Scope, boundaries and methodologies
This review is for all our stakeholders. It brings together the key elements of our financial reporting and our reporting against the 10 outcomes.
This annual review covers ArcelorMittal and its significant operating subsidiaries, excluding joint ventures and associates where we do not have operating control, except for those noted below. A list of these subsidiaries, joint ventures and associates can be found in note 2.3 within our Form 20-F filed with the US Securities and Exchange Commission.
All data is reported for the period from 1 January to 31 December 2015. Our reporting cycle is annual, and the previous annual review and sustainable development report were published in April 2015.
Financial data – basis of presentation
Financial information has been extracted from the consolidated financial statements. The consolidated financial statements have been prepared on a historical cost basis, except for available-for-sale financial assets, derivative financial instruments, biological assets and certain assets and liabilities held for sale, which are measured at fair value less cost to sell, inventories, which are measured at the lower of net realisable value or cost and the financial statements of the Company’s Venezuelan operations, for which hyperinflationary accounting is applied (see note 2.2.2 of our Form 20-F). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and are presented in US dollars with all amounts rounded to the nearest million, except for share and per share data.
Non-financial data – methodologies
The non-financial indicators against which we report are calculated using company guidelines, referred to as the ‘basis of reporting’. This document lays out the methodologies we use to calculate our social and environmental data. The majority of our health, safety and environmental data is disclosed separately for our steel and mining operations. Other data, unless otherwise stated in the basis of reporting document, covers both our steel and mining operations.
In accordance with GRI G4, the boundary of each material aspect has been stated in the GRI index accompanying this report, referring to the stage in the value chain for which it is material.
The boundary of operations that our non-financial data covers is dependent on the materiality of the aspect concerned. For example, our health and safety data reflects all our sites, whereas data on our environmental emissions covers only our industrial operations, since we believe this is where our material impacts lie. More details on the boundary for each outcome are provided in our GRI index and in our basis of reporting document.
Changes to scope and boundaries in 2015
We continue to report against the same GRI indicators as in 2015. In addition, we report our greenhouse gas emissions by scope according to guidelines agreed by the Worldsteel Association.
Our 2015 performance data excludes the following sites from our organisational perimeter from the date on which they were idled: Indiana Harbour long carbon (USA); Georgetown (USA); Point Lisas (Trinidad & Tobago). Kusbass mines (Russia) were excluded following their sale in December 2014.
This review may contain forward-looking statements that represent the expectations, beliefs, plans and objectives of ArcelorMittal’s management regarding its financial and operational performance in 2015 and beyond, and assumptions or judgements based on such performance. Future performance expectations are forward-looking and accordingly involve estimates, assumptions, judgements and uncertainties. A number of factors may cause actual results or outcomes to differ materially from the expectations of our management. These risk factors are set out in the risk section, with further details in the Form 20-F, filed each fiscal year with the US Securities and Exchange Commission.
See our GRI index