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ArcelorMittal Evaluates Empowerment Program in South Africa
09/22/2008 - ArcelorMittal confirms that it is contemplating a transaction involving the introduction of black economic empowerment into ArcelorMittal South Africa.
ArcelorMittal has confirmed that it is currently contemplating a transaction involving the introduction of black economic empowerment into ArcelorMittal South Africa.
Black economic empowerment, a program launched by the South African government to address inequities of apartheid, can include such areas as skills development, employment equity, ownership, socio-economic development, and management.
Black economic empowerment, a program launched by the South African government to address inequities of apartheid, can include such areas as skills development, employment equity, ownership, socio-economic development, and management.
The company noted that there is no guarantee that such a transaction would be forthcoming, and that it would provide updates if and when appropriate.
ArcelorMittal is the world's largest steel company, with over 320,000 employees in more than 60 countries. The company leads a number of major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers the key steel markets, from emerging to mature. In 2007 ArcelorMittal had revenues of USD 105.2 billion and crude steel production of 116 million tonnes, representing around 10% of world steel output.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and well-being of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognizes that it has a significant responsibility to tackle the global climate change challenge: it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
