DOCSLIB.ORG

2020-Arcelormittal-Annual-Report.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2020-Arcelormittal-Annual-Report.Pdf Table of Contents Page Page Share capital 183 Management report Additional information Introduction Memorandum and Articles of Association 183 Company overview 3 Material contracts 192 History and development of the Company 3 Exchange controls and other limitations affecting 194 security holders Forward-looking statements 9 Taxation 195 Key transactions and events in 2020 10 Evaluation of disclosure controls and procedures 199 Risk Factors 14 Glossary - definitions, terminology and principal 201 subsidiaries Business overview Chief executive officer and chief financial officer’s 203 Business strategy 35 responsibility statement Research and development 36 Sustainable development 40 Consolidated financial statements 204 Products 54 Consolidated statements of operations 205 Sales and marketing 58 Consolidated statements of other comprehensive 206 Insurance 59 income Intellectual property 59 Consolidated statements of financial position 207 Government regulations 60 Consolidated statements of changes in equity 208 Organizational structure 67 Consolidated statements of cash flows 209 Notes to the consolidated financial statements 210 Properties and capital expenditures Property, plant and equipment 69 Report of the réviseur d’entreprises agréé - 322 consolidated financial statements Capital expenditures 91 Reserves and Resources (iron ore and coal) 93 Operating and financial review Economic conditions 99 Operating results 120 Liquidity and capital resources 132 Disclosures about market risk 137 Contractual obligations 139 Outlook 140 Management and employees Directors and senior management 141 Compensation 148 Corporate governance 164 Employees 173 Shareholders and markets Major shareholders 178 Related party transactions 180 Markets 181 New York Registry Shares 181 Purchases of equity securities by the issuer and 182 affiliated purchasers 3 Management report Introduction Company overview ArcelorMittal is one of the world’s leading integrated steel and mining companies. ArcelorMittal is the largest steel producer in some of which are also for sale commercially outside of the the Americas and Europe, second largest in Africa and the sixth Group. largest steel producer in the CIS region and has a smaller but As a global steel producer, the Company is able to meet the growing presence in Asia. needs of different markets. Steel consumption and product requirements clearly differ between developed markets and developing markets. Steel consumption in developed economies Crude steel 89.8 is weighted towards flat products and a higher value-added mix, production (million tonnes) 71.5 while developing markets utilize a higher proportion of long products and commodity grades. To meet these diverse needs, 57.1 Iron ore production the Company maintains a high degree of product diversification (million tonnes) 58 and seeks opportunities to increase the proportion of higher value-added products in its product mix. Coal production 5.5 (million tonnes) 5 History and development of the Company ArcelorMittal results from the merger in 2007 of its predecessor Steel shipments 84.5 (million tonnes) 69.1 companies Mittal Steel Company N.V. and Arcelor, each of which had grown through acquisitions over many years. Since Sales 70.6 its creation ArcelorMittal has experienced periods of external (billion USD) 53.3 growth as well consolidation and deleveraging (including through divestment). 2019 2020 ArcelorMittal's success is built on its core values of sustainability, quality and leadership and the entrepreneurial boldness that has empowered its emergence as the first truly The Company's key metrics above include the U.S. operations global steel and mining company. Acknowledging that a prior to its sale (see "—Key transactions and events in 2020"): combination of structural issues and macroeconomic conditions will continue to challenge returns in its sector, the Company has U.S. operations adapted its footprint to the new demand realities, redoubled its (in million tonnes) Crude steel Iron ore Coal efforts to control costs and repositioned its operations with a Production 9.93 5.83 1.39 view toward outperforming its competitors. ArcelorMittal’s Shipments 9.14 5.53 1.47 research and development capability is strong and includes ArcelorMittal has steel-making operations in 17 countries on four several major research centers as well as strong academic continents, including 38 integrated and mini-mill steel-making partnerships with universities and other scientific bodies. facilities following the sale of ArcelorMittal USA. As of Against this backdrop, ArcelorMittal's strategy is to leverage four December 31, 2020, ArcelorMittal had approximately 168,000 distinctive attributes that will enable it to capture leading employees. positions in the most attractive areas of the steel industry’s ArcelorMittal produces a broad range of high-quality finished value chain, from mining at one end to distribution and first- and semi-finished steel products ("semis"). Specifically, stage processing at the other: global scale and scope; superior ArcelorMittal produces flat products, including sheet and plate, technical capabilities; a diverse portfolio of steel and related and long products, including bars, rods and structural shapes. It businesses, one of which is mining; and financial capabilities. also produces pipes and tubes for various applications. The Company’s strategy is further detailed under “Business ArcelorMittal sells its products primarily in local markets and to a overview—Business strategy”. diverse range of customers in approximately 160 countries, ArcelorMittal’s steel-making operations have a high degree of including the automotive, appliance, engineering, construction geographic diversification. Approximately 38% of its crude steel and machinery industries. ArcelorMittal’s mining operations was produced in the Americas, approximately 47% was produce various types of mining products including iron ore produced in Europe and approximately 15% was produced in lump, fines, concentrate and sinter feed, as well as coking, PCI other countries, such as Kazakhstan, South Africa and Ukraine and thermal coal for consumption at its steel-making facilities Management report 4 in 2020. In addition, ArcelorMittal’s sales of steel products are in 2020) for the year ended December 31, 2020. Steel spread over both developed and developing markets, which shipments for the year ended December 31, 2020 totaled 69.1 have different consumption characteristics. ArcelorMittal’s million tonnes. ArcelorMittal has significant operations in many mining operations, present in South America, Africa, Europe and countries which are described in "Properties and capital the CIS region, are integrated with its global steel-making expenditures". In addition, many of ArcelorMittal’s operating facilities and are important producers of iron ore and coal in their units have access to developing markets that are expected to own right. experience, over time, above-average growth in steel consumption (such as Central and Eastern Europe, South America, India, Africa, CIS and Southeast Asia). Competitive strengths The Company sells its products in local markets and through a As shown by the following graph, ArcelorMittal has a diversified centralized marketing organization to customers in portfolio of steel and mining products to meet a wide range of approximately 160 countries. ArcelorMittal’s diversified product customer needs across many steel-consuming sectors, offering, together with its distribution network and research and including automotive, appliance, engineering, construction, development (“R&D”) programs, enable it to build strong energy and machinery and via distributors. relationships with customers, which include many of the world’s major automobile and appliance manufacturers. The Company Group sales by market (2020) is a strategic partner to several of the major original equipment manufacturers (“OEMs”) and has the capability to build long- term contractual relationships with them based on early vendor involvement, contributions to global OEM platforms and 11% common value-creation programs. 27% A world-class mining business. ArcelorMittal has a global portfolio of 10 operating units with mines in operation and 14% development and is among the largest iron ore producers in the world. In 2020, ArcelorMittal sourced a large portion of its raw materials from its own mines and facilities including finance 3% leases. The table below reflects ArcelorMittal's self-sufficiency through its mining operations in 2020. 10% Sourced from 19% Millions of own mines/ Other Self- metric tonnes Consumption facilities2 sources sufficiency % Iron ore 89.9 58.1 31.8 65% 16% PCI & coal1 36.4 5.1 31.3 14% Coke 22.0 20.9 1.1 95% Distribution Scrap & DRI 28.6 15.6 13.0 55% Construction Automotive Primary Transformation 1. Includes coal only for the steelmaking process and excludes a small Packaging proportion of weak metallurgical coals for boiler power generation. Other Steel sales* ArcelorMittal's consumption of PCI and coal was 6.75 million tonnes and 29.6 Other sales** million tonnes, respectively, for the year ended December 31, 2020. 2. Assumes 100% consumption of ArcelorMittal's iron ore and coal production. * Other steel sales mainly represent metal processing, machinery, electrical The Company has iron ore mining activities in Brazil, Bosnia, equipment and domestic appliances Canada, Kazakhstan, Liberia, Mexico, Ukraine, the United **Other sales mainly represent mining, chemicals & water,
Load more

Recommended publications
  • Arcelormittal Is Again Counting on the Strengths of the AUMUND Drag Chain Conveyor Type LOUISE São Paulo, Brazil, April 2017
    Press Information ArcelorMittal is again counting on the strengths of the AUMUND Drag Chain Conveyor Type LOUISE São Paulo, Brazil, April 2017 The steel maker ArcelorMittal is building on proven solutions and reliable partners in Brazil. About 20 years ago, a shock-pressure-proof drag chain conveyor was ordered for Brazil from LOUISE Fördertechnik before this company was acquired by AUMUND Fördertechnik GmbH, and now AUMUND has won an order for another drag chain conveyor type LOUISE TKF. The shock-pressure-proof design of its predecessor was no longer required for the new model because of the change in classification of the plant segment. The dispatch of the machine is planned for June 2017. 1998: AUMUND Drag Chain Conveyor, type LOUISE TKF, in ArcelorMittal’s João Monlevade plant in Brazil (photo AUMUND) The earlier model drag chain conveyor was ordered in 1998 by the then Brazilian arm of the Luxemburg steel company Arbed, CSBM, Companhia Siderurgica Belgo Mineira. Arcelor was created by the merger of Aceralia and Usinor and merged with Mittal in 2006 to become ArcelorMittal, the world’s leading steel concern. Press Information Around fifteen years ago, AUMUND Fördertechnik GmbH integrated the products of the LOUISE subsidiary into its own portfolio. This double strand drag chain conveyor with a capacity of 3 kW, a centre distance of 10.4 m and a performance of 25 t/h, will be used for bunker extraction. The previous machine proved its durability in an interesting way. One of the supports of a weighing cell collapsed and caused one side of the silo to subside.
    [Show full text]
  • Biodiversity and Ecosystem Services Scaling up Business Solutions
    business solutions for a sustainable world Biodiversity and ecosystem services scaling up business solutions Company case studies that help achieve global biodiversity targets Contents Scale up, speed up and put the sound up ....... 2 15 PUMA – The Environmental Profi t & Loss Account..........................................................................................................................36 Business, biodiversity and ecosystem 16 Reliance Industries – Converting Wastelands to services in a nutshell ........................................................................... 3 Green Oases ..............................................................................................................40 17 Rio Tinto – Achieving the Goal of Net Positive Impact What are the Aichi Targets? .................................................... 4 on Biodiversity ........................................................................................................42 On the ground business actions ...................................... 6 18 Shell – Corrib Paves the Way – A Response that Bears Re-Peating ...................................................................................................................44 Case Studies ....................................................................................................... 8 19 Suncor Energy – Oil Sands Reclamation 1 ArcelorMittal – Mining in Liberia – Conserving Progress .........................................................................................................................46
    [Show full text]
  • Recovery Underway Annual Report 2010 Arcelormittal Is Well Positioned for Growth
    Recovery underway Annual Report 2010 ArcelorMittal is well positioned for growth. To achieve this, the Group has identifi ed fi ve components for success: People and safety, Capital, Knowledge, Growth and Mining. Global presence ArcelorMittal is the largest steel producer in the Americas, Africa and Europe, and is the second largest producer in the CIS region, with a growing presence in Asia, particularly China. ArcelorMittal has steelmaking operations in 20 countries on four continents, including 65 integrated mini-mill and integrated mini-mill steelmaking facilities. Contents Americas Europe 1 Financial highlights 2 Message from the Chairman and CEO 6 Marketplace analysis 10 Our business 12 5 key components for success: 1 – People and safety 2 – Capital 3 – Knowledge 4 – Growth 5 – Mining 24 Questions for the Group Management Board 28 Board of Directors 30 Senior Management 32 Corporate responsibility 36 Operational review 44 Key Performance Indicators (KPIs) 46 Liquidity 51 Summary of risks and uncertainties 52 Corporate governance Flat Carbon Long Carbon Mining Flat Carbon Poland Poland 62 Share capital • Chorzów • Chorzów Brazil Argentina Brazil Belgium • Dabrowa • Dabrowa 65 Additional information • São Francisco • Villa • Andrade Mines • Charleroi 66 Shareholder information Gornicza Gornicza do Sul Constitución • Serra Azul • Geel • Kraków • Kraków Group structure 68 • Vitória Brazil Canada • Genk • Sosnowiec • Sosnowiec Canada • Cariacica • Mont-Wright • Ghent • Świętochłowice • Warsaw • Huy • Hamilton • João • Port-Cartier • Zdzieszowice
    [Show full text]
  • Order 1 Purchase 2 Sale
    Form to be sent to: ORDER 1 BNP Paribas Securities Services AIRBUS GROUP Securities Department Les Grands Moulins de Pantin 9, rue du Débarcadère 93761 PANTIN CEDEX - FRANCE 2 PURCHASE SALE Tel. : +33 1 57 43 35 00 Fax: +33 1 57 43 01 54 Confirmation of the order dated .… / … / ……. made by phone 3 DD/MM/YYYY I the undersigned, Mr. / Mrs. / Ms. Last name First name(s) (Strike out as appropriate) (For legal persons: name of signatory) (For legal persons: first name of signatory) Company name SIREN (For legal persons) Date and place of at Phone birth (DD/MM/YYYY) (Mandatory) Account number Residing at Town Post code Country Tax address (if different only) give instructions to BNP Paribas Securities Services to transmit the following order: Stock AIRBUS GROUP ISIN Code NL0000235190 Number of shares (In words) (In figures) i1 Type of order At market price Limit order at ________________________ EUR (Specify the maximum purchase price or minimum sale price) Validity of order (maximum end of month): __________________________ Account details to be credited by wire: Name of the account holder Bank’s name Bank address Country Account currency In France: Code Banque Code Guichet Numéro de compte Clé RIB In other countries4: BIC Code IBAN ABA Code BSB Code Bank Code Branch Code Bank account For payment to an account using an IBAN / BIC code, please specify the payment currency in which the account is held: ……………………………… Documents to be supplied for a sale order 5: a Bank Account identity (RIB), Postal Account identity (RIP), Savings Account identity (RICE) or IBAN number for payment by transfer of the proceeds of the sale of shares, after deduction of brokerage fees, taxes and commissions.
    [Show full text]
  • Pump Product Catalog
    Pump Division Pump Product Catalog Experience In Motion Pump Supplier to the World Flowserve is the driving force in the global Product Brands of Distinction industrial pump marketplace. No other pump ACEC™ Centrifugal Pumps company in the world has the depth or breadth of expertise in the successful application of Aldrich™ Pumps pre-engineered, engineered, and special purpose Byron Jackson ® Pumps pumps and systems. Calder™ Energy Recovery Devices Cameron™ Pumps Durco ® Process Pumps Flowserve ® Pumps IDP ® Pumps INNOMAG ® Sealless Pumps Lawrence Pumps ® Niigata Worthington™ Pumps Pacific ® Pumps Pleuger ® Pumps Scienco™ Pumps Sier-Bath ® Rotary Pumps TKL™ Pumps United Centrifugal ® Pumps Western Land Roller™ Irrigation Pumps Wilson-Snyder ® Pumps Worthington ® Pumps 2 Worthington Simpson™ Pumps flowserve.com Pump Designs Flowserve offers a wide range of complementary pump types, built to recognized global standards Committed to the Complete Pump and customer specification. These include: System Life Cycle • Single-stage process • Between bearings single-stage For more than two centuries, Flowserve has • Between bearings multistage served industries requiring solutions that add value and reduce costs throughout the life • Vertical cycle of a pumping system. • Submersible motor • Oil and gas • Positive displacement • Chemical • Nuclear • Power generation • Specialty • Water Available Configurations • General industry Flowserve partners • Sealed and sealless with customers to • Axially and radially split respond to the • Volute and diffuser dynamic business • Close coupled and spacer coupled conditions that • Single and double case affect them and to improve efficiency, maximize throughput and control process quality. Whether customer needs involve on-site technical assistance, equipment upgrades or broader project planning with full turnkey responsibility, Flowserve delivers professional, reliable results.
    [Show full text]
  • Airbus Corporate Jets Wins First Six ACJ Twotwenty Orders
    Airbus Corporate Jets wins first six ACJ TwoTwenty orders #ACJTwoTwenty #ACJ #COMLUX Toulouse, 6 October 2020 - Airbus Corporate Jets has won its first orders for the ACJ TwoTwenty totalling six aircraft following its launch. While Comlux has revealed an order for two aircraft, four further jets were ordered by undisclosed customers. Entry into service of the first ACJ TwoTwenty by Comlux Aviation is targeted for early 2023. The new ACJ TwoTwenty will feature a high end VIP cabin interior, supported by a flexible cabin catalogue, from which Comlux has selected the business and guest lounge as well as a private entertainment space and a private suite, including a bathroom. The cabin, set to “Reimagine your place in the sky...” will be equipped with large full lie flat seats, a US-king size bed, a standing rainshower, a humidifying system for well-being on board and leading edge connectivity. “We are proud to be the launch customer of the Airbus’ newest family member, the ACJ TwoTwenty and the selected partner to outfit the cabin in our completion center in Indianapolis. We have worked jointly with ACJ and shared our long experience in operating and completing all types of aircraft, to allow the new Bizjet to offer more comfort and the latest cabin innovations available in the industry, “ said Richard Gaona, Executive Chairman & CEO Comlux. “Thanks to the unique combination of intercontinental range, comfort, extra space and second-to-none economics, we are convinced the aircraft will be a winner in the business aviation market.” “We are honoured to see our longstanding client Comlux becoming the launch customer of our new ACJ TwoTwenty as well as our cabin completion partner on the programme, “ said Benoit Defforge, President ACJ.
    [Show full text]
  • China Fully Committed to Debt Relief Plans Of
    BUSINESS CHINA DAILY HONG KONG EDITION Friday, October 30, 2020 Airbus to China fully start A350 deliveries committed to from debt relief Tianjin By ZHU WENQIAN [email protected] European aircraft manufac- turer Airbus said on Thursday plans of G20 that it is expected to deliver widebody A350 aircraft from its completion and delivery center Measures to ease burden of poor nations in Tianjin from the first quarter of next year. and boost sustainable development An aerial view shows volunteers posing amid the decorations at the National Exhibition and Con- The Airbus Tianjin widebody vention Center in Shanghai, the venue for the 3rd CIIE. GAO ERQIANG / CHINA DAILY completion and delivery center, By CHEN JIA global fiscal stimulus packages may the company’s first widebody [email protected] have achieved $12 trillion, and the completion and delivery center average deficit ratio is projected to outside Europe, is gradually China is implementing the debt increase by 9 percentage points Livestreaming to enhance value of CIIE shifting its work, including cabin relief plans promoted by the Group from last year. installation and aircraft paint- of 20 to help ease the debt burden of G20 finance ministers and cen- ing, to A350XWB. poor countries and achieve sustain- tral bank governors agreed to By HE WEI in Shanghai taining to say,” he said. fray, amid an army of online influ- “At the beginning, the delivery able development during the novel extend the Debt Service Suspen- [email protected] Apart from introducing new encers. Spectators are also antici- rate of A350 from Tianjin won’t coronavirus epidemic, a senior gov- sion Initiative by six months at a brands and products to the Chi- pated to converse virtually with be too fast, and we plan to gradu- ernment official said.
