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Annual and Sustainability Report 02 Lkab Annual and Sustainability Report 2020 Our Journey Towards a Carbon-Free Future

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Annual and Sustainability Report 02 Lkab Annual and Sustainability Report 2020 Our Journey Towards a Carbon-Free Future 2020 ANNUAL AND SUSTAINABILITY REPORT 02 LKAB ANNUAL AND SUSTAINABILITY REPORT 2020 OUR JOURNEY TOWARDS A CARBON-FREE FUTURE % -84% -14 Steel produced with LKAB’s Carbon emissions reduced pellets contributes to 14 percent by 84 percent from 1960 to lower carbon emissions than ON THE WAY today’s pellet production the European average TO ZERO EMISSIONS CO2 The first iron ore producer to measure and report its carbon footprint CONTENTS INTRODUCTION OUR IMPACT IN-DEPTH SUSTAINABILITY INFORMATION This is LKAB 2 Responsibility for our impact 40 Notes to the sustainability report 123 The year in brief 4 Acting ethically and responsibly 41 Reporting principles and Comments by the President and CEO 6 Suppliers and purchasing 42 GRI/COP Index 142 Innovative environmental work 44 Auditor’s Limited Assurance GOALS AND STRATEGY Environmental impact Report on the Sustainability Report 144 Goals for sustainable development 10 and resource consumption 46 Drivers of industrial transformation 12 FURTHER INFORMATION Strategy for the LKAB of the future 14 RISKS AND RISK MANAGEMENT 48 Mineral resources and mineral The pace of transformation 16 reserves 145 How we create value 18 FINANCING 55 Ten-year overview 150 Terms and definitions 151 OUR OPERATIONS CORPORATE GOVERNANCE Annual General Meeting, financial Iron Ore business area 20 Comments by the Chairman of the Board 56 calendar and contact information 152 Special Products business area 30 Corporate governance report 57 Board of Directors 64 EMPLOYEES 36 Executive management team 66 FINANCIAL RESULTS Group overview 68 Financial statements 72 Administration report pages: Notes 81 4–5, 10–13, 18–19, 20–33, 36–70 and 118. The Board’s attestation 118 Sustainability report pages: Auditor’s report 119 10–13, 18–19, 36–54 and 123–143. ABOUT LKAB’S ANNUAL AND SUSTAINABILITY REPORT 2020 The Board of Directors and the President hereby submit the statements that make up the statutory part of the ability work in accordance with Global Reporting annual and sustainability report for Luossavaara-Kiirunavaara annual report. A statutory sustainability report Initiative (GRI) Standards at the Core level. The AB (publ), corporate identity number 556001-5835, domiciled has been prepared as part of the administration scope of sustainability reporting is defined on in Luleå, for the calendar year 2020. LKAB is a limited liability report, in accordance with Chapter 6 of the pages 142–143. company that is wholly owned by the Swedish state. The annual Swedish Annual Accounts Act, and can be found report is integrated, meaning that the description of operations – on pages 10–13, 18–19 and 36–54. A corporate The English version of this report is a translation including our sustain ability work and corporate governance – is governance report has been prepared as part of of the Swedish original version. In case of discrep- reported together with the administration report and financial the administration report. LKAB reports its sustain- ancies, the Swedish version shall prevail. OUR JOURNEY TOWARDS A CARBON-FREE FUTURE 2027 2035 Industrial park for New global standard for extracting critical minerals mining operations – carbon-free, from mine waste digitalised and autonomous 2020 2030 LKAB adopts a new First industrialised strategy to achieve sponge iron plant carbon-free processes in production and products The world is facing a challenge caused by emissions that have characterised development OUR JOURNEY TOWARDS A CARBON-FREE FUTURE in recent decades. The iron and steel industry accounts for a quarter of total carbon emissions from industry worldwide. At the same time, demand for steel is expected to increase by almost 50 percent by 2050. We provide the world with tomorrow’s resources and are setting a new world standard for the iron and steel industry of the future. With environ- mental consideration, the highest business ethics, digitalisation and innovation, LKAB will assume 2045+ a leading role in the transformation of our own LKAB’s processes and industry, and over time, create a sustainable future. products are carbon-free We contribute to vibrant communities with growth and prosperity today and for coming generations. LKAB ANNUAL AND SUSTAINABILITY REPORT 2020 1 THIS IS LKAB EUROPE’S LEADING MINING AND MINERALS GROUP LKAB is an international group offering sustainable iron ore, minerals and special products. Products that end up in such things as telephones, cars, bridges and homes, making life easier for millions of people. IRON ORE FOR THE STEEL INDUSTRY In LKAB’s mines in northern Sweden more than 130,000 tonnes of iron ore are mined every day. The crude ore is then upgraded into climate-efficient iron ore