating climate considerations into strategic routine votes, such as director re-election and remuneration, to oppose metallurgical coal-based activities.

• ArcelorMittal continues to rely on coal for steel production by extending the life of existing blast furnaces and investing in new coal-fired ones, specifically through a joint venture with Nippon Steel in India.
• An analysis by the Australasian Centre for Corporate Responsibility (ACCR) indicates that fewer than 50% of ArcelorMittal's decarbonization projects are capable of producing steel without the use of fossil fuels, with some relying on unproven carbon capture, utilisation and storage (CCUS) technologies.
• Despite receiving significant subsidies in Europe for green hydrogen technology, ArcelorMittal's Head of European Operations stated in February 2024 that the technology is too costly for use in the company's European mills.
• ArcelorMittal's climate strategy is criticized for a lack of detail regarding how its planned $10 billion investment for 2030 decarbonization targets will be allocated across different decarbonization levers.
• Reclaim Finance advises shareholders to use the 2024 AGM to sanction the board and executive management for fossil-fuel-based plans by voting against strategic routine resolutions, including director re-election, board discharge, and remuneration.

APA

Martin, L. (2024). ArcelorMittal’s AGM: Shareholders must vote against coal-based steel. Reclaim Finance. https://reclaimfinance.org/site/en/2024/04/11/arcelormittals-agm-shareholders-must-vote-against-coal-based-steel/

Chicago

Martin, Léo. ArcelorMittal’s AGM: Shareholders must vote against coal-based steel. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/04/11/arcelormittals-agm-shareholders-must-vote-against-coal-based-steel/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=ArcelorMittal’s AGM: Shareholders must vote against coal-based steel |publisher=Reclaim Finance |date=11 April 2024 |url=https://reclaimfinance.org/site/en/2024/04/11/arcelormittals-agm-shareholders-must-vote-against-coal-based-steel/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024arcelormittals, author = {Martin, Léo}, title = {{ArcelorMittal’s AGM: Shareholders must vote against coal-based steel}}, publisher = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/en/2024/04/11/arcelormittals-agm-shareholders-must-vote-against-coal-based-steel/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }