ANNUAL REPORT ARCELOR 2003 - paperJam

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Market informationListingArcelor shares are listed on the Luxembourg StockExchange, on the Premier Marché of Euronext Brussels,on the Premier Marché of Euronext Paris and on thestock exchanges of Madrid, Barcelona, Bilbao andValencia.IndicesArcelor entered the CAC 40 index on November 21,2003, enhancing the visibility and actractivity of thestock for investors and shareholders. Arcelor is also partof the Euronext 100, the FTSEurofirst 80, IBEX 35,LuxX and SBF 120 indices and the socially responsibleFTSE4Good Europe index.Share price evolutionThe initial listing of the Arcelor share was on February 18, 2002. The share prices in euros on Euronext Paris S.A. overthe past 18 months fluctuated as follows:Closing Maximum Minimum Average daily Average dailyaverage closing share closing share volume (number share capitalprice price of shares traded) tradedin EUR thousandsSeptember 2002 11.33 12.50 10.00 1,836,594 21,057October 2002 10.45 11.50 8.40 2,236,569 22,978November 2002 11.63 13.20 10.90 1,790,975 20,737December 2002 12.18 13.21 11.65 1,524,645 18,731January 2003 11.66 12.50 9.80 1,886,828 21,671February 2003 9.54 10.52 8.28 1,658,212 15,690March 2003 8.60 9.22 7.87 1,930,490 16,556April 2003 9.19 10.24 8.00 2,984,678 27,455May 2003 9.65 10.35 9.03 2,014,710 19,548June 2003 9.95 10.43 9.35 1,822,062 18,125July 2003 11.44 12.02 10.04 2,922,214 33,172August 2003 11.71 12.40 11.20 2,284,478 27,034September 2003 11.76 12.48 10.44 2,577,381 30,109October 2003 11.44 12.27 10.29 2,668,723 30,386November 2003 13.01 13.70 12.13 4,427,826 58,180December 2003 13.46 13.82 13.06 2,608,444 35,092January 2004 14.20 14.99 13.45 3,097,831 44,138February 2004 14.64 15.26 14.11 3,854,355 56,71034ANNUAL REPORT ARCELOR 2003
Share price evolution between February 18, 2002 and February 27, 2004Index 100=February 18, 20021251007550ArcelorCAC 40MSCI Metalsand MiningEurostoxx5002/02 04/02 06/02 08/02 10/02 12/02 02/03 04/03 06/03 08/03 10/03 12/03 02/04general information > market informationOther securities providing access to capitalMarket for Arcelor securities – evolution of the trading prices of Arcelor bonds (O.C.E.A.N.E.)Average quarterly trading price (in euros) O.C.E.A.N.E. 2005 O.C.E.A.N.E. 2006 O.C.E.A.N.E. 2017June - August 2002 20.18 14.87 18.66September - November 2002 20.06 14.13 18.30December 2002 - February 2003 20.15 13.57 18.97March - May 2003 20.03 13.97 18.74June - August 2003 20.52 14.57 19.63September - November 2003 20.71 14.95 19.95December 2003 - February 2004 20.60 15.06 20.61ANNUAL REPORT ARCELOR 2003 35
Page 1: ANNUAL REPORT ARCELOR 2003ANNUAL RE
Page 4 and 5: Message from the Chairman ofthe Boa
Page 6 and 7: Message from the Chairman ofthe Man
Page 8 and 9: Does this mean that the Group is en
Page 10 and 11: 8ANNUAL REPORT ARCELOR 2003
Page 12 and 13: Portrait of the GroupArcelor was bo
Page 14 and 15: The Arcelor/Nippon Steel Corporatio
Page 16 and 17: Key Figures for 2003Revenues (1) Re
Page 18 and 19: 2003 highlightsOn January 24, 2003,
Page 20 and 21: Corporate GovernanceBoard of Direct
Page 22 and 23: Report of the Chairman of the Board
Page 24 and 25: Role and authority of the Board of
Page 26 and 27: 4.2. The Audit Committee andthe App
Page 28 and 29: AuthorityThe powers of the Manageme
Page 30 and 31: B. Internal Control Procedures1. GO
Page 32 and 33: 3.3. Internal control procedures go
Page 34 and 35: Information regarding capital, mark
Page 38 and 39: Information policyArcelor intends t
Page 42 and 43: table of contents >Flat Carbon Stee
Page 44 and 45: Within this context, and in order t
Page 46 and 47: 3.3. Packaging steelsThe packaging
Page 48 and 49: table of contents >Long Carbon Stee
Page 50 and 51: 3. THE SECTOR’S PRODUCTS ANDMARKE
Page 52 and 53: table of contents >Stainless Steels
Page 54 and 55: The distribution of the UGINE & ALZ
Page 56 and 57: The adaptation plan - industrial re
Page 58 and 59: table of contents >Distribution-Pro
Page 60 and 61: 2. ORGANISATION OF THE SECTORThe ye
Page 62 and 63: Other ActivitiesThe “Other Activi
Page 66 and 67: Group Consolidated Management Repor
Page 68 and 69: Trends in global crude steel produc
Page 70 and 71: Financial highlights for the GroupI
Page 72 and 73: Return on capital employed (ROCE) b
Page 74 and 75: BUSINESS BY SECTORFlat Carbon Steel
Page 76 and 77: Even though shipments in 2003 in th
Page 78 and 79: From a financial standpoint, and ex
Page 80 and 81: The Trading and Distribution busine
Page 82 and 83: - in September 2003, the sale of th