    [Show full text]
  • The Modern Brazilian Steel Industry
    THE MODERN BRAZILIAN STEEL INDUSTRY By Professor Celso Lafer* *Minister of Foreign Relations Notwithstanding the importance of pioneer initiatives by the first generation of Brazilian industrialists, the foundation and growth of the modern steel industry in Brazil was made, in great part, by the state. Steel symbolized industrialization which, for many decades, was synonymous with progress. The government realized, correctly, that having vast reserves of iron ore, Brazil could aspire to a significant steel industry. And it acted on this belief, creating the industry during the Getúlio Vargas administration and promoting its growth during the decades of 1960 and 1970. The predominantly state model that was necessary at the industry’s inception had some success cases. Without the government’s action in the 1930s and 1940s, Brazil would probably not have developed a robust steel-producing base. During the following decades Brazil positioned itself among the main producers and exporters of steel in the world. The state model came to an end, as happened in other sectors, when the government management crisis brought to the surface unsustainable inefficiencies and weaknesses of the productive segment. During the 1990s the steel sector experienced a great transformation. In three years, between 1991 and 1993, all of the state steel industry was privatized through public bidding, and massive investment began to modernize it. In 1998 alone more funds were invested than the sum of monies invested during the 5-year period 1989-1994. In total, between 1994 and 2000, the new steel mill owners invested US$ 10.2 billion in modernization, upgrading, cost reduction and environmental protection works.
    [Show full text]
  • Core Strengths, Sustainable Returns
    Core strengths, sustainable returns Annual Report 2011 With revenues of $94 billion and crude steel production of 91.9 million tonnes, ArcelorMittal is the world’s leading steel and mining company, with a presence in more than 60 countries. Through our core values of sustainability, quality and leadership, we commit to operating in a responsible way with respect to the health, safety and well-being of our employees, contractors and the communities in which we operate. The theme for this year’s annual report is ‘core strengths, sustainable returns’. We believe consistency is crucial in a fast-changing world. And at the heart of this belief is a consistent strategy that focuses on our five core strengths. By continually focusing on these strengths throughout our operations, ArcelorMittal can deliver sustainable returns. Cover image Port-Cartier, Canada Global presence ArcelorMittal is the world’s leading steel and mining company. With a presence in more than 60 countries, we operate a balanced portfolio of cost competitive steel plants across both the developed and developing world. We are the leader in all the main sectors – automotive, household appliances, packaging and construction. We are also the world’s fourth largest producer of iron ore, with a global portfolio of 16 operating units with mines in operation or development. In 2011, we employed around 261,000 people. Flat Carbon Long Carbon Belgium France Mexico US Algeria Germany Charleroi Basse Indre Lázaro Cárdenas Burns Harbor, IN Annaba Duisburg Ghent Châteauneuf Cleveland, OH
    [Show full text]
  • Hamilton Harbour and Watershed Fisheries Management Plan
    Hamilton Harbour and Watershed Fisheries Management Plan A cooperative resource management plan developed by the Ontario Ministry of Natural Resources and the Royal Botanical Gardens April 7, 2010 Correct citation for this publication: Bowlby, J.N. , K. McCormack, and M.G. Heaton. 2010. Hamilton Harbour and Watershed Fisheries Management Plan. Ontario Ministry of Natural Resources and Royal Botanical Gardens. Hamilton Harbour and Watershed Fisheries Management Plan Executive Summary Introduction The Hamilton Harbour and Watershed Fisheries Management Plan (HHWFMP) provides information about the characteristics of the watershed, the state of fisheries resources, and guidance for the management of fisheries resources in the watershed. The need for the HHWFMP developed directly from successes of the Hamilton Harbour Remedial Action Plan (RAP) to restore water quality and fish habitat in Hamilton Harbour and its watershed. Hamilton Harbour is a large embayment at the western tip of Lake Ontario. The main tributaries of Hamilton Harbour include Spencer Creek, Grindstone Creek, and Red Hill Creek. The Hamilton Harbour watershed, which includes the contributing streams and creeks, covers an area of approximately 500 km2. It encompasses some of the regions most scenic and diverse landscapes: the Niagara Escarpment is a prominent physical feature, and Cootes Paradise is one of the largest and most significant coastal wetlands of Lake Ontario. Water quality in Hamilton Harbour and Cootes Paradise is the most important factor that currently limits the successful restoration of sustainable, self–reproducing native fish community. In 1987, Hamilton Harbour was officially designated as an Area of Concern (AOC) by the International Joint Commission, pursuant to the Great Lakes Water Quality Agreement.
