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14.71 USD   -0.44%
01/24Deutsche Bank Adjusts Constellium Price Target to $17 From $12.50, Maintains Buy Rating
01/10Constellium to Supply Daher With Aluminum
01/10Constellium signs a multi-year agreement to supply Daher
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Constellium : Business and Sustainability Performance Report 2020

03/19/2021 | 04:58am EST




our Resilience



04 CEO Interview

40 Sustainability Highlights

70 Financial Statements

07 A Global Sector Leader

42 Assessing Material

74 Sustainability Performance

08 Creating Value Throughout

Sustainability Risks

82 GRI

the Lifecycle of Aluminium

44 Staying One Step Ahead of Market

88 Memberships

10 CFO Interview

Regulatory Changes

89 Report of the Independent Third Party

11 Business Units

45 Adjusting Our Targets and Defining

12 Pursuing a Comprehensive Strategy

Future Perspectives

13 Our Values

46 Our Sustainability Targets for 2021

16 Governance

47 Analyzing Environmental Impacts

22 Focusing on Environment, Health,

with Life Cycle Assessments

and Safety (EHS)

48 Developing Products

24 Manufacturing Excellence

with Envrionmental Benefits

50 Championing Recycling

52 Prioritizing Customer Satisfaction


54 Attracting, Engaging, and Retaining


the Best People

56 Gender Diversity

28 Packaging

58 Supporting Our Local Communities

30 Automotive

59 Respecting Human Rights

34 Aerospace

61 Limiting Landfilled Waste

36 Transportation, Industry, and Defense

62 Curtailing Energy Use

and Greenhouse Gas Emissions

65 Minimizing Air Emissions

and Managing Water

66 Insisting Upon Sustainable


68 Actively Supporting the Aluminium

Stewardship Initiative

Constellium's non-financial performance statement ("déclaration de performance extra-financière"), in-cluded in this report (as specified on page 74), was verified by an independent third party, Pricewaterhouse-Coopers Audit. PricewaterhouseCoopers Audit verified compliance of our statement with the provisions of the French Commercial Code (article R. 225-105), along with the fairness of the information provided in our state-ment, such as key performance indicators and measures taken to address risks (article R. 225-105 I, 3, and II of the French Commercial Code). The work of PricewaterhouseCoopers Audit was performed in accordance with the provisions of articles A. 225-1 et seq. of the French Commercial Code, determining the conditions under which an independent third party performs its engagement, and with the professional guidance of the French Institute of Statutory Auditors ("CNCC") applicable to such engagements, as well as with ISAE 3000 assurance engagements other than audits or reviews of historical financial information. The verification report of PricewaterhouseCoo- pers Audit (included on page 89 of this report) describes in detail the verification work performed.

The world has gone through a year of acute challenges, with a global pandemic and an economic downturn. The crisis fundamentally changed the way we live and work, the expectations of customers, and society at large.



Aluminium is a remarkably resilient and malleable material, adapting itself to an infinite variety of needs. Over the past year, Constellium has proven itself to be resilient and adaptable, too. Our people have shown what they are made of, and taken strength from our core values. Together, we have developed short-term and long-term strategies to mitigate the crisis' effects, remained open to new opportunities, and continued building the company of tomorrow on today's solid foundations.


Jean-Marc Germain, Chief Executive Ocer

How did Constellium manage through the Covid-19 crisis?

I am very proud of how Constellium handled this unprecedented challenge. We have demonstrated our resilience and resource-fulness as our business has gone through incredibly disruptive times.

Our first focus was the safety of our employees, their families, and our com-munities. Constellium's teams rolled out

"Thanks to the dedication of our employees, our sites never stopped production throughout the crisis."

a stringent set of required safety procedures, including wearing masks, dividing and disin-fecting work areas, enforcing social distancing, and distributing regular best practice updates.

We continue to strive to provide our employees with the safest possible work environment.

We were also committed to meeting the demand of our customers. This was critical, as we supply essential industries such as the food and bever-age, transportation, and healthcare industries. Thanks to the dedication of our employees, our sites never stopped production throughout the crisis, unless our own customers did.

In these uncertain times, we tried to stay ahead of the crisis. We developed business continuity plans as early as February to secure our operations, and we made sure to maintain a strong financial position. As a result, our team was in a position to react quickly at the early stages of the pandemic by aggressively cutting costs, reducing capital expenditures, and significantly increasing our liquidity. Out of an abundance of caution, we secured several State-sponsored loans in Europe. We were able to remain solidly Free Cash Flow positive for the second consecutive year. We unfortunately had to reduce our workforce but strived to preserve jobs as much as possible.

Overall, I believe that this crisis brought out the best of Constellium. Our employeesdemonstrated courage and commitment, served our customers and ensured continuity of our business. The road to normalcy is still long and bumpy, but we managed to build a stronger, more resilient Constellium to face the challenges and seize the opportunities that may come.

Did the crisis change your priorities in terms of sustainability?

Sustainability is part of the bedrock of our busi-ness and our strategy, which was only strength- ened as a result of the crisis. We must create value for our shareholders and we must be sustainable-value creation and sustainability are intrinsically linked for our long term and our short term growth. Our sustainability commit-ment and initiatives respond to our customers' and society's demands for sustainable products and solutions. Our goal is to minimize our impact on the environment. As one important step in our efforts against climate change, we have committed to cut greenhouse gas emissions by 25% in 2025 vs. 2015, per ton of aluminium sold, by reducing our energy consumption and improving our energy mix towards renewables. In February 2021, we demonstrated our com-mitment by issuing a "green bond" linked to

We have also made good progress on other targets. Safety remains our number one priority, and we reduced our Recordable Case Rate(1) again in 2020, achieving our lowest Recordable Injury Rate ever. We met our target for landfilled production waste, with a 33% reduction versus 2015, thanks to the successful implementation of recycling programs, especially in the U.S. I'm impressed by the progress made by all our sites worldwide. We started a diversity, equity, and inclusion (DEI) program and continued our community engagement initiatives worldwide. Our commitment and progress have been recognized. In June, Constellium received a Platinum rating from EcoVadis, the agency's highest rating, which positions us in the top 1% of companies assessed worldwide. We improved our CDP rating to B and kept our AA ranking from MSCI. We achieved Aluminium Stewardship Initiative (ASI) certifications for our Singen and Neuf-Brisach plants, as well as for our downstream operations in Dahenfeld and Gottmadingen, allowing us to provide independently certified sustainable products to our customers. Constellium is in the fortunate position of benefitting from the inherent attributes of aluminium, a light but strong metal that is fully and easily recyclable.

our recycling capacity and to our CO2 emission reduction targets, and we are proud to be a pio-neer in the metals sector.

Unfortunately, the unforeseen consequences of the Covid-19 crisis prevented us from reaching our energy efficiency targets for 2020, which is why we decided to maintain the same targets for 2021. We will continue to develop a multi-pronged approach to get back on track.

These advantages can be seen in our daily lives. Aluminium cans, the world's most recycled beverage container, are far and away the preferred package for new product launches, with shop shelves full of canned craft beers, teas, and seltzers. Electric vehicles, which have high aluminium intensity to increase range, are becoming increasingly common on the roads.

With the growing societal focus on reducing emissions, aluminium will play a critical role in lightweighting the transportation industry, whether automobiles, planes, trains, or trucks. Sustainability will be a key topic over the nextdecade and we want to continue to be a leader. Our Environmental, Social, and Governance (ESG) strategy and roadmap for 2030 are taking shape, with initiatives to include offering additional responsible products, increasing recycling, and reducing emissions and waste. I believe that this is an opportunity not only to meet societal expectations and play our part in the fight against climate change, but also to add more value for our customers, our business, and our shareholders.

The packaging market has always been resilient. Has it also become a growth market?

Yes, the packaging market is an exciting growth market with long-term, secular growth tailwinds. This is quite a change for this market, as companies and consumers understand more and more the sustainability benefits of the aluminium beverage can. Market growth is being driven by the end consumer, as recycling and reducing plastic waste become societal priorities. The aluminium can has incredible inherent advantages, including being infinitely recyclable, and will stand out as the preferred packaging material.

Our customers have announced significant investments in new can lines, which should drive incremental demand for cansheet in the years to come. We are committed to helping our customers deliver on this secular growth. For example, our plant at Muscle Shoals produced record cansheet volume in 2020, and we expect to deliver on further debottlenecking opportunities in the coming years.

Do you continue to see growth for the automotive market?

Automotive continues to offer great opportu-nities for the aluminium industry.The automotive market will need to continue to lightweight to meet regulations aimed at increasing fuel efficiency and reducing emissions. Hybrid and electric vehicles are increasing their share of the fleet. These vehicles are aluminium intensive, given the importance of lightweighting to

(1) Our Recordable Case Rate measures the number of fatalities, serious injuries, lost-time injuries, restricted work injuries, or medical treatments per one million hours worked, including by our contractors.

" We protected our employees, served our customers, and ensured the continuity of our business."

achieve their range objectives.

Our unique footprint in both auto sheet and extrusions provides a strong base to benefit from the industry's shift to aluminium.

How do you see the future of the aerospace market?

Aerospace is a difficult market right now with the continuing effects of the Covid-19 pandemic. Aerospace OEMs have reduced build rates and the supply chain is destock- ing. We expect these effects will last at least through the first half of 2021. However, there are reasons for optimism.The Boeing 737 MAX was recertified and is now flying again. The increasing availability of a Covid-19 vaccine, and the improvement in therapeutic solu-tions, should eventually result in a return to normalcy. People seem eager to travel again, once they feel safe to do so. These elements give us confidence that there is a constructive medium- and long-term outlook for the aero-space market.In addition,we expect aluminium to remain the material of choice for OEMs. Our 10-year contract with Airbus, which we signed early in 2020, validated this and positions us very well for future growth with our largest aerospace customer.

Has the Covid-19 crisis changed your strategy?

Our strategic pillars have not changed. Theyhelped us grow our business and improve our financial situation before the Covid-19 crisis, and they guided our mitigation strategy throughout it. I am very proud of how our team remained steadfastly focused on the execu-tion of our strategy despite the distractions and limitations forced on us by the situation.

We will continue to focus on high-value added products, working closely with our customers, leveraging our Manufacturing Excellence pro-gram to optimize the utilization of our assets, harvesting returns from our investments, and increasing our financial flexibility. Importantly, our sustainability roadmap is integrated into each of these strategic pillars. Our new com-pany-wide transformational program, Horizon 2022, will help us focus on these key levers to accelerate the execution of our strategy.

When will you be reinstating long-term guidance?

Guidance is an important way for us and our investors to measure our performance. We take the responsibility of issuing guidance very seriously. However, we need to have sufficient visibility in our end markets before we can confidently provide it.

Currently, there remains too much uncertainty with the ongoing pandemic, the trajectory of economic recovery, and the level of demand from the aerospace market. We look forward to the day, hopefully in the not too distant future, when we will be able to provide long-term guidance again.

What are your priorities for 2021?

My first priority remains the health and safety of our employees. We must remain vigilant as the pandemic continues to affect our commu- nities. While we prioritize health measures to fight the pandemic, we continue with our key safety initiatives. We are currently in year three of our Serious Injury and Fatality (SIF) pro- gram and have realized a significant decline in recordable and serious injuries. We also implemented "Caring for Each Other," a train-ing program to learn how to speak up about potentially unsafe behavior.

Our 2030 sustainability roadmap is another strategic priority for 2021. It includes an ambi-tious climate strategy, in accordance with the Paris Agreement. This will be a holistic proj-ect, involving all aspects of our company. I am looking forward to introducing aggressive but achievable targets to propel our sustainability journey forward.

Continuing to deliver on our strategy is essential, and our Horizon 2022 initiative will facilitate its execution by focusing on a few key levers that will bring immediate results. Operational excellence is one of these levers, and we will continue to run our plants safely and efficiently in 2021, as we have done in 2020. Similarly, our commitment to capital discipline, Free Cash Flow generation, and deleveraging remain unchanged and will be another focus of our Horizon 2022 project. Lastly, we will continue our diversity, equity, and inclusion program to promote a safe and inclusive environment where everyone can contribute and thrive.

I am very excited about our opportunities, as we deliver on our plan while taking full advantage of the inherent sustainability attributes of aluminium.






To produce the world's most widely used non-ferrous met-al, mined bauxite is refined into alumina, then pure alu-minium is extracted via the Hall-Héroult electrochemical process.

We recycle scrap from our processes, our customers' processes, and at the end of a product's life. We seek to im-prove recycling through part-nerships with stakeholders, since aluminium can be end-lessly recycled and retain its material properties.

Our contribution to the aluminium value chain is shown in blue




We add other metals to molten aluminium to create custom-ized alloys, and cast them into molded products, ingots, billets, and slabs. We extrude billets to make products such as Crash Management Sys-tems. We roll slabs into plates, sheets, and coils, to be used for cans, car hoods, airplane wings, and more.



Experts at our C-TEC Technol-ogy Center, Plymouth hub, and Brunel University Technology Center work with our cus-tomers to design and develop innovative and sustainable aluminium solutions.



Our longstanding customers, primarily in the aerospace, packaging, and automotive sectors, use our products and solutions in a range of appli-cations for improved strength, durability, lightness, and re-duced fuel consumption.

Aluminium recycling makes good economic and ecologi-cal sense. Our facilities have stringent procedures for the efficient collection and sorting of end-of-life scrap, which is crucial for effective recycling. We offer similar services to cus-tomers.




Peter R. Matt,

Executive Vice President and Chief Financial Ocer


We generated 157 million of Free Cash Flow in 2020, our second consecutive year of positive Free Cash Flow."

From a financial perspective, how did Constellium withstand the Covid-19 crisis?

First and foremost, our thoughts go out to each and every person who has been affected by the Covid-19 pandemic. While this public health crisis created the worst economic recession any of us has ever seen, I am incredibly proud of the Constellium team's swift and decisive actions to protect our people and our business. At the early stages of the pandemic, we proac-tively increased our liquidity to over €1 billion as an insurance policy of sorts. This level of liquidity provided much-needed comfort to our partners-whether investors, bankers, em-ployees, or customers-in the staying power of Constellium. I want to especially thank our banking partners and the government officials that helped us to achieve this critical mile-stone. This liquidity, together with the strong financial performance of our businesses, increased market confidence and enabled us to successfully refinance our near-term bond maturity with our lowest coupon dollar bond ever, despite the crisis.

I cannot say enough about the team's focus on costs throughout the crisis. This vigilance enabled us to generate €157 million of positive Free Cash Flow in 2020, our second consecu-tive year of Free Cash Flow. This strong perfor-mance would not have been possible without an intense and consistent focus on reducing cost, both in our plants and at our corporate offices. Our strong cost performance in 2020 makes me even more excited about the poten-tial of our Horizon 2022 project.

Overall, I am very proud of Constellium's finan- cial performance in 2020. I firmly believe that this crisis has proved our mettle and that Con-stellium is a stronger company for it.

Can you tell us more about your Horizon 2022 initiative?

Our successor program to the very success-ful Project 2019, Horizon 2022 is a strategic initiative that will support our goal of making Constellium operationally, strategically, and financially world-class.

Rather than going after many different small projects as we did in Project 2019, we have identified a handful of strategic pillars. These pillars contain projects that will require time to execute, but carry huge potential. For example, metal represents our largest cost and a substantial opportunity. Reducing yield loss during our manufacturing processes or increasing the use of recycled material can result in material cost savings.

With a total cost savings target of €75 million, I expect Horizon 2022 to be a meaningful con- tributor to our future financial performance.

What are your priorities for Free Cash Flow deployment?

First of all, I would like to reiterate how proud I am of the approximately €330 million of Free Cash Flow that Constellium generated over the past two years. This is an incredible accom- plishment. We remain steadfastly focused on consistent Free Cash Flow generation.

Our top priority for Free Cash Flow deploy-ment remains unchanged - deleveraging our balance sheet through debt reduction. We are committed to achieving our leverage target of 2.5x. Once we are further along in our delever-aging journey, I look forward to making capital returns to shareholders a priority for capital allocation.




(in millions of euros)

(in millions of euros)


Provides aluminium sheets and coils for packaging applications (beverage and food cans, closures, foilstock, cosmetics), specialty products (functional surfaces and industry products), as well as automotive solutions, including Auto Body Sheet. In addition, the business unit recycles end-of-life products, such as used beverage cans.


3,149 273 243






2018 2019



Provides technologically advanced aluminium alloys with wide applications across the global aerospace, transportation, industry, and defense sectors. This business unit offers a wide range of products including plates, sheets, extrusions, and precision sand castings. Aerospace and Transportation also provides tailored solutions and value-added services to its customers, such as pre-machining and customer scrap recycling.



(in millions of euros)

(in millions of euros)

1,462 204









2018 2019






(in millions of euros)

(in millions of euros)

Provides advanced solutions for the global automotive industry, including Crash Management Systems (CMS), structural components, battery enclosures, and other safety parts and extrusions. This business unit also manufactures a wide range of hard and soft alloy extrusions, as well as large profiles for road and rail transportation, energy, and other industrial applications.














(1) Adjusted EBITDA is a "Non-GAAP measure." For a reconciliation of this measure to "Net Income," see the 20-F form.


By making sustainability an intrinsic part of our business strategy, we are condent of reaching our goals.

Our six strategic pillars

We are committed to building a safe and sustainable company. This means reduc-ing our emissions and our waste, invest-ing in our people, supporting our com-munities, adhering to sound governance principles, developing, manufacturing and promoting products that are sustainable for the benefit of our customers and end consumers, and creating shareholder val-ue. Our goal is to become the safest and the most exciting company in our industry. To achieve these objectives, we have built a business strategy centered around six core principles:

1. Focus on High Value-added and Responsible Products

We are primarily focused on our three strategic end-markets-packaging, aero-space and automotive-where we be-lieve that we can differentiate ourselves through our high value-added and spe- cialty products. We believe our differenti- ated products provide significant benefits to our customers in many areas, such as weight reduction, and contribute to their objective of reducing carbon emissions.

We intend to continue to invest in our R&D and technological capabilities and devel-op a high value-added and responsible product portfolio.

2. Increase Customer Connectivity

We regard our relationships with our cus-tomers as partnerships in which we work closely together to leverage our unique knowledge of the attributes of alumini- um, our industry leading R&D and tech-nological capabilities, and our integrated industrial platform to develop customized solutions. Our diverse teams globally aim to deepen our ties with our customers by consistently providing best-in-class qual-ity, sustainable products and services, and joint product development projects

3. Optimize Margins and Asset Utilization Through Rigorous Product Portfolio Management

We are highly focused on maximizing the

throughput of our facilities to increase the tons per machine hour and profitabil- ity per machine hour. We believe there are significant opportunities to do so, through rigorous focus on the products we choose to make and optimizing the throughput of these products in our facilities. We also intend to continue to increase our recy-cling activities, which will result in more responsible, sustainable and profitable products.

4. Strictly Control Cost, Continuously Improve and Manage Resources Responsibly

We believe that there are significant op-portunities to reduce our operating costs and improve our operations by implement-ing manufacturing excellence initiatives, metal management programs and other cost, energy reduction, waste, and wa-ter management initiatives. In addition, we believe it is critical to continuously focus on responsible resource manage-ment, including minimizing energy and water usage, maximizing scrap input, op- timizing capital allocation, and efficiently managing other resources available to the Company.

5. Manage Capital Through a Disciplined Approach and Increase Financial Flexibility

We have invested capital in a number of attractive growth opportunities to en-hance our production capabilities, prod-uct offering and sustainability objectives.

We are highly focused on realizing their expected contributions to our earnings, manufacturing capabilities, and corporate profile. In addition, we are highly focused on increasing our financial flexibility to reduce our debt. We believe having in-creased financial flexibility is critical to achieving our long-term objective of in-vesting in our people and our operations.

6. Commit to Our People and Communities We believe our people are among the best in the industry; this is a competitive strength which allows us to be a leader in our industry. We strive to promote a safeand inclusive environment where every-one is valued, can contribute, and thrive. Lastly, we strive to be socially responsible operators in our communities.

Sustainability is key

Sustainability is integral to these six pil-lars. Our EHS FIRST policy includes focus-ing on safety, engaging our people, and reducing the impact of our operations. Our strategically selected markets are those where aluminium brings clear en- vironmental benefits. Product leadership requires good environmental steward-ship, including metal recycling. Customer service excellence also means satisfying sustainability concerns. By evaluating sustainability risks and opportunities in our investments, we optimize our margins and asset utilization. And our commitment to our people and communities is reflect-ed in our safety and training programs, in our Diversity and Inclusion Initiative, and in our Constellium CARES commu-nity projects. Lastly, our focus on capital discipline and shareholder value creation allows us to generate the returns and cash flows needed to sustain an attractive fu-ture for our Company, our employees, and our communities.

Constellium's strategy extends to our sup-ply chain. This is why we are a founding member of the Aluminium Stewardship Initiative (ASI), a global, multi-stakehold- er, nonprofit, standards-setting, and cer- tification organization. Following an entire value chain approach, ASI works towards responsible production, sourcing, and stewardship of aluminium. We actively supported the preparation of its certifi-cation program, including the launch of its Performance and Chain of Custody Standards in 2017, and are now actively participating in the revision process.


At Constellium, all our employees share and abide by a common set of values that everyone puts into practice every day.


We trust and enable employees, at all levels, to make decisions and be accountable for them.


Safety is everyone's responsibility, whatever their role. We constantly improve our safety practices and train our employees to always follow safety instructions and rules, and to speak up whenever they see unsafe behavior.


Trust is the basis of our approach to business. This means creating an environment where everyone can exchange views and collaborate effectively.



We make sure all our employees have the information they need to do their job, and we communicate openly and clearly to our customers and other stakeholders.


Respect is the foundation of every relationship. We respect and value the diversity of people that make up our business, and we treat everyone fairly.

We work together, and with our customers and stakeholders, to identify and solve problems and to bring new ideas and perspectives.

A t the very beginning of the Covid-19 pandemic, Alsace was one of the hardest hit regions in France. At the Neuf-Brisach plant, my 1,500 co-workers and I found ourselves on the front lines. The situation was troubling, but Constellium took it seriously. I work as a Safety Engineer, and helped put rigorous sanitary measures in place so that our employees could come to work under the safest possible conditions.

We all knew how important it was to keep the plant running. Neuf-Brisach produces aluminium coils and sheets for food and beverage cans, crucial at a time when people were stocking up on supermarket supplies. It's like the hot rolling shop-you can't just start and stop operations, they must be continuous.


We worked with health authorities and our in-house doctor, who did an excellent job of clearly and efficiently adapting the government's instructions to the particular context of our plant. Benchmarking our efforts against other businesses in the region, we developed measures that were even more stringent than the government recommendations. These were apparent the moment you stepped onsite. Every employee went straight to a checkpoint equipped with soap and disposable towels, then to the infirmary, where a nurse took our temperatures. There were disinfection kits at all our work stations, and the bathrooms, canteens, and lockers were regularly disinfected. As soon as a worker showed any symptoms, the medical services were alerted.

Many of our employees work close together, in the same office or operating the same machines, so we set up social distancing protocols by reconfiguring workstations and putting very clear markings on the ground. Seamstresses in Colmar sewed reusable cloth masks-certified by health authorities-for our plant workers. This was very reassuring-one employee said he felt safer at the factory than at the supermarket! In turn, the plant

I helped put rigorous sanitary measures in place so that our employees could come to work under the safest possible conditions."

donated protective clothing and other supplies to hospitals, emergency workers, and nursing homes in the area.

Constellium set up a web portal, Covid-19. constellium.com, where we could get the latest news about the site or the general company. All 12,000 employees around the world, with or without a Constellium email address, could log on anywhere, in six different languages. We received several messages from our CEO, along with news about local concerns such as canteen access.

All of us came together in a relatively short time to make the plant a safe place to work-and we still managed to produce 90% of our normal food packaging output. One of our clients even wrote to thank the plant for its dedication throughout this difficult time, which allowed them to keep the supermarket shelves stocked. Every one of us can be very proud of making this happen.

Benchmarking our efforts against other businesses in the region, we developed measures that were even more stringent than the government recommendations. These were apparent the moment you stepped onsite."


Director independence

We maintain a one-tier Board of Directors consisting of an Executive Director and Non-Executive Directors (each a "Director"). Under French law, there are no separate independence requirements for French companies whose shares are not listed on an EU-regulated market, so we defer to the NYSE requirements. As a foreign pri-vate issuer under the NYSE rules, we are not required to have independent Directors on our Board, except to the extent that our audit committee is required to consist of independent Directors.

However, our Board has determined that, under current NYSE listing standards re-garding independence, and taking into ac-count any applicable committee standards, as of December 31, 2020, Messrs. Evans,Brandjes, Hartman, Maugis, Ormerod, Paschke, and Mmes. Walker, Brooks, and Frachet are deemed independent Directors. Under these standards, Mr. Germain is not deemed independent as he serves as the CEO of the Company.

Board meetings in 2020

The Board of Directors held five regular meetings and additional meetings to review Covid-19 related matters and strategic opportunities. During the height of the crisis, the Board was informed of developments and actions on a quasi weekly basis. During the regular meetings, the Board reviewed a number of matters, including: committee reports; reports from the CEO (including environmental, health and safety, markets, and competition) and from the CFO and the Group's General Counsel; review andapproval of the 2019 Annual Accounts and Form 20-F filing with the SEC; approval of the agenda items for the annual General Meeting of shareholders; approval of exec-utive remuneration; reports from business units; review of Company strategy; R&D review; review of 2021 budget; finance re-ports; presentation on investor perception, and Board and Committee's self-evaluation results.

Governance and accountability

Our company's commitment to sustainabil-ity influences the business decisions we make, how we treat people, and the ways in which we create value. To better under-stand our stakeholders' expectations, we regularly conduct materiality analyses. We actively work to deliver our sustainability targets. Every year, we track our perfor-

Audit Committee

Human Resources

Comprised of four

and Remuneration

and Safety Committee

Directors, held 10


Comprised of three

meetings in 2020.

Comprised of four

Directors, held two

• Lori A. Walker (Chair)

Directors, held four

meetings in 2020.

• Martha Brooks

meetings in 2020.

• Guy Maugis (Chair)

• John Ormerod

• Martha Brooks (Chair)

• Michiel Brandjes

• Werner P. Paschke

• Richard B. Evans

• Peter F. Hartman

• Peter F. Hartman

• Guy Maugis

(1) As of December 31, 2020


Nominating and Governance CommitteeEnvironment, Health,

Comprised of four Directors, held seven meetings in 2020.

  • • Richard B. Evans


  • • Michiel Brandjes

  • • John Ormerod

  • • Lori A. Walker

mance and ensure accurate and transpar-ent disclosure of our sustainability data.

Our Sustainability Council

Created in 2012, the Sustainability Council is a formal body with representatives from all parts of our business. These represen-tatives are in charge of guiding Constel-lium towards its sustainability goals. The Council meets three to four times a year. In 2020, due to Covid-19, we held a series of one-on-one virtual meetings with individual Council members to discuss sustainability targets. Constellium's sustainability team liaises the work of the Council with the Executive Committee throughout the year, both directly and through the Senior Vice President of Public Affairs, Communica-tions, and Sustainability, who is an Ex-ecutive Committee member. In 2020, theSustainability Council delivered virtual presentations to the Executive Committee on the definition of a greenhouse gas emis-sions reduction target and also on the 2030 sustainability strategy work plan.

Compliance Committee

Constellium's values have always served as the foundation of our company. Our busi-ness ethics are embedded in all our de- cision-making processes. Our Worldwide Code of Employees and Business Conduct governs the ways we operate and how we interact with our stakeholders, communi-ties, and one another. Our Compliance Com-mittee, chaired by the SVP and Chief Human Resources Officer, oversees training and communication of the Code as well as its monitoring, compliance, and enforcement. At the end of each quarter, the Committeereviews cases received via the Integrity Hotline or other channels, officially closing each case when there are no additional actions to be taken. Each review also pro-vides an opportunity to study cases at a global level, so that we can mitigate any overall risks or concerns. The Committee's quarterly reports to the Audit Committee include any material issues regarding the Constellium Policy on Responsible Sup-ply Chain Management, the Human Rights Policy and Labor Practices, alleged cases of corruption or influence peddling, or alleged breaches of the General Data Protection Regulation (GDPR).


97% achieved

96% achieved(2)

100% achieved

95% achieved







1,362 1,362


Number of people targeted


Number of people trained



(2) In 2020, we had 68 cases where employees could not attend for exceptional reasons, including maternity and sick leave, retirement, and long-term disability.

Our policies

The following publicly available Group policies support our sustainability strategy:

Worldwide Code of Employee andBusiness Conduct

Our Worldwide Code of Employee and Busi-ness Conduct sets out the standard of behavior we expect from our employees, and governs Constellium's business actions. We updated the Code in 2019 to strengthen our standards for anti-corruption and respect of human rights and labor practices. The Code covers all Constellium employees and is subject to applicable local laws. Compliance with the Code is essential to preserving and enhancing our Company's reputation as a responsible corporate citizen and, ultimately, to maximizing stakeholder value.

Sustainability Charter

The charter states our commitment to Proucts, People, Operations, and Governance.

Human Rights Policyand Labor Practice

Our human rights policy is aligned with the UN Guiding Principles on Business and Human Rights and the Aluminium Stewardship Initia- tive Performance Standard. We are working to strengthen our policies for the Company, our partners, and our suppliers.

Environmental Protectionand Health and Safety (EHS) Policy

Our policy is defined through EHS FIRST, Constellium's EHS Management System. Our system is described and documented in the EHS FIRST policy and manual, and Constellium's EHS Directives and Guidelines.

Responsible Supply ChainManagement PolicyandSupplierCode of Conduct

Our Responsible Supply Chain Management Policy and Supplier Code of Conduct are aligned with the principles of the UN Global Compact, and apply to all our suppliers, consultants, contractors and agents. All of our suppliers are asked to sign our Supplier Code of Conduct. We ask key suppliers to perform a desktop-based assessment ev-ery three years using the EcoVadis platform, and we perform an onsite workplace audit for locations or sectors identified at greater risk.

Policy for Reporting Wrongdoings(Whistleblower Policy)

This policy fosters an environment where employees can act without fear of retaliation by establishing procedures to encourage the reporting of wrongdoing or suspected wrong- doing or irregularities of a financial, account-ing, auditing, or banking nature in the Group, as well as violations of the Code of Conduct. To facilitate this reporting, we have estab-lished an external hotline in all countries where we have operations, and in various languages.

Environmental, Social, andGovernance (ESG) due diligence formergers and acquisitions (M&A), aswell as closure, decommissioning,and divestment processes

This policy sets out the principles for inte-grating ESG risks and opportunities into our due diligence process for M&A, closures, decommissioning, and divestitures.

Insider Trading Policy

We have an insider trading policy which sets out the restrictions on trading in Constellium securities and the use of inside information.

Communication and training

We offer our employees training on sustain-ability and on our Code of Conduct. Our in-ternal and external communications teams are familiar with our sustainability challeng-es, goals, and achievements, and help us to reach our goals through the engagement of our employees.

We launched an e-learning course on sustainability in 2019. In 2020, due to Covid-19, we modified our in-person sus- tainability training for sales and purchas-ing teams from physical courses to virtual training on demand. Additionally, in 2020 we created an e-learning course on our Code of Conduct. Our goal is to annually train all of our employees who have access to the e-learning course.

Our internal magazine, LIVE, is available to all employees, and communicates on different topics from our Code of Conduct. In 2020, it published articles on reducing landfilled waste as well as privacy and personal data protection.

Some of our sites conduct face-to-face training with employees who lack access to e-learning or our intranet. For example, in early 2020 at Neuf-Brisach, our Code of Con-duct was presented in person to employees working on the shop floor, accompanied by weekly displays of each chapter on screens around the plant.

As for anti-trust and competition law, we provide an e-learning module to employees who deal with suppliers or customers, and have trained over 300 employees so far.


The Board of Directors is collectively responsible for the management of the Company, the general conduct of the Company's business, and its corporate governance structure. The Non-Executive Directors supervise and provide guidance to the Executive Director, who is entrusted with the day-to-day management of the Company.

Richard B. Evans Chairman

Jean-Marc Germain Executive Director

Michiel Brandjes Non-Executive Director

Martha Brooks Non-Executive Director

Chairman of our Board since December 2012 and a member of our Board of Directors since January 2011

Executive Director of our Board of Directors since June 2016 and Chief Executive Officer since July 2016

Member of our Board of Directors since June 2014

Member of our Board of Directors since June 2016

Stéphanie Frachet Non-Executive Director

Peter F. Hartman Non-Executive Director

Guy Maugis Non-Executive Director

John Ormerod Non-Executive Director

Member of our Board of Directors since May 2018

Member of our Board of Directors since June 2014

Member of our Board of Directors since January 2011

Member of our Board of Directors since June 2014

Werner P. Paschke Non-Executive Director

Lori A. Walker Non-Executive Director

Member of our Board of Directors since May 2013

Member of our Board of Directors since June 2014


The Executive Committee focuses on strategy, nancial management, commercial development, program execution, organizational evolution, and Group-wide policies.

Jean-Marc Germain

Chief Executive Officer

Peter R. Matt

Executive Vice President and Chief Financial Officer

Peter Basten

President, Packaging and Automotive Rolled Products business unit

Nicolas Brun

Senior Vice President, Public Affairs, Communications, and Sustainability

Jack Clark

Senior Vice President, Manufacturing Excellence and Chief Technical Officer

Philippe Hoffmann

President, Automotive Structures and Industry business unit

Ingrid Joerg

President, Aerospace and Transportation business unit

Ryan Jurkovic

Senior Vice President and Chief Human Resources Officer

Jeremy Leach

Senior Vice President and Group General Counsel

Vittorio Rossetti

Vice President and Chief Information Officer

W hen I heard that Constellium was looking for women to work at the foundry three years ago, I immediately applied. At first, I worked in the place where we sort recycled metal. After a year, when the chance to operate the bridge crane came up, my boss asked if I was interested and I said yes.

No woman had ever done this job before. Of all my life experiences, the bridge crane has been the most challenging. I start each day by checking in with the furnaces, organizing the day's production flow, and then I go up into the crane. There are five melt furnaces that I operate, either removing big aluminium plates from the furnaces or installing tools in order to change plate formats.


I spend each eight-hour shift alone in the crane, 10-15 meters under the roof, moving from one furnace to another. It is very precise work, with a lot of responsibility-the plates weigh between three and nineteen tons and my colleagues are down below. If I'm not there to remove a plate, they can't move ahead to launch a new cast.

At first, the guys on the floor felt like the bridge crane was no place for a woman. With time they got to know me, and now it's great. I know how to drive the crane, how to organize my work, and they tell me I'm more gentle and precise than other operators. There were few women in the foundry when I started, but now there are more and more on our team. I find Constellium to be a very human company, and the only factory I've worked at where women can advance. Now my daughter works as a trainee here, too!

No woman had ever done this job before. Of all my life experiences, the bridge crane has been the most challenging."


Constellium is resolute in our dedication to EHS. We constantly review our policies and practices to minimize our environmental impact, keep our employees and communities healthy, and guarantee the safety of people at our sites.

Our challenges

Environmental protection, health, and safety (EHS) are our absolute priorities. While the na-ture of our business creates certain risks for the environment, we do our best to minimize our footprint. Similarly, our industry requires materials, equipment, and processes that may pose risks to the health and safety of our employees, contractors, and visitors. Our goal is to achieve zero injuries and illnesses by in-tegrating EHS into all aspects of our business. Constellium's EHS management system is de-scribed in our EHS FIRST policy and manual, and our EHS Directives and Guidelines.


Safety is our number one value at Constelli-um, and at the heart of everything we do. Our Recordable Case Rate (RCR)(1) has improved significantly, from 3.31 in 2016 to 1.82 in 2020, well below our 2020 target of 2.35. We reached our goal to reduce it by 10% year after year and our number of Serious Injury cases decreased to 2 vs. 7 in 2019. We will keep the same target of a 10% reduction in recordable injuries in 2021.

These achievements are the results of our employees' commitment to safety and of our global Serious Injury and Fatality (SIF) pro-gram. Since the program's rollout in 2018, our sites have set up SIF teams to regularly iden-tify risks with the greatest potential for serious injuries and to take action to mitigate them. We engage our leadership through our Safe-ty Task Force, made up of members from our Executive Committee. Safety also depends on individual actions. In 2020, we launched


LaDonna Smith, Group Sustainability and Safety Manager, on "Caring for Each Other"

always intervene, learn how to voice our EHS concerns to others in a manner that shows we care, and practice our responses.

Concretely, how does it work?

"Caring for Each Other" is a global, interactive, four-hour training program. All North American and European sites have rolled out the program, and we plan to train all our 12,000 employees throughout 2021.

Why "Caring for Each

As CEO Jean-Marc


Germain notes, "In a

Behaviors are as critical

world of critical risks,

as policies and proce-

staying silent may kill."

dures when it comes

to safety. We all have a

What are the

responsibility to follow


our Safety Rules, but

of this program?

also to speak up when

To understand the rea-

they are not respected.

sons why we do not

"Caring for Each Other," a company-wide training program focused on the reasons for unsafe practices, peer-to-peer interaction, and speaking up when employees witness risky behavior.


At site level, our main environmental actions and programs concern spill containment and countermeasures, hazardous sub-stance management, reducing landfilled waste, improving energy efficiency, wasteand materials reuse and recycling, minimiz-ing the impacts of air emissions, and water management (see pages 61-65).

Preventing environmental incidents

In 2019, we began tracking "environmental near misses": any incident that could have had a negative environmental impact but did not. In 2020, we added to our preventive action plan the identification and investigation of "high-potential environmental near misses" and "high-potential minor environmental incidents(2)"

  • (1) Recordable Case Rate measures the number of fatalities, serious injuries, lost-time injuries, restricted work injuries, or medical treatments per one million hours worked.

  • (2) Minor environmental incident: A one-time, localized environmental incident due to a lack or failure of control, resulting in minimal cost or consequences.

that could have resulted in major con-sequences.


Responding to the Covid-19 crisis

Looking after the health of our employees, their families, and our communities has never been more critical than during the Covid-19 pandemic. We have taken strict measures to protect our workers while allowing our sites to continue meeting the needs of our customers.

In compliance with World Health Organization guidelines and local regulations, we imple- mented quarantine procedures for confirmed

cases and suspected exposures. Business travel was extremely limited and needed top management approval, and employees who could do so worked from home.

Our sites established preventive controls to manage the risk of infection, including regularly disinfecting and partitioning work areas, updating information on best hygiene practices, wearing masks, enforcing social distancing practices, and strict policies for visitors, suppliers, and deliveries. We frequently review our hygiene and safety procedures. Each month, we conduct con-ference calls with our sites, sharing good practices and updating our guidelines. We developed videos to promote safe behavior at work and home.

Other health initiatives

We take a range of actions to prevent work-related diseases and promote em-ployee health, including flu vaccinations, fitness classes, and eye testing. An increas-ing number of sites are working to improve ergonomics, and some have programs to re-duce noise levels or psycho-social risk. Most


sites have an Employee Assistance Program to support employees dealing with person- al difficulties, and several provide support through training or team discussions on is-sues such as addiction prevention. Health issues are covered in our company-wide newsletter and on our intranet. Plants have launched health campaigns on breast can-cer awareness, Healthy Heart Month, smok-ing cessation, weight loss, and more.

85% of our sites(3) have ISO 14001 certification (environmental management systems), while 85% of our employees(4)

are covered by OHSAS 18001 or ISO 45001 certifications (occupational health and safety).

2021 TARGETSReduce our Recordable Case

Rate by 10% per annum from 2016

INDICATORSRecordable Case Rate and annual variation



RCR, -8% compared to target



RCR, -22% compared to target

No more than four serious injuries a yearNumber of serious injuries


Serious injuries


Serious injuries

Be in the industry's top quartile for safety resultsRecordable Case Rate


Industry data is not yet available

Zero major(5) or significant(6) environmental incidentsNumber of major or significant incidents



(3) Joint venture sites are excluded. (4) Employees at corporate offices and joint ventures are excluded. (5) An environmental incident is considered major when the total cost is greater than 2,500,000 USD and/or when the recovery from environmental impact requires more than a year. (6) An environmental incident is considered significant when the total cost is greater than 250,000 USD and/or when recovery from environmental impact requires longer than a month.


Getting the greatest possible value out of our manufacturing assets is critical to the execution of our Company's strategy.

Our Manufacturing Excellence team works with our plants and R&D centers

throughout the year to achieve con-tinuous improvements in our opera-tions and produce top-quality goods as safely and efficiently as possible.


Safety is the first priority for Constellium and the primary objective of our Manufac-turing Excellence program (see page 22).

Optimizing CapEx to make the most of our assets

Our Manufacturing Excellence program provided critical support to our plants throughout the Covid-19 pandemic, by prioritizing investments and efficiently implementing maintenance and asset integrity projects. Being as efficient as possible with our capital dollars enabled us to protect our business and preserve our financial flexibility.

Regular maintenance is vital to getting the most out of our assets. Our engineering team is moving from planned maintenance interventions to predictive maintenance, known as "condition-based monitoring." Condition-based monitoring uses tools, such as sensors, to detect equipment status. This new process predicts the best moment for maintenance stoppage and limits unexpected equipment downtime.

Our teams were also highly focused on optimizing equipment uptime, recovery, and mill speed. For example, the Manufacturing Excellence team worked with our Ravenswood facility to increase the capac-ity and quality of the cold rolling mill. This


Our Manufacturing Excellence team also works on developing and manufacturing innovative solutions that respond to the needs of our customers and use the latest technology.

In 2020, Constelliumdeveloped AHEADD®, a new generation of high performance aluminium powders for additive manufacturing. Constellium's new powders are designed and tailored for a wide range of applications,includingaerospace,motorsports, and defense. Aheadd® solutions bring unmatched thermal stability, and can replace titanium in selected applications to reduce weight and cost.


We are working on a project called "Smartmelt" to optimize the operation of our cast houses, the most energy-intensive aspect of our production process. Sensors monitor the furnaces' status and temperature in real time, and a digital twin indicates to our operators how to work most efficiently and with the least energy consumption. "Smartmelt is like a GPS for the ovens, directing operators on the best route to take," says Technology Leader Bruno Magnin. We are installing the system at Issoire, followed by Neuf-Brisach, then at the rest of our sites.

Driving "Horizon 22"

incremental capacity comes at an oppor-tune time, with demand for sheets for the industrial market expected to grow in North America.

Manufacturing Excellence will be a major contributor to our transformational "Hori-zon 22" program. Improving how we man-age metal, including our use of scrap, is one of the most effective ways to reduce costs. Considering we typically produce around 1.5 million tons of aluminium per year, every percentage point of increased metal recov-ery at our factories can translate into millions of dollars of savings.

Our Manufacturing Excellence team monitors and compares the yield loss rate of each plant to industry rates and against our other plants.

This process identifies best practices, which can then be implemented with close partner-ship from our procurement team. For example, a cross-functional team, comprised of process, quality, production, commercial, supply chain, and finance, is working on developing a better plate recovery process. We are implementing some of the best practices developed at Issoire, which led to savings of €7 million.

Our cost reduction efforts are not limited to metal management. For example, in 2020, we focused on our furnaces and the tem- perature-resistant bricks that line them. We now have guidelines for maximum efficiency and have standardized oven design to increase the time between overhauls. These improvements in our furnace rebuilding program are resulting in a 20% increase in furnace life.



Our Manufacturing Excellence initiatives were rewarded in 2020 when Muscle Shoals was honored as Alabama's 2020 Large Manufacturer of the Year, in recognition ofthe plant's superior performance in operating excellence, continuous improvement, profitable growth, customer focus, employee commitment, and investment in training and retraining employees.

Our Manufacturing Excellence team travels extensively to our various sites to provide hands-on guidance and support. So when the Covid-19 pandemic put an abrupt halt to business travel, our team went virtual. Using real time technical data from equipment at the sites, stored in the cloud, our engineers were able to access detailed analyses of the data, assess issues, and test ideas for improvement.

The team remotely analyzed reliability issues, helped manage scrap levels, and worked on recovery from thousands of miles away.

Supporting our sustainability initiatives

By helping our plants become more ener-gy efficient and generate less waste, our Manufacturing Excellence program also contributes to our sustainability journey.

Energy efficiency is at the core of our sus-tainability targets. All of our facilities are implementing action plans to address this critical issue. Our facility in Bowling Green received two awards for "Lowest Carbon Emissions" and "Most Improved Carbon Emissions" from the Tennessee Valley Authority, recognizing the plant's impressive energy efficiency improvements since 2016.

"Manufacturing Excellence is at the core of Constellium's "Horizon 22" program, as we strive to make the most of our assets and ensure a high level of quality and reliability that is critical for our success."

Jack Clark,

Senior Vice President, Manufacturing Excellence and Chief Technical Ocer

M y PhD at Cambridge focused on Material Sciences-I considered chemistry but ma-terials felt more "real," making products that people use, getting it out into the market. It's always satisfying for me to have something tactile we've created as a team-I drive a Citroën that contains several of our alloys.

I arrived at Voreppe in 1991, when it was Pechiney, and spent six years at Neuf-Brisach starting up Auto Body Sheet before returning to R&D. My job changes constantly, there's always something new with aluminium, and we have hundreds of ideas go-ing on at any one time. Some of these led to current projects in areas like new sensors for digital man-ufacturing, future recycling technologies, or addi-tive manufacturing (3D printing). For a brand new product, we start by understanding the customer's needs, then imagine every option for a solution, do-ing affordable, rapid experiments to decide which ones to kill and which to pursue.

Back in the late 1980s, we had a machine at Voreppe that sprayed powder-based aluminium, but there were technical difficulties and it got no-where as a business. When additive manufactur-ing started bubbling up, we knew immediately we could do something, because of the old work on powders, but it would be very expensive to develop alone. Then several customers asked us to collab-orate on additive powder alloys, and we accepted with the condition that we would own the patents.

We used a small machine designed for making costume jewelry to prototype up to 10 alloys a day, and then with partners printed up the best candi-dates with small batches of powder. In this way, we did hundreds of experiments, and now have two market-ready alloys. Powder is like a startup business-it could go big or stay small, but there is lots of interest worldwide, and customers are using additive manufacturing for all sorts of new niches we didn't even know existed.


My job changes constantly, there's always something new with aluminium, and we have hundreds of ideas going on at any one time."

Aluminium is the ideal metal for an incredible range of purposes, playing a major role in our lighter, faster, and more sustainable world. Constellium makes advanced solutions for a wide range of applications, including beverage cans, cars, planes, space shuttles, trains, and much more. Our diverse portfolio, focused on high-value products, ensures that our business remains robust and resilient.




Packaging is the bedrock of our portfolio, a recession-resilient and secular growth market. Constellium addresses every facet of the market, from aluminium coils and sheets to recycling.


Muscle Shoals, Alabama: One of our largest sites, with the fastest coating line and a world class beverage can recycling center

Neuf-Brisach, France:

Key positions in beverage canstock (body, end, and tab) and food canstock in Europe, along with a world-class recycling center

Singen, Germany:

Supplies closure stock to a global customer base


of our 2020 revenue came from the packaging market


We supply goods and solutions for every aspect of the market, from recycling to aluminium coils and sheets. Our products supply the following markets: beverage cans, food cans, bottle closures, flexible packaging, personal care aerosols, cosmetics packaging, and lux-ury packaging for the perfume industry.









Eastern EuropeSource: CRU International Ltd., Aluminium Rolled Products Market Outlook November 2020.






Western Europe







Mexico and Canada






United StatesSource: CRU International Ltd., Aluminium Rolled Products Market Outlook November 2020.

Customer preference for aluminium cans translates into long-term, secular growth for the packaging market. An increased focus on sustainability con-tinues to boost demand for aluminium cans as the eco-responsible alternative to plastics in beverage packaging. This trend is reinforced by regulations such as a European ban on certain single-use plas-tics, going into effect in 2021. Many companies have also announced a reduction in plastic packaging and single-use plastics.

Our customers continue to invest in new can lines in both North America and Europe, which should drive incremental demand for can sheet for years to come.

Consumer preference is one of several tailwinds for the can sheet market. In Europe, demand is growing as aluminium becomes a substitute for steel.


The American company Crown Holdings, the world's second largest producer of beverage cans, is one of Constellium's key customers in the packaging industry. In February 2020, Constellium's team visited the Crown plant in Conroe, Texas, to get direct feedback from this important customer while seeing how it turns a coil of aluminium into beverage cans.

"The opportunity to visit our customers, to see their operations up close, and to better understand their needs and expectations, is critical to developing strong relationships and long-term business for our plants," says Raphael Thevenin, Vice President of Sales & Marketing, Global Packaging for Constellium P&ARP. "It was exciting to see our aluminium run on their machines and be transformed into a consumer product. The customer is very satisfied with our quality improvements."


Aluminium cans are the most recycled beverage containers, appearing back on the shelf in only 60 days. Plastic, on the other hand, is typically downcycled into products such as carpet fibers (if it does not end up in the ocean). At Constellium, we have the capacity to recycle the equivalent of 32 billion cans a year.


Constellium aluminium drives advanced mobility. As a "Top 100" global automotive supplier(1), we supply most major automakers, and our products can be found in some of the most iconic vehicles on the road today: the BMW X5, Ford F-150 and Super Duty, Mercedes-Benz C-Class, Audi A7, and many others.

Map not to scale


of our 2020 revenue came from the automotive market


Constellium has long been a preferred partner for automakers, enabling them to engineer lighter, stron-ger, and safer vehicles for higher performance, lower emissions, better fuel economy, and greater range. We offer a wide portfolio of advanced aluminium rolled products and extrusion-based structural components for closures and body structures, Crash Management Systems, battery enclosures, heat exchangers, and interior trim.

We are a unique partner to automakers, with a wide-ranging offer: material science, component proto-typing and production, simulation and testing, product development, and closed-loop recycling. We cast our own high-technology automotive alloys in-house.


Audi • BMW • Ford • General Motors • Honda • Mercedes-Benz • Porsche • Renault Nissan • Stellantis • Toyota • Volkswagen



20+ sites globally

A Global Auto Body

A global network of

serving the

Sheet capacity of

automotive structures

automotive market

300kt between our

plants located close

plants in Bowling

to our customers and

Green, Kentucky;

supplied by extrusion

Neuf-Brisach, France;

plants in Europe and

and Singen, Germany

North America

100,000 80,000 60,000 40,000 20,000











2024 2025

North AmericaEurope

ChinaRoWSource: CRU International Ltd., Aluminium Rolled Products Market Outlook November 2020.








2024 2025

AsiaEuropeNorth AmericaRoWSource: CRU International Ltd. Global & Economic Outlook December 2020.

Note: Represents both car and commercial vehicle production, including light trucks

Automotive remains a secular growth market for al-uminium, as carmakers are drawn to the material's lightweighting and energy absorption capacities. We anticipate this trend will gain momentum along with more stringent emission regulations and a higher demand for hybrid and electric vehicles. Electric vehicles are aluminium intensive, because light-weighting is necessary in order for them to achieve their range objectives. The Covid-19 crisis signifi-cantly disrupted customer demand in March and April 2020, due to lockdown measures in Europe and the U.S. However, automotive OEMs on both conti-nents rapidly resumed production afterwards. Ac-cording to CRU, global vehicle production is expect-ed to grow by approximately 1.9% per annum from 2019 to 2025, and the consumption of ABS between 2019 and 2025 will grow 7.5% per annum in Europe, 8% per annum in North America, and 21.50% per annum in China.


Constellium is leading a consortium of automotive manufacturers and suppliers to develop structural aluminium battery enclosures for electric vehicles at its University Technology Center (UTC) at Brunel University London. The £15 million ALIVE (Aluminium Intensive Vehicle Enclosures) project is funded in part by a grant from the Advanced Propulsion Centre (APC), as a com-ponent of its low carbon emissions research program. Taking advantage of Constellium's high-strength HSA6™ extrusion alloys and new manufacturing concepts, these battery enclosures will provide au-tomakers with unparalleled designfreedom and modularity, optimizing costs as they transition to vehicle electrification. Thanks to agile production cells, the new battery enclosure manufacturing system will provide scalability as volumes increase. Constellium is able to de-sign and produce battery enclosures that provide the strength, crash re-sistance, and weight savings needed in a structural component. Our HSA6™ alloys are 15 to 30% lighter than conventional alloys, and are closed-loop recyclable. The ALIVE project is expected to deliver its first prototypes at the end of 2021.


In October, the Singen Extrusion plant celebrated the launch of a new extrusion press. Dedicated to the automotive industry, it will produce millions of profiles each year. Most of these will go to thenearby Gottmadingen plant, to be transformed into bumper beams for Crash Management Systems, battery enclosure components, or side impact beams for customers across Europe. The two plants' close cooperation and proximity to customers are great advantages for automakers and Constellium.


After partnering together for many years to develop innovative aluminium solutions for Toyota's latest models, the Japanese carmaker chose Constellium to be the sole supplier of Auto Body Sheet for the hood of its new Corolla, one of the world's best-selling vehicles, produced at Toyota's European manufacturingplants. This is the first time that Toyota is using aluminium for this series on its European production lines. Constellium is providing Surfalex HS®, a high-tech alloy with exceptional surface quality, roping performance, and corrosion resistance, for the outer part of the hood.

M y home is close to where I work, at the Constellium plant in Gottmadingen, in the South of Germany. As aluminium's use in cars has increased, I have watched my factory expand several times. Today, there are 600 employees working here, and we build safety and structural parts for the automotive industry. As a process mechanic, I am responsible for the operation and the monitoring of the production lines, so I know firsthand how safe and reliable our products are. For example, Crash Management Systems (CMS) are among the most important parts of a vehicle's design, conceived to save the lives of passengers and pedestrians in the event of a collision. They also protect key systems in the car, and can minimize the costs of repairs after a crash.


Aluminium is the perfect material for cars. It is lightweight and strong, with superior energy absorption and predictable crash behavior. It also makes cars lighter, and we have estimated that we can save 5 kg on each aluminium Crash Manage-ment System, compared with a traditional one- our R&D team calculated that this would mean saving 560,000 metric tons of CO2 emissions over the lifetime of the 7 million vehicles(1) we supply globally!

Being at the cutting edge of innovation is one of the aspects of my job that I appreciate the most. At Gottmadingen we are currently running a pilot project working alongside a "cobot," or collaborative robot. The cobot takes over the "pick and place" task at the end of the production line so we can focus on key aspects of production.

Above all, I take enormous satisfaction from knowing that the products I help manufacture are saving lives day after day, on roads all around the world.

(1) Constellium's estimate based on 10 g/km CO2 saved for every 100 kg, and a useful life of 160,000 km per vehicle.

Above all, i take enormous satisfaction from knowing that the products i help manufacture are saving lives day after day, on roads all around the world."

A s a child in Poland, when I gazed up at the stars I had no idea that one day I would help to explore them. I moved with my family to the

U.S. as a teenager, and earned BS and MS degrees in Materials Engineering at the University of Illinois. My fascination with the cosmos continued during my college days. I bought a telescope to explore features of the Moon and rings of Saturn.

In the 1990s, I was part of a team consisting of NASA, Lockheed Martin, and Reynolds Metals, tasked with the challenge of developing aluminium-lithium technology critically needed for a new generation of space shuttle rockets that delivered components to the International Space Station.

On June 2, 1998, one of the most exciting days of my life, I was sitting in the VIP section of the Kennedy Space Complex witnessing the incredibly successful launch of the Space Shuttle Discovery, which used an external tank built out of recently developed 2195 alloy, which would later join the Airware family.

Since 2002, I have worked for Constellium developing Airware® alloys for projects such as SpaceX' Falcon 9® and NASA's powerful Space Launch System rocket. There is no greater chal-lenge than space travel, and my work is never dull. The conditions of outer space require extremely sophisticated materials that can resist environ-mental and operational stresses-everything from launch turbulence to huge temperature variations.

Our Airware® alloys allow for stronger, lighter construction, for more payload and higher orbits.They are highly formable, have superior tensile strength, and exhibit excellent properties at liquid oxygen and hydrogen temperatures. Constellium produces these state-of-the-art metals for trailblazing clients such as NASA, Boeing, Blue Origin, and Lockheed Martin.

I like to think that kids all over the world are looking at the night sky and seeing the incredible spaceships we've put up there. I hope their dreams will push them to be a part of the space program.


As a child in Poland, when I gazed up at the stars I had no idea that one day

I would help to explore them."



of our 2020 revenue came from the aerospace market


Constellium is a major supplier of rolled and extruded products to the world's top aircraft manufacturers. We develop and manufacture materials for all key struc-tural applications, including fuselage and wing skins, doublers, stiffeners, window frames, bulkheads, floor structures, seat tracks, doors, and various engine com-ponent parts. Our groundbreaking Airware® solution makes us the undisputed leader in aluminium-lithium technology. Constellium also offers pre-machining and recycling services, so that our customers generate less scrap or have less to manage, thus saving on material costs.

Constellium partners with all major air-and spacecraft companies to develop and manufacture high-performance and cost-effective products and solutions.

We produce aluminium plates, sheets, castings, and extrusions; develop advanced proprietary alloys and technologies; and pre-machine and recycle.


Airbus • Blue Origin • Boeing • Bombardier • Dassault Aviation • Embraer • Lockheed Martin • NASA • Pilatus • Pratt & Whitney • Safran



Issoire, France:

One of the world's top aerospace plate mills, with a casthouse producing Airware®

Ravenswood, West Virginia: One of the most powerful stretchers in the world

Sierre, Switzerland:

Aerospace qualied plate shop

C-TEC, France:

Ussel, France: One of the sole providers of sand casting for aerospace components

Montreuil-Juigné, France: Hard alloy extrusions for aerospace applications

R&D center with an Airware® casting unit

Consumption (kt)













Source: CRU International Ltd., Aluminium Rolled Products Market Outlook November 2020.

U.S. & CanadaEurope




22,500 Growth (52%)


20,700 Replacement (48%)

5,300 Retained



Source: Boeing 2020 Commercial Market Outlook 2020 - 2039

The near-term outlook for aerospace remains un-certain, due to the effects of Covid-19. Aerospace OEMs have reduced build rates, and it is unclear how long they will stay at these levels. Inventory destocking is likely to persist through the first half of 2021. According to CRU, aluminium demand for the aerospace rolled products markets in North America and Europe is expected to decrease by 2.2% per year between 2019 and 2025.

Nonetheless, aerospace remains a growth market in the medium to long term, thanks to a projected increase in air traffic. As aircraft manufacturers continue to look for materials combining high per-formance and low operating costs, aluminium is expected to resume its growth, and Constellium, as a global leader in aluminium aerospace technology, is well-positioned to benet.


In July 2020, Airware® turned 10. Its roots go back to the 1980s and the idea to combine lithium with aluminium to make the lightest possible alloy for the NASA Space Shuttle. Constellium's predecessor, Alcan, inherited the technology and continued to develop it. After Airbus requested Airware® for the A350, we launched it in 2010 with large investments at our Issoireand Voreppe sites. We now have a pilot casting facility at C-TEC, two casthouses at Issoire, and seven different Airware® alloys in the air. Lightweight, stiff, and corrosion-resistant, they are market leaders, found in fuselage skins, stringers, floor structures, seat tracks, window frames, internal wing and fuselage components. Airware® has traveled to outer space as part of the NASA Orion Crew Module and the Boeing Space Launch System, and is part of Blue Origin's New Glenn rocket.


its proprietary aluminium-lithium alloy solution, Airware®, a proven technology offering a combination of unique strength and weight properties.

In mid-2020, Constellium signed a 10-year agreement to support all Airbus programs with a broad range of advanced aluminium rolled and extruded products, including wing skin panels, sheets for fuselage panels, and rectangular and pre-machined plates for structural components. Constellium will continue to supply

This agreement reinforces the long-standing partnership between Constellium and Airbus. In 2020, Airbus recognized Constellium's superior product quality, operational performance, and customer service with its Supply Chain and Quality Improvement Program "Best Performer Award."



of our 2020 revenue came from other specialties, mostly from transportation, industry, and defense.


Every kilogram we can shave off a mode of transpor-tation translates into higher profits and helps our customers meet their sustainability goals. Aluminium alloys' light weight and other intrinsic properties allow us to develop high-performance extrusions, sheets, plates, castings, and semi-finished components for all types of transportation-trailers, trucks, trains, tramways, and more. We further reduce customers' manufacturing costs and production throughput time with a selection of readymade components, solutions, and personalized services. Constellium is a leading aluminium supplier to the tank and trailer dump bod-ies market, and to the pleasure boat market. We are also the market leader in rail solutions, covering the complete range of rolling stock material with our large extrusion product portfolio.

Constellium provides an extensive range of rolled and extruded products for the transportation and industry markets, and innovative solutions for the defense industry. We stand out among the competition for our ability to manufacture thick plates, wide coils, low residual stress products, and wide profile products for applications with high added value.


Brunswick Corporation • CAF • East Mfg • Gillig • Hitachi Rail • Koegel • Krone • MAC • Samuel • Schmitz • Stadler • White River Marine Group




West Virginia: Widest coil line in the industry and one of the most powerful stretchers in the world, enabling a wide variety of specications for general engineering plate along with wide coil for transportation markets. Leading supplier to the defense industrysupplier of aluminium tubes, bars and proles. Recycling capabilities

Soft Alloys Europe:

Issoire, France:

Produces plates, sheets, and extrusions for the industry and defense markets

Five plants working as an industrial network - Burg, Crailsheim, Landau in Germany; Levice, Slovakia; Nuits-Saint-Georges, France

Ussel, France:


France: Specialized in hard alloy extrusions with a large selection of products and applications

Singen, Germany:

Specializes in engineering complex, thin-walled, and multi-core parts through 3D sand printing, casting, and solidication


Deˇcˇín, Czech Republic:

Largest integrated hard alloy facility in Europe, and leading

Integrated hot/cold-rolling line allowing unique metallurgical properties and short lead times. One of the largest extrusion presses in the world

Valais, Switzerland:

Precision plate unit for general engineering products. Leading large prole supplier for high-speed train manufacturers

Map not to scale


Aluminium is the perfect material for many industrial applications. It is readily machinable, weldable, formable, and an excellent conductor of electricity and thermal energy. Manufacturers know they can count on Constellium for our superior manufacturing skills and strong expertise in semiconductor and flat panel display equipment. We produce aluminium sheets, plates, bars, extrusions, and profiles, for everything from semiconductors to high dissipation heat sinks. Our offerings include functional parts, such as vacuum valves and load locks, and consumable parts, such as showerheads and diusers.


Air Torque • Bosch • Draeger • Festo • Metso • Siemens • ThyssenKrupp


We have maintained long-standing partnerships with defense companies, supplying new materials and solutions for military aircraft, military land vehicles, and navy ships. Currently, we are collaborating with the world's top manufacturers of military land vehicles, developing specialized alloys as armor for the battlefield. Constellium's armor product suite is the broadest offering of specialized aluminium alloys, and our high-performance materials are found in aircraft such as the F-35 Joint Strike Fighter, F-22, F-16, A-10, Euroghter Typhoon, and Hawk.


BAE Systems • Dassault Aviation • General Dynamics • GKN • John Cockerill Defense • Lockheed Martin • MBDA • Nexter Systems


Tank trailers and dump-bodies (TTDB) are used across a variety of domains: hauling agricultural products, transporting sand and cement, carrying liquids such as crude oil or water, and so on. Aluminium is the material of choice for TTDB trailers, and Constellium's extra-large wide coil offering from our plant in Ravenswood, West Virginia, helps manufacturers to optimize product performance.

project to significantly increase the quality and reliability of its products, and developed new enhanced surface finishes that respond to our customers' needs. As a result, MAC Trailer, one of the leading TTDB manufacturers in the U.S., selected Constellium as its supplier, significantly increasing our market share. We are looking forward to further expanding our commercial reach and growing our business.

Our Ravenswood facility recently conducted a


Worldwide, rail networks and rolling stock are expected to expand or be modernized, thanks to global economic growth and environmental concerns. As a market leader in rail solutions, Constellium is well-positioned to take advantage of these trends. Our large portfolio of extrusions covers the entire range of rolling stock for tramways, subways, regional trains, and high-speed trains. Our aluminium-steelco-extruded power rails supply electricity to underground and suburban train systems. Most important, our lightweight solutions allow rail vehicle manufacturers to increase passenger capacity and save energy, for major reductions in CO 2 emissions.

S ustainability has been one of my favorite topics since high school in Taiwan, where I had an English teacher who gave us American ecology magazines to read. But I never thought I could make a career in this field. Years later, when I saw the post-ing for my job at Constellium-working on supply chain, purchasing, communications- it sounded like a good way to get to know a company and pursue a career around sustain-ability. Reporting is a big chunk of my work here. It might seem boring-collecting infor-mation and putting it together to produce our annual business and sustainability report. But I see the things behind these tasks-you need to have actions before you can have something to report on. Without actions, it is just greenwashing.


Constellium is very serious about sustainabil-ity. We do not claim to have done anything that we do not do, and the report, which is audited by a third party, gives more credit to how we communicate our results and actions.

The other part of my job is overseeing our responsible sourcing program. We know through analysis that the biggest environ-mental and social risks of our business come from the supply chain, not our own operations, which is why we put this program in place.

Last year, I became a mother, and that strengthened my motivation for working in sustainability. I see my daughter and imagine the world in 20 years, and I feel that I have to do something.

Last year, I became a mother, and that strengthened my motivation for working in sustainability.

I see my daughter and imagine the world in 20 years, and

I feel that I have to do something."

At Constellium, we are constantly inspired by the sustainability of aluminium, a metal that can be recycled over and over, until the end of time. Its qualities fit in perfectly with our philosophy. We invest in people for the long term-looking out for their safety, encouraging their career growth, and supporting their families and communities. We do our best to minimize our environmental footprint and we work unceasingly with our stakeholders to find solutions for a better, brighter, more sustainable future.





Our Worldwide Code of Employees and Business Conduct informs how we act and operate day to day.

In 2020, we created an e-learning course on the Code and launched an internal campaign to ensurethat more employees receive the training. The e-learning course is the cornerstone of our eorts to im-plement the Code, along with other company policies and initiatives, such as respecting human rights, ghting corruption, and reducing our environmental footprint.

In January 2020, our annual "Journée Bilan" at our Neuf-Brisach plant, where we taught our Code to employees who lack access to e-learning.


Thanks to several initiatives, we signicantly reduced the amount of landlled production waste we generated at our U.S. sites in 2020. Under the supervision of a new recycling committee, Ravenswood improved its waste segregation and is addressing its ue gas dust, for an overall reduction in waste unconnected to the site'stemporary drop in production due to the pandemic. Production output at Muscle Shoals remained high throughout the pandemic, yet the site still cut its landlled plant trash by more than 60% from 2019 to 2020, started recycling refractory bricks and ue gas dust, and increased recycling of wood pallets by a factor 4. Muscle Shoals partnered with a supplier to achieve these successes.


The Aluminium Stewardship Initiative (ASI) is a global nonprot organization that certies companies in the aluminium value chain that respect certain environmen-tal, social, and governance standards. In 2019, the ASI recognized Singen's casting and rolling facilities with its Performance and Chain of Custody standards. In 2020, the site was able to start delivering ASI-certied coils to our customers. At the same time, we received both ASI certications for Neuf-Bri-sach, Singen Extrusion, Gott-madingen, and Dahenfeld.



When Covid-19 rst hit, countries around the globe found themselves with a shortage of critical supplies for healthcare workers. Several of our sites stepped in, donating masks, safety glasses, coveralls, and other important equipment to local hospitals and senior centers. In France, Neuf-Brisach and Voreppe were among the sites that helped, and in the U.S., donations came from Bowling Green, Ravenswood, and Van Buren.

Our facility in Bowling Green, Kentucky, proudly received the label "Exemplary Environmental Steward" from the Tennessee Valley Authority (TVA), which recognizes local businesses that help make the region cleaner and greener. The plant produces aluminium Automotive Body Sheet, and since its opening in 2016 has strived to minimize the amount of power it consumes. For example, the plant improved the automotive nishing line, the wastewater treatment facility, and the positive air pressure system. Based on its 2019 power consumption, the site received the TVA's awards for "Lowest Carbon Emissions" and "Most Improved Carbon Emissions" in 2020.


In 2020, we launched Projet ISA3, a three-year R&D project led by Constellium (the ve-party consortium includes Renault), with funding from Bpifrance Financement. The project aims to develop aluminium automotive doors that are 15% lighter, cheaper to produce, and recyclable at all stages of their life cycle. Constellium's C-TEC research center will accelerate development of our highly formable, high-strength 6xxx alloys, and the doors will be designed to facilitate end-of-life recycling.

(1) The use by Constellium of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Constellium by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.


Constellium's commitment to sustainability has been recognized by several indepen-dent organizations in 2020.

EcoVadis gave us its highest rating, Platinum, bumping us up from our prior Gold rating and placing us in the top 1%.

Our commitment to addressing climate change was also rewar-ded by the Carbon Disclosure Project, who raised our score from C in 2019 to B in 2020.

Constellium received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings(1) assessment, placing us in the top 8% in our sector (Metals and Mining - Non-Precious Metals).

ISS-oekom awarded our sustainability performance the Prime status and B rating, the best grade within the metal and mining sector.


By conducting a materiality analysis on a regular basis, Constellium identifies the topics that matter most to our stakeholders, and can align our sustainability efforts with their priorities.

Identifying risks and issues

Constellium uses materiality assessments to identify sustainability topics affecting our activities and the aluminium value chain over the short, medium, and long term. We consolidate the risks identified and then assess and prioritize those risks.

We conducted our first materiality assess-ment in 2014, surveying top managers and external stakeholders. In 2017-2018, we broadened the scope by surveying close to 100 internal stakeholders and 100 exter-nal stakeholders from around the world. In 2019, with the support of an independent third-party company, we updated our as-sessment and performed a sustainability risk analysis involving internal top managers.

tomers' expectations regarding sustainability. The survey confirmed that, in addition to en-vironmental topics, customers are concerned about issues such as business ethics, prod-ucts from conflict areas, and responsible sourcing.

We used our participation in associations to align our sustainability efforts with those of the aluminium sector. We are a member of European Aluminium, whose Sustainabili-ty Roadmap Towards 2025 is aligned with eight of the UN Sustainable Development Goals (Constellium's targets also reflect these eight SDGs). European Aluminium's ongoing mid-term review of its roadmap triggered discussions within the industry about safety, energy efficiency, waste man-agement, water management, and respon-sible sourcing practices.

"Sustainability is front of mind for investors. Assessing the environmental, social, and governance risks of a company is increasingly viewed to be as critical as the traditional analysis of financial results and business performance."

Ryan Wentling,

Director Investor Relations

A more extensive assessment in 2020

In 2020, we expanded our materiality as-sessment to allow for more rigorous anal-ysis and deeper insights. A team led by Internal Audit and Control, with input from Investor Relations, Finance, Purchasing, Sales, and Sustainability, assessed the risks of climate change on our business. These range from direct impacts (e.g., extreme weather events disrupting production) to indirect ones (e.g., changes in customer ex- pectations). We also updated our corruption risk map after our Internal Audit and Control team led in-depth discussions with various functions and sites.

We conducted a survey of our sales and key account managers to understand our cus-

As a member of the Aluminium Stewardship Initiative (ASI), we are actively involved in revising standards, and have discussed is-sues such as transparency, gender equality, human rights, and greenhouse gas reduction targets.

Finally, the Covid-19 pandemic highlight- ed the significance of employee health and safety, which is always on our list of key materiality topics and risks. We responded with comprehensive preventive measures and controls, including social distancing, surface cleaning, mask wearing, workplace partitions, and in certain cases, working from home (see pages 22-23 for more infor-mation).


(1) Our sustainability risk analysis concluded that certain risks are not material to our business and, therefore, such risks are not addressed in our consolidated statement of non-financial performance. In particular, taking the nature of our business into account, we consider that combating food waste, combating food insecurity, respect for animal welfare and responsible, fair and sustainable food policy do not constitute high risks for Constellium and do not justify a specific development in our consolidated statement of non-financial performance.



In the various markets in which we operate, regulations evolve quickly. It is an important part of our job to monitor, anticipate, and react to changes anywhere in the world that might affect our business.

Our challenges

Our activities are subject to all kinds of reg- ulatory changes. While current trends are favorable to the aluminium market, imple-mentation of regulatory changes could affect our business either positively or negatively.

In the packaging sector, for example, regulatory challenges mainly concern packaging recycling, such as the EU's Circular Economy regulations-in particular, the Single Use Plastics strategyand the Packaging Waste Directive. For aluminium beverage cans whose recycling rate is already high, this means going the extra mile, either through deposit laws or improved collection systems.

As for the automotive and transportation markets, regulations on CO2 emissions reduction will favor materials that are lighter yet still strong, driving the increased use of aluminium in vehicles. Regulations are evolving in the U.S. Some states, such as California, are maintaining an ambitious fuel emissions reduction program. At the Federal level, there are ongoing discussions about the new SAFE program, which is less aggressive than the previous CAFE targets.

Regarding changes specific to our industry, we are closely monitoring the EU's CO2 Emissions Trading System. Phase 4 of the Emissions Trading System related to CO2 quota allowances has been defined, and guidelines for indirect compensation(1) have been issued. We are also closely following the transition to a new administration in the U.S., in regard to CO2 regulations for vehicles, as well as increased momentum for recycling.

As part of the European Green Deal, the European Commission is considering a carbon border tax adjustment. Its purpose would be to ensure a level playing field, and to shield specifically targeted sectors against cheaper imports from countries with less strict climate policies. The Green Deal aims to reduce greenhouse gas emissions in the EU by 55% in 2030 compared to 1990 and to reach carbon neutrality by 2050. It encompasses a range of measures, regulations, and incentives which we are following very attentively, along with European Aluminium and other member state associations.

Finally, we are closely monitoring regulations related to chemicals use and industrial emissions that concern our manufacturing operations, such as REACH in the EU. Moreover, EU Directive 2010/75 on industrial emissions (integrated pollution prevention and control) regulates a number of our European activities, including recycling and casting operations.

Our policies and actions

A significant part of our regulatory watch takes place via our involvement in industry and multi-stakeholder associations, where our representatives hold positions in governance structures and participate actively in projects, working groups, and committees. More than 40 Constellium employees have been involved in industry associations since 2016.

We will continue to participate in associations and initiatives aimed at improving industry representation and sustainability in our markets. We also work to provide solutions for customers eager to respond to changing regulations, who expect us to lead or keep pace with regulatory innovations so that we can address their needs.

For a full list of associations and initiatives where Constellium is a member, please see page 88.

(1) Indirect compensation: Under the European Union Greenhouse Gas Emission Trading Scheme Directive, indirect compensation relates to financial measures in favor of sectors determined to be exposed to a significant risk of carbon leakage due to costs relating to greenhouse gas emissions passed on in electricity prices in order to compensate for those indirect emissions costs.


The Covid-19 crisis made 2020 an extremely challenging year that required agility and adaptation. At Constellium, we have kept an eye on our targets, adjusted our expectations where necessary, and continued planning for the long term.

2020: Disruption and adaptation

Every strategy is subject to unpredictability, and in 2020 that came in the form of a global pandemic. We had made good progress on many of our targets, but had to face the reality that this crisis would have a negative effect on several of them. These include our energy efficiency and greenhouse gas (GHG) emission intensity reduction targets, community programs, responsible purchasing activities, customer and employee satisfaction surveys, and recycling rates (since the pandemic hampered collection rates). We also had to slow down some of the key programs added to our sustainability roadmap, namely gender diversity and employee learning.

We were gratified to see that there were other areas where we were able to progress, despite the crisis. We achieved and even sur-passed our safety goals, with a Recordable Case Rate of 1.82 (22% under the target), and a specific Covid-19 program to protect our employees. We also met our target for land- filled production waste, with a 33% reduction versus 2015, thanks to the full implementa-tion of recycling programs that we launched at our main U.S. sites. We received Alumini- um Stewardship Initiative (ASI) certifications for three sites, which was beyond our origi- nal plan. We received a Platinum rating from EcoVadis (see page 41), a recognition of our efforts in achieving our targets.

In light of this very specific situation and the unpredictability of Covid-19, we have decided to postpone our 2020 targets

to 2021, and to use this time to continue working towards them.

Planning for 2030 and beyond

Under the supervision of the Executive Committee and the Board, we have launched a project to determine our key sustainability objectives, as part of our company strategy for 2030 and climate neutrality ambition for 2050. The project includes all functions and operational executives at the highest level of the Company. It aims to design a comprehensive and holistic sustainability strategy and to define ambitious, realistic targets by the end of 2021. These objectives will be based on our materiality assessment, the expectations of our stakeholders, and external benchmarks.

Workstreams include Social, Governance, and Environment, with a specific focus on GHG, including our Scope 3 emissions and recycling. Our 2025 GHG target for Scopes 1 and 2 is an intermediate step in our 2030 objectives and our ultimate goals for 2050. The ASI standards will continue to play an important role in our 2030 targets, both for our own practices and those of our suppliers, as part of our goal to contribute to the sustainability of the entire aluminium industry.

"Our 2030 sustainability strategy will define what we want Constellium to be and how we want to act, from an Environmental, Social and Governance standpoint. We are taking a holistic approach by making our ESG commitments key components of our global strategy. Reaching our 2030 goals will also be one major step in our journey to carbon neutrality in 2050."

Nicolas Brun,

Senior Vice President Public Aairs, Communications, and Sustainability


By regularly analyzing our progress, we can identify the most critical areas we need to address, focus our efforts to achieve our targets, and define our objectives for the years to come.


We will enhance the environmental benefits of our products and improve customer satisfaction


We will ensure our people are safe, skilled, motivated, and engaged


We will minimize the impact of our operations


We will manage our business in an ethical and responsible way


  • 80% beverage can recycling rate in Europe

  • Work with the industry and with our stakeholders to increase the beverage can recycling rate in the U.S.


  • Conduct a customer satisfaction survey every two years for all business units


  • Reduce our Recordable

Case Rate(1) by 10% per annum from 2016

  • No more than four serious injuries a year(2)


  • Reduce production waste going to landfill by 10% (vs. 2015)


  • Have at least one site Aluminium Stewardship Initiative (ASI) certified



  • Be in the industry's top quartile for safety results


  • Six-point increase in overall employee satisfaction from a 2014 baseline

  • 10% energy efficiency improvement

(vs. 2015)



  • A 25% reduction in Scope 1 and 2 emissions intensity by 2025 (vs. 2015)

  • Evaluate the sustainability performance of key and at-risk suppliers that represent 70% of the Group's annual spending

  • Ensure that all contracted suppliers sign our Supplier Code of Conduct


  • At least one community activity per site every year

Target achieved

Signicant progress made; on track to achieve the targetMore eort required to achieve the target

(1) Recordable Case Rate measures the number of fatalities, serious injuries, lost-time injuries, restricted work injuries, or medical treatments per one million hours worked.

  • (2) We had two serious injuries in 2020.

  • (3) Community engagement addresses our challenges and opportunities in talent engagement and retention.


We use life cycle assessment (LCA) to gain a thorough understanding of a product's environmental impacts at every stage, from mining through the end of its useful life.

Our LCA model tells a more complete story

Our global LCA model calculates the carbon footprint and other environmental impacts associated with different life cycle phases of a given product or activity, according to ISO 14040-44 Standards. It studies the effects of our own activity (energy use, waste production, air and water emissions, water consumption) as well as those arising from other phases of a product's life cycle. These include bauxite mining, metal production, transportation of raw material to and from Constellium sites, a product's end of life, and potential benefits from product use phase (such as weight savings in automotive applications). See pages 48-49 for more details.

The LCA model allows us to collect and process data from product lines, sites, operating segments, and Constellium as a whole. It provides a detailed understanding of our global footprint, and shows that Constellium's internal activity generates less than 20% of our products' carbon emissions over their lifetimes. Establishing a full life cycle assessment is key to determining whether a product is worth manufacturing, and if the benefits of its downstream phase offset the impacts of production.

  • (1) Scope 1: direct emissions from sources we own or control.

    These assessments indicate that our overall emissions are largely dominated by metal sourcing (Scope 3(3)), based on 2020 data. Energy (Scopes 1(1) and 2(2)) comes next, with a much smaller footprint.

    Transportation (Scope 3) contributes even less. Though waste and water manage-ment are environmentally important, their contribution to our emissions (Scope 3) is immaterial.


    -0.05 MT CO2 eq.

  • (2) Scope 2: indirect emissions from production of the energy we purchase (electricity).

  • (3) Scope 3: all indirect emissions (not included in Scope 2) that occur throughout Constellium's value chain, including both upstream and downstream emissions.

  • (4) CO2 eq. = CO2 equivalent.

  • (5) Total without accounting for product use.


1 MT CO2 eq.


-4.7 MT CO2 eq.




Among our efforts to be truly sustainable, we must ensure that the products we create offer the best possible solutions to an array of technical issues and environmental concerns, and that they satisfy all of our customers' expectations.

Our challenges

We aim to deepen ties with our customers by consistently providing best-in-class products, joint product development, mar-ket-leading supply chain integration, tech-nical support, and scrap recycling solutions. Technological innovation is particularly im-portant, as our customers require us to lead or keep pace with new solutions to address their needs while reducing their environ-mental footprint.

Our policies and actions

Most of Constellium's environmental initia-tives aim at lightweighting products, pro-moting recycling, or improving production processes and the footprint of aluminium products over their complete life cycle.

Sustainability check - As part of our development process, we perform a sus-tainability check to assess product perfor-mance against a set of criteria, including health and safety, energy, climate, waste, and social aspects. Our project managers are trained to integrate these checks into the R&D process. A Life Cycle Assessment can be carried out in addition to the sustain-ability check, depending on its results.


We are developing alloys with higher corrosion resistance to reduce the need for chemical treatments and provide better durability. Another way we improve sustainability is by optimizing process efficiency and product delivery. For instance, our Issoire plant sends aluminium plates to a local third party, who machines them into parts before delivery and returns the machining scrap to us. As a result, less metal is sent to customers, the machining scrap travels a shorter distance to our facilities, and we reduce greenhouse gas emissions associated with transportation and scrap by one-third.

efficiency and equipment lifetime. For Constellium, ACHIEF will propose a new Polymer Derived Ceramic coating to increase the corrosion resistance of casting line refractories, and novel HESA (High Entropy Superalloy) nano-coatings to improve rolling cylinder wear resistance.

We are participating in a new initiative, ACHIEF (innovative high performance Alloys and Coatings for Highly EFficient intensive energy Processes), with 11 partners from Europe and Turkey. ACHIEF is developing innovative materials to reduce CO2 emissions from energy intensive industries and improve energy

Despite the Covid-19 crisis, we have continued to put important resources into R&D. At the end of 2020, our C-TEC Research and Development center in Voreppe, France, employed 226 people, of whom 203 were scientists and technicians. The Research Technology center in Brunel, England, employs 58 people, including 23 Brunel University employees working on Constellium innovation programs. The Research and Development hub in Plymouth, in the U.S., employs six people. We invested 48 million in 2019 and 39 million in 2020.

Optimizing can design: from modeling to prototyping and final product.

Lightweighting - Lightweighting is a major benefit of aluminium in the sectors in which we operate.

Our Aerospace and Transportation unit provides innovative aluminium rolled and extruded products that help to lightweight aircraft and other types of vehicles, for greater fuel efficiency. Constellium continues to lead in the aerospace market by supplying our customers with Airware®, a range of lightweight aluminium lithium alloys. We also produce rolled plate, coil, and sheet for ground transportation markets, where products of ours such as tread plate reduce trailer weight and fuel consumption.

In the Packaging sector, we are working on R&D projects to make beverage cans about 10% lighter, improving their carbon footprint by the same proportion. Due for completion within five years, these projects focus on optimizing can domes, the heaviest parts of cans. Our innovative design should allow for a much higher resistance to internal pressure and a reduction in metal use.

For the Automotive sector, we partner with vehicle manufacturers to develop advanced solutions that lightweight motor vehicles. These include Constellium HSA6® high performance extrusions for Crash Management Systems (CMS) and other structural and safety parts, and Surfalex®, an aluminium rolled solution, for outer parts requiring high surface quality.

We have several automotive projects underway with partners in the UK, and have successfully finished the Carbon Aluminium Automotive Hybrid Structures (CAAHS) initiative. With it, we developed a new generation of materials for a rolling chassis based on 6xxx series aluminium alloys that reduce the weight of automotive body structures by 40%.

We are leading a consortium of automotive manufacturers and suppliers for UK-based project, ALIVE (Aluminium Intensive Vehicle Enclosures), developing structural aluminium battery enclosures for electric vehicles. In 2020, our C-TEC research center received grants from the French Environmental Agency for a project called ALLEGRIA, and EU funding for another project called LoCoMaTech. Both are aimed at developing high-strength alloys (7xxx series) for lighter weight automotive structures.


We are carrying out important work with customers by developing end products that incorporate scrap and are easier to recycle. Alloys for cosmetics applications are a case in point. Until now, these have not contained recycled scrap due to concerns that use of post-consumer scrap (PCS) could not meet the high quality requirements of cosmetics. However, our customers have started requesting alloys with recycled inputs. We are in the early stages of developing a new alloy that incorporates PCS and will serve as coils for components such as lipstick sleeves and perfume caps.




Reusing aluminium scrap from products such as cans and cars is vastly superior to using primary metal, as recycling uses a fraction of the energy needed for virgin metal. Constellium recycles thousands of tons of aluminium and works to boost global recycling rates.

Our challenges

Aluminium is infinitely recyclable. By reducing the need for primary metal, aluminium recycling avoids waste production, resource depletion, and greenhouse gas emissions. The process involves simply remelting the metal, which is far less energy-intensive than manufacturing new aluminium. Recycling end-of-life scrap requires only 5% of the energy used to produce primary metal, and delivers up to 95% in CO2 savings.

In regions where aluminium is widely used, manufacturers, customers, governments, local authorities, and waste management companies have set up processes for collecting used beverage cans and other end-of-life aluminium products, so they can be remelted.