Page 84 and 85: The market tightness provoked by th
Page 86 and 87:
Risk ManagementGeneral legal risks
Page 88 and 89:
Group purchasing performanceIn addi
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88ANNUAL REPORT ARCELOR 2003
Page 92 and 93:
Implementation of the Sustainable D
Page 94 and 95:
Arcelor’s principles Principal ac
Page 96 and 97:
Organisation of Sustainable Develop
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indicators 2002 2003Principle 4 - O
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Group profitabilityObjectives• Av
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Arcelor Health and Safety policyArc
Page 104 and 105:
Safety certificationsSeveral Arcelo
Page 106 and 107:
Arcelor Environmental PolicyArcelor
Page 108 and 109:
Implementation of a monitoring plan
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Dialogue with all stakeholdersObjec
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Dialogue with societyArcelor partic
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Development of individual interview
Page 116 and 117:
Scientific CouncilChairman:• Marc
Page 118 and 119:
Corporate governanceObjectives• E
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SponsorshipEvery year, the various
Page 122 and 123:
Durability: Manufacturers are now a
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GENERAL INFORMATION ABOUTARCELORCor
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Cold-rolled flat products: In 2001,
Page 130 and 131:
Safeguard clause• United States:
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Page 134 and 135:
Consolidated financial statementsof
Page 136 and 137:
CONSOLIDATED CASH FLOW STATEMENTIn
Page 138 and 139:
NOTES TO THE CONSOLIDATED FINANCIAL
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Assets intended to be disposed of o
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AmortisationAmortisation is recogni
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13) EquityRepurchase of share capit
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18) Other provisionsA provision is
Page 148 and 149:
The major changes in the consolidat
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NOTE 4 - INTANGIBLE ASSETSGoodwill
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NOTE 5 - PROPERTY, PLANT AND EQUIPM
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NOTE 7 - OTHER INVESTMENTSThe main
Page 156 and 157:
NOTE 13 - EQUITY13.1 Issued capital
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NOTE 15 - MINORITY INTERESTSIn the
Page 160 and 161:
16.6 Detail of main individual long
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17.2.2 Additional pension plansFran
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17.2.3 Leaving indemnities (continu
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18.2 Early retirement plansAn actua
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NOTE 22 - NET FINANCING RESULTIn EU
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NOTE 24 - RELATED PARTY DISCLOSURES
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The portfolio of financial instrume
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NOTE 26 - COMMITMENTS GIVEN AND REC
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27.1 Breakdown by activity (continu
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27.2 Geographical breakdown(Figures
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NOTE 29 - RECONCILIATION OF THE ARC
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Company name Consolidation Country
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Audit31, Allée Scheffer Telephone
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Annual accounts Arcelor S.A.ANNUAL
Page 196 and 197:
INCOME STATEMENT FROM JANUARY 1 TO
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NOTE 3 - STATEMENT OF TANGIBLE FIXE
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NOTE 8 - PROVISIONS FOR LIABILITIES
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NOTE 14 - DIRECTORS’ REMUNERATION
Page 204 and 205:
Arcelor Ordinary General Meeting on
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GlossaryAnnealing:The heat treatmen
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How steel is made?a 3-stage process
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Arcelor’s main steel-manufacturin
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NOTES210ANNUAL REPORT ARCELOR 2003
Page 214:
Concept and realization133, avenue
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