    [Show full text]
  • France Fund A-Euro for Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET FRANCE FUND A-EURO 31 AUGUST 2021
    pro.en.xx.20210831.LU0048579410.pdf France Fund A-Euro For Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET FRANCE FUND A-EURO 31 AUGUST 2021 Strategy Fund Facts Bertrand Puiffe uses an unconstrained approach to portfolio construction, investing in Launch date: 01.10.90 companies based on their merits and not taking into account their prominence in the Portfolio manager: Bertrand Puiffe index. He takes a long-term view that allows him to benefit from market inefficiencies Appointed to fund: 01.09.17 created by the shorter-term time horizon of other investors. Bertrand has a very Years at Fidelity: 15 disciplined investment process based on systematic scoring of companies on Fund size: €64m qualitative and quantitative factors. He typically invests in three types of companies: Number of positions in fund*: 35 turnaround stories, special situations and where the market underestimates how strong, Fund reference currency: Euro (EUR) and for how long, growth can be sustained. Bertrand has a disciplined approach to risk Fund domicile: Luxembourg management at the stock level and during the portfolio construction process. Fund legal structure: SICAV Management company: FIL Investment Management (Luxembourg) S.A. Capital guarantee: No Portfolio Turnover Cost (PTC): 0.02% Portfolio Turnover Rate (PTR): 21.73% *A definition of positions can be found on page 3 of this factsheet in the section titled “How data is calculated and presented.” Objectives & Investment Policy Share Class Facts • The fund aims to provide long-term capital growth with the level of income expected Other share classes may be available. Please refer to the prospectus for more details.
    [Show full text]
  • Case No COMP/M.3334 Œ ARCELOR/ THYSSENKRUPP/ STEEL24-7
    Case No COMP/M.3334 – ARCELOR/ THYSSENKRUPP/ STEEL24-7 Only the English text is available and authentic. REGULATION (EEC) No 4064/89 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 16/02/2004 Also available in the CELEX database Document No 304M3334 Office for Official Publications of the European Communities L-2985 Luxembourg COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 16.02.2004 SG-Greffe(2004) D/200619/200620 In the published version of this decision, PUBLIC VERSION some information has been omitted pursuant to Article 17(2) of Council Regulation (EEC) No 4064/89 concerning non-disclosure of business secrets and MERGER PROCEDURE other confidential information. The omissions are shown thus […]. Where ARTICLE 6(1)(b) DECISION possible the information omitted has been replaced by ranges of figures or a general description. To the notifying parties : Dear Sir/Madam, Subject: Case No COMP/M.3334 Arcelor/Thyssenkrupp/Steel 24-7 Notification of 14 January 2004 pursuant to Article 4 of Council Regulation No 4064/89 1. On January 14, 2004, the Commission received a notification pursuant to Article 4 of Regulation (EEC) No 4064/891 as last amended by Regulation (EC) No 1310/972 (“the Merger Regulation”) of a proposed concentration by which ThyssenKrupp AG (“ThyssenKrupp”) acquires an additional 25% of the share capital in the existing Joint Venture Steel 24-7. After completion of the transaction, ThyssenKrupp and Arcelor SA (“Arcelor”) will each own 50% of the shares in Steel 24-7. The companies will have joint control over Steel 24-7 within the meaning of Article 3(1) (b) of the Merger Regulation.
    [Show full text]