Each of our 10 sustainable development outcomes are important; they each focus on a specific area of our business and outline what we need to do to improve and demonstrate our social, environmental and economic impact in that area. I would say the same for outcome 10, but to me, this outcome is the one that knits our approach to sustainable development together. We could excel in each of the other nine outcomes, but if we don't bring this together, share this information and report on it accurately and effectively we will never achieve our overall sustainability objectives. That is where outcome 10 comes in - effectively, accurately and thoroughly measuring and sharing information with all our stakeholders in an open, honest and transparent manner.
We live in a world where businesses are held accountable for the value they bring to stakeholders. And value is no longer measured in purely financial terms - shareholders are clearly important, but they are just one part of our stakeholder matrix. Areas such as employment creation, both direct and indirectly in our supply chain, environmental impact and economic contributions through financial payments to governments, in tax and royalties, to our workforce, in salaries, and to suppliers, for goods and services provided, all bring value.
Therefore, we need to be increasingly sophisticated in what we measure, how we report and share information with all of our stakeholders.
ArcelorMittal South Africa has already taken a major step in this regard, producing the 'Factor Report' for the first time in 2014, which outlined the value it brings to society as a whole. It's advanced not just because it moves away from traditional annual financial reporting, but also because of its honesty and transparency. It didn't just cover the areas in which they are excelling, but also highlighted those areas where there is scope for improvement.
Within our global operations, ArcelorMittal South Africa is leading the way on this particular outcome and I would encourage you to find the time to view the report here as it provides a strong example of what we need to do in every country in which we operate in order to move towards successfully delivering this outcome.
If we could replicate the approach - and that is very much our intention - that has been taken in South Africa globally, it would place us in a very strong position as it would qualify and quantify the multitude of benefits a business of our scope and scale brings to our stakeholders, and society as a whole.
Of equal importance, it would also highlight those areas in which there is scope for improvement, and provide us with a clear roadmap on what we need to do, and where, in order to successfully deliver all of our sustainable development outcomes.
In addition to the Factor Report, South Africa is also leading the way within our business in terms of integrated reporting. Integrated reporting is a growing trend that blends traditional annual reporting, which highlights business performance and financial results, with sustainability reporting, which looks at social and environmental trends and explores the challenges, opportunities and threats that they bring to business. It is something which we are looking closely at group level and I would anticipate progress in this area in the near future.
ArcelorMittal is a genuinely global, world-class business. The size, scope and scale of our operations bring great advantages, but also great challenges, and none more so than in sustainability. We have made impressive progress in this area in the recent past, but in reality, I believe that we are only at the start of our journey. I am very confident that we are heading in the right direction, but it is clear that we have much more work to do before I, and our senior leadership team, are satisfied.
I have thoroughly enjoyed producing this blog series. The intention was to provide an insight into the company's approach to sustainability, give a flavour of what we feel we are doing well but also highlight those areas where we have to improve, and outline the steps we are taking to make sure that happens. I hope it has achieved those objectives.
Finally, our sustainability journey is constantly evolving and, in the spirit of outcome 10, it is essential that we continue to communicate the work the company is undertaking in this field and share the progress we are making. This is something I will do, on this platform, later this year.
By Alan Knight, general manager, corporate responsibility, ArcelorMittal
To learn more about ArcelorMittal's approach to, and progress in, sustainable development:
> Read about the how we play our part in ArcelorMittal's 2014 sustainability report
> Catch up the other previous blogs from this series here