products that are used in steelmaking. The products are supplied to customers mainly in Europe, the Middle East and North Africa. Deliveries are also made to other parts of the world. LKAB’s products offer a cleaner value chain for steelmaking. Steel made only with LKAB’s pellets results in 14 percent lower carbon emissions compared with steel produced at an average sinter-based European steelworks. EXPLORATION MINING PROCESSING LOGISTICS SEK 33.9 bn CIRCULAR ECONOMY AND Net sales in 2020 GREATER RESOURCE UTILISATION Iron and steel are society’s most recycled construction materials. Around a third of the world’s steel production is based on recycling and scrap-based processes. The iron and steel industry is working to develop processes and products centred 4,500 on resource efficiency and reduced emissions, in order to conserve our shared resources for future generations. LKAB is driving the global transformation of the The average number of employees is approximately 4,500 iron and steel industry together with customers and suppliers. Read more on pages 12–17 Sustainable mining and materials efficiency also mean utilising as much as possible of the material mined: the mine waste from upgrading the ore, residual products from other industrial processes and on through to the decommissioning of products that contain minerals. 12 Read more on pages 30–35 Operations in twelve countries 2 THIS IS LKAB USE Discovering how to mine ore and make iron was one of humanity’s great technological breakthroughs. Today iron ore production is largely used for steelmaking, and a large share of the finished steel products are then further processed by the engineering industry into end products. Iron and steel are thus all around us in our daily lives: from kitchen knives and cars to mobile phone masts, wind turbines, railways, bridges and buildings. INDUSTRIAL MINERALS PRODUCTS AND SERVICES LKAB’s core business is supplemented by a growing LKAB develops and produces technology and products industrial minerals portfolio, where the focus is on of strategic importance for its own operations, such as extracting critical minerals from mine waste. In today’s explosives, concrete, mechanical appliances and drilling society some form of mineral is used in most products technology. These products and services also create and industrial processes. value and are sold on an external market. LKAB ANNUAL AND SUSTAINABILITY REPORT 2020 3 THE YEAR IN BRIEF 2020 IN BRIEF OVERVIEW AND KEY FINANCIAL RATIOS NON-FINANCIAL KEY RATIOS 2020 2019 2020 2019 2020 2019 Net sales, MSEK 33,914 31,260 Capital expenditure on property, Carbon dioxide emissions, plant and equipment, MSEK 2,763 2,373 kg per tonne of product 25.0 25.8 Operating profit, MSEK 11,654 11,788 Operating cash flow, MSEK 6,038 6,981 Energy intensity, Costs for urban transformation kWh per tonne of product 1593 158 provisions, MSEK -1,396 -1,441 Return on equity, % 20.8 24.2 Accident rate 6.3 6.8 Net financial income/expense, MSEK 797 1,136 Net debt/equity ratio, % -3.0 -0.91 Number of permanent Profit/loss before tax, MSEK 12,452 12,924 Dividend to owner2, MSEK 5,850 6,104 employees at year-end 4,555 4,349 Profit/loss for the year, MSEK 9,757 10,173 Percentage of women among permanent employees, % 24.7 23.8 1 Calculation of the net debt/equity ratio was changed in 2020, see Note 42. 2 The dividend proposed by the Board of Directors will be put to the Annual General Meeting for approval on 22 April 2021. 3 Energy intensity for 2020 has been updated since the Year-End Report for 2020. NET SALES AND OPERATING PROFIT MSEK MSEK 35,000 30,000 25,000 33,914 20,000 Net sales (+8%) 15,000 10,000 5,000 0 -5,000 Net sales MSEK Net sales 2020 -10,000 11,654 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Operating profit/loss Operating profit (-1%) KEY EVENTS IN 2020 • New long-term strategy to achieve • The world’s first pilot facility for carbon-free processes and products by production of fossil-free sponge iron 2045 presented, including transitioning was commissioned as part of the 28.5 Mt to become a producer of carbon-free HYBRIT initiative. sponge iron in the future. Delivered iron ore • LKAB expanded its ambition where products (+14%) • The coronavirus pandemic called for technology for extracting mining waste flexibility in the operations, which were is being developed to include the mainly affected by a slowdown in the production of inputs, such as hydrogen, European steel industry and the need and electrified processes, which could to extend maintenance shutdowns. eliminate carbon emissions from the process almost entirely. • A seismic event on 18 May caused 27.1 Mt extensive damage in the Kiruna mine. • LKAB actively supported local businesses Produced iron ore Nobody was injured, but production of in Kiruna and Gällivare in connection with products (-1%) crushed ore from the mine was affected Covid-19 and LKAB Fastigheter halved during the rest of the year. rents for commercial tenants.
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