Arcelor's capital increase - Vernimmen

4.6.4 Nickel, ferro-chromium and other ferrous and non-ferrous
materials ........................................ 50
4.6.5 Energy .......................................... 50
4.6.6 Water .......................................... 50
4.7 Regulations—Trade barriers ................................... 50
4.7.1 Anti-dumping and anti-subsidy measures ................... 51
4.7.2 Import quotas ..................................... 54
4.8 Environment ............................................. 54
4.8.1 Environmental regulations ............................ 54
4.8.2 Environmental protection ............................. 55
4.9 Intellectual property ........................................ 57
4.10 Other commitments ........................................ 57
4.10.1 Warranties ....................................... 57
4.10.2 Other commitments ................................. 57
4.11 Disputes ................................................ 57
4.11.1 AK Steel Corporation ............................... 57
4.12 Human resources .......................................... 58
4.12.1 Employees ....................................... 58
4.12.2 Employment policy ................................. 58
4.13 Research and development (R&D) .............................. 59
4.13.1 General R&D policy ................................ 59
4.13.2 R&D objectives .................................... 59
4.13.3 R&D facilities ..................................... 59
4.13.4 Main projects ..................................... 59
4.14 Investment ............................................... 60
4.14.1 The Arcelor Group’s policy ............................ 60
4.14.2 Recent and current investments ......................... 60
4.15 Insurance ............................................... 61
4.16 Property ................................................ 62
4.17 Risk factors .............................................. 63
4.17.1 Commercial and industrial environment ................... 63
4.17.2 Environmental regulations and liability-Non-renewal of
authorisations ..................................... 64
4.17.3 Financial environment ............................... 65
4.17.4 Risks related to the proposed acquisition .................. 65
4.17.5 Risks related to the Offering ........................... 66
CHAPTER 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS .............. 67
5.1 2004 Outlook ............................................. 67
5.2 Critical accounting policies .................................... 67
5.2.1 Business combination—negative goodwill .................. 67
5.2.2 Impairment of tangible fixed assets ...................... 68
5.2.3 Valuation of deferred tax assets ......................... 68
5.2.4 Provisions ........................................ 68
5.3 Results of operations ........................................ 69
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