The main challenge of aluminium recycling is the availability of scrap. Given the long lifespan of the most dominant aluminium applications in terms of volume (such as buildings and transport vehicles), the available quantity of end-of-life aluminium scrap is limited to what was put on the market many years ago. This, combined with consistent market growth, makes it impossible for recycling alone to feed current demand.

Our policies and actions

Recycling is one of our major contributions to the aluminium value chain, and we seek to improve upon it in four different ways:

  • • Increasing scrap collection rates in collaboration with key stakeholders

  • • Better sorting through partnerships

  • • Creating better and more efficient closed recycling loops

  • • Improving our own recycling processes, including the development of new and more scrap-tolerant alloys

Recycling at our plants - Constellium offers significant recycling capacity across our plants. In the U.S., our Muscle Shoals, Alabama facility operates one of the largest and most efficient can recycling facilities in the world. Our plant in Neuf-Brisach, France, is an integrated rolling, finishing, and recycling facility, while another French plant, in Issoire, is one of the world's two leadingaerospace plate mills, based on volume. The Issoire plant operates two Airware® superscript industrial casthouses and recycles scrap all along the manufacturing chain.

Deˇcˇín in the Czech Republic, is a large extrusion facility, mainly focused on hard alloy extrusions for automotive and industrial applications, with significant recycling capabilities. Our Valais, Switzerland, facility has two casthouses that produce billets and slabs from pre-consumer scrap.

Better recycling through partnerships -While we continue to develop our own recycling capacity, we believe that we can also improve recycling through partnerships with relevant stakeholders, including customers, associations, and research centers. By collaborating to improve scrap collection and sorting, players from across the industry can foster best practices for maximum results.

For this reason, we participate in several programs via a number of partnerships:

  • • As members of European Aluminium and the Aluminum Association (U.S.), as well as other regional and national organizations, we work with different stakeholders on recycling and sustainability topics.

  • • As part of the European Aluminium Packaging Group, we are working with our customers to develop a Beverage Can Recycling Roadmap.

  • • We are collaborating with Every Can Counts® on communication and collection programs to boost beverage can recycling rates in Europe.

  • • We work with local organizations, such as UK-based Alupro, France Aluminium Recy-clage, Italy's CIAL, and Spain's Arpal, to devel-op and promote collection schemes in each market, and we participate in discussions about deposit schemes.

  • • In the U.S., we are working with the Recycling Partnership and the Aluminum Association to identify why the country's beverage can recycling rate has not improved in 20 years. Together we promote new legislation to increase recycling.

  • • Automotive scrap is also high on the agenda, with initiatives from the European Aluminium Transport Group and the "Comité Stratégique de Filière Mines et Métallurgie" in France.


Constellium integrates a significant share of recycled aluminium into our products. On average, recycled aluminium, calculated by following GRI 301-2 guidance, accounted for over 40% of our metal input in 2020. Of this, 18% was post-consumer scrap (generated at the end-of-life phase of finished goods), and the rest was pre-consumer production scrap (generated downstream from Constellium's operations). This recycled material input does not account for internally generated scrap, in line with the ISO 14021 standard.


Recycling capacity (metric tons per year)

That said, Constellium does not consider that recycled content should be singled out as the only relevant indicator for the environmental performance of aluminium products. We also focus on a product's end-of-life recycling, to ensure that valuable resources are reliably and efficiently collected and recycled.




80% beverage can recycling

Europe beverage can


rate in Europe

recycling rate

(1) Figures published by European Aluminium in 2020 at:








Long-lasting partnerships with our customers are the foundation of our business. We spare no effort to understand their needs and surpass their expectations, even during a global pandemic.

Our challenges

We seek to build long-term relationships with customers and continually improve our performance. Even in 2020, an exceptionally challenging year, we successfully supported our customers with minimal disruption.

Our policies and actions

We communicate frequently with our cus-tomers to understand their wants and needs. In the past two years, their requests concern-ing sustainability have increased, and these will be important to our 2030 roadmap. Due to Covid-19, we did not conduct a customer survey in 2020. Instead, we held an internal survey of our sales managers about custom- er expectations in terms of sustainability. We received more than 100 responses across all business units and included all major customers. Foremost in their minds are the environment (greenhouse gas emissions, re-

2021 TARGETConduct a customer satisfaction survey every two years in all business units

cycling, etc.), human rights, business ethics, and responsible sourcing.

Overall, our customers have a high opinion of our sustainability performance. Despite the pandemic, our efforts were recognized in 2020:

  • • Airbus gave us a "Best Performer Award" at its annual Supply Chain and Quality Improve-ment Program, and signed a 10-year con-tract for us to supply the company's entire range of programs with advanced aluminium rolled and extruded products, from wing skin panels to plates for structural components.

  • • Constellium is delivering advanced ma-terial and technical expertise to help Blue Origin meet the planned first launch of its massive orbital rocket, New Glenn, in 2021. Blue Origin's materials and process engineer Todd Morton explains, "Constellium's under-standing and availability to support the high performance aluminium offerings for launch vehicle environments allows us to pursue our designs quickly and confidently."

  • • In collaboration with a canmaker, we im-proved canstock lines' performance by opti-mizing the forming process. This allowed to produce 10,000 additional cans from every coil by minimizing scraps.

  • • Car manufacturers have made us the world's leading supplier of 6xxx-series al-uminium sheet for electric vehicle battery enclosures. In 2020, we supplied battery enclosure underride protection for more than 400,000 all-electric vehicles in the U.S. alone. Battery electric vehicles help to


INDICATORConduct a customer satisfaction survey in all business units

Constellium teams were recognized with the "Best Performer Award" by Airbus at its annual Supply Chain and Quality Improvement Program (SQIP) on January 28, 2020.

reduce air pollution and avoid CO2 emis-sions. Using aluminium rather than heavier solutions, including advanced steel alloys, reduces a vehicle's energy needs and there-fore its environmental footprint.


All business units conducted customer surveys and imple-mented actions based on the results


No survey was performed due to Covid-19. An internal survey was conducted regarding customers' sustainability inquiries

A fter growing up in the area of Muscle Shoals, I moved away for a while, then saw an opportunity to come back and work for the company, and jumped on it. I've worked at the Muscle Shoals facility for 13 years, which became part of Constellium 5 years ago. I came in as an industrial engineer, then worked as a process engineer, and I have now been Quality Manager for the last three years. I work closely with the process team and automation engineers in an office on the plant floor, maybe 10 feet from the mill. It is rare to be a woman in this industry, but not as rare as when I first started-now there are a lot more women on the floor and in management. Constellium has always been understanding about having a work/life balance, which is important to me as a working mom.


I work in cold rolling, which is my favorite department, because it is something new every day. Even though we've done a lot over the last few years, there is always something to improve. In cold rolling, our main goal is to get the metal to the correct thickness for the customer. The quality group sets the standards for the product based on customer specifications. Then we develop procedures for the operators to follow to stay within those controls, and ways for them to monitor what they are doing. We have high internal quality standards, and we have had a lot of feedback, particularly since Constellium took over, that our product has improved. I love the process of producing aluminium, in my experience it is different from normal manufacturing. It acts different, it works different, it is just a different little niche in the manufacturing world.

We have high internal quality standards, and we have had a lot of feedback, particularly since Constellium took over, that our product has improved."




In a competitive industry, our business will flourish only if we continue to attract top talent and give them reasons to remain, such as a company culture based on values and opportunities for career development.

Our challenges


We expect our plants to face higher levels of attrition as employees retire in coming years, due to demographic trends in the labor markets where we operate.

We also face the challenge of strategic workforce planning, as skills must evolve with changing technological and industrial needs. The search for qualified


individuals is highly competitive in our industry, and we need to hire enough personnel to succeed our key employees. For all of these reasons, we are focused on attracting and retaining our talent through development, communication, and employee engagement.

Our policies and actions

Engaging our people through communi-cation - Constellium's values guide how we work together and with our customers, suppliers, and partners. Our Group-wide program "MOMENTUM" communicates our mission, strategy, and values to our employees (see page 13).

In 2020, we stayed close to our employees at Group and local levels even during challenging times-whether by managers

At Muscle Shoals, Constellium signed a Memorandum of Understanding with the University of North Alabama offering a new education opportunity for Constellium employees.

making daily rounds on the shop floor, webinars with our CEO, or our new online employee news portal (available to all employees, including those who have no company email address). Regular communication was vital to keeping our employees engaged.

Global Employee Survey - Every two years, we carry out a comprehensive Global Employee Survey to measure satisfaction and track our progress towards our targets. In our 2018 survey,we noted progress in all categories and statistically significant improvement overall. Following analysis of the results, we have implemented action plans related to Training and Development; Leadership and Company Culture; and Environment, Health, and Safety.

Due to the pandemic, we delayed our 2020 employee survey to 2021. Instead, we held a virtual pulse survey in December to understand our employees' concerns and how they fared during the crisis.

Nearly 5,000 employees (41%) participated, with an average score of at least 3.5 out of 5 for all questions, which is encouraging, given the crisis. We communicated these results to our individual sites, who shared them with their employees, along with proposed action plans. These plans include continuing our Paris office's virtual town hall meetings, originally launched in response to the pandemic.

Learning and Development - In 2019, we created the Global Engineering Develop-ment Program for early-career engineers working at Constellium. It allows them to develop their technical, leadership, and business skills. This program is designed to build a talent pipeline for internal tech-nical expertise. After a brief hiatus due to Covid-19, the pilot will continue virtually through 2021.

We launched a new version of the Code of Conduct e-learning course in 2020, required of all professional level employees, and added courses on Information Security, which is increasingly important as more people work remotely.

Promoting social dialogue - We seek to create conditions for favorable employer-employee relationships, and to reach formal agreements that are fair to all. Free expression within the Group and continuousdialogue with employee representatives contribute to the smooth running of operations and promote compliance with regulations on employee rights. Many of our employees are represented by unions or equivalent bodies, or are covered by collective bargaining agreements.

Attracting talent and encouraging education - At Ravenswood, our team has been working to solve a shortage of skilled candidates by partnering with a local college, West Virginia University Parkersburg. The plant welcomed 10 local students into a program called Constellium Track of Electrical or Mechanical Trades. After two years, they will graduate with associate degrees, and hopefully pursue their careers with us.

At Muscle Shoals, Constellium signed a Memorandum of Understanding with the University of North Alabama in 2020, offering our employees a 20% discount on all undergraduate and graduate degree programs (online or traditional).

Valuing the abilities of all - At Constellium, we give equal opportunities to people with disabilities, and seek to adapt our work environments to their needs. Our sites in Signen, Gottemadingen and Defeld employ around 100 disabled employees in total, and provide equipment



A six-point increase in employee satisfaction compared to 2015

Global Employee Survey




Employee satisfaction



rate in the biannual

Global Employee Survey(1)

point increase vs. 2015

average score, virtual

Pulse Survey(1)

(1) Employees of joint-ventures are not included in the biannual employees survey and 2020 pulse survey.

such as hearing aids, ergonomic chairs, and customized security shoes. In France, Constellium employs 84 disabled people at Issoire, also providing them with specialized equipment. Since 2019, Issoire has permitted employees with disabled children to work 80% of the time while receiving a full-time salary, and provides the same allowance to 14 disabled workers who are within three years of retirement. At C-TEC, we make an active effort to recruit disabled people, and to enhance prevention with ergonomic equipment. In 2018, our Ussel site not only met France's legal requirement (6% of employees with disabilities) but went further, working with local agencies to adapt jobs to different abilities. A year later, Ussel extended this commitment under a French program called "Recognizing the Qualities of Disabled Workers."





Diversity and equal opportunity employment are paramount at Constellium. We are taking proactive measures to create an organization that better represents society and where all are treated equitably.


Our challenges

We are working resolutely to become a more diverse workplace, with equal respect for all, regardless of age, gender, race, disability, religion, or sexual orientation.

While our industry has historically been male-dominated, we seek to correct this imbalance and embrace the added value of gender diversity.

Our goals include increased diversity in hir-ing, support for female career development, more female representation in leadership positions, and salary equality.

Our policies and actions

Constellium's Gender Diversity Pro-gram - We have developed a Gender Diver-sity Program with two task forces (in Europe and the U.S.) and four workstreams:

1) Recruitment and retention: including scholarships for female students in Sci-ence, Technology, Engineering, and Math- ematics classes in Ravenswood, U.S. We started implementing a minimum of 16 weeks of maternity leave in 2020 across the Group, beginning in the U.S.

2) Career path and promotion: ensuring that talented women are recognized, creating a mentoring program, and promoting a flexi- ble work environment. For the first time, we included a focus on female talent during our Global Talent Review discussions between HