ASSESSING THE CREDIBILITY OF ARCELORMITTAL’S DECARBONIZATION STRATEGY

The document argues that ArcelorMittal's current climate strategy is inadequate to limit global warming to 1.5°C, citing a lack of absolute emission targets, a reliance on unproven carbon capture technologies, and a 'two-speed' approach that continues coal-based expansion in the Global South while deploying cleaner tech in Europe.

• ArcelorMittal's carbon intensity is higher than the global steel industry average, emitting 2.08 tonnes of CO2 per tonne of steel in 2020 compared to the global average of 1.83 tonnes.
• The company's climate strategy is deemed incomplete by the Climate Action 100+ (CA100+) benchmark, specifically lacking short-term targets, absolute 2030 targets, and any targets for Scope 3 emissions.
• ArcelorMittal is identified as one of the 25 most influential companies globally blocking climate policy action, with a D+ grade on InfluenceMap's LobbyMap for its obstructive engagement.
• The company is pursuing a 'two-speed decarbonization strategy' where it invests in green hydrogen and electric arc furnaces in Europe while expanding coal-based blast furnace capacity in Brazil, Mexico, and India.
• The 'Smart Carbon' pathway is criticized as potential greenwashing because it relies on carbon capture, utilization and storage (CCUS) and biomass, which the document claims are unsustainable or unproven at scale.
• Financial statements and auditing practices show a lack of climate sensitivity, failing to disclose how material climate-related matters or quantitative assumptions are incorporated.

APA

Rocamora, C. (2023). ASSESSING THE CREDIBILITY OF ARCELORMITTAL’S DECARBONIZATION STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/04/042023_Reclaim_Finance_ArcelorMittal_Investor_Briefing.pdf

Chicago

Rocamora, Cynthia. ASSESSING THE CREDIBILITY OF ARCELORMITTAL’S DECARBONIZATION STRATEGY. Reclaim Finance, 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/04/042023_Reclaim_Finance_ArcelorMittal_Investor_Briefing.pdf.

Wikipedia

{{cite report |last1=Rocamora |first1=Cynthia |title=ASSESSING THE CREDIBILITY OF ARCELORMITTAL’S DECARBONIZATION STRATEGY |publisher=Reclaim Finance |date=April 2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/04/042023_Reclaim_Finance_ArcelorMittal_Investor_Briefing.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rocamora2023assessing, author = {Rocamora, Cynthia}, title = {{ASSESSING THE CREDIBILITY OF ARCELORMITTAL’S DECARBONIZATION STRATEGY}}, institution = {Reclaim Finance}, year = {2023}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/04/042023_Reclaim_Finance_ArcelorMittal_Investor_Briefing.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }