Carbon Dioxide Mentions in Steel Company Annual Reports

The following table shows the number of CO2 and carbon dioxide mentions in the annual reports of seven steel companies (the pdf file “fine” application was used to count the mentions):

 

company	CO2 mentions	carbon dioxide mentions	total CO2 and carbon dioxide mentions	2020 revenues billions usd	revenues per CO2-carbon dioxide mentions
nippon steel	149	1	150	43.6	0.29
tata steel	33	0	33	11.1	0.34
united states steel	13	2	15	9.7	0.65
arcelormittal	67	3	70	53.3	0.76
posco	62	3	65	53.2	0.82
nucor	2	2	4	20.1	5.03
gerdau	1	0	1	9.6	9.60
				average	2.50

The table also shows the 2020 estimated revenues (in billions USD) for each company and a revenue divided by the CO2 plus carbon dioxide total number of mentions ratio.

The number of times CO2 and carbon dioxide appear in steel manufacturers’ annual reports might be a proxy for the companies concerns with respect to their carbon dioxide emissions. Dividing that number ((the annual report number of CO2/carbon dioxide mentions into the company’s revenues (in billions)) gives a revenue per CO2/carbon dioxide mentions ratio. Such a ratio could be useful in evaluating a steel company’s interest in reducing its carbon dioxide emissions, as reflected by how much it writes about CO2 and carbon dioxide in its annual report.

Using these ratios help to compare a company’s concerns about its carbon dioxide emissions regardless of its size (in revenues).  For example, the smaller United States Steel has, proportionately to its size, about the same carbon dioxide emissions concerns (based on CO2/carbon dioxide mentions in the annual reports) as the much larger ArcelorMittal.

This blog is a follow-up to a previous blog I wrote, which provides similar analysis for cement manufacturing companies (click here to read that blog).  Based on the average revenues per CO2-carbon dioxide mentions (0.43 for the cement companies; 2.50 for the steel companies), the cement companies appear to be more concerned about carbon dioxide emissions than the steel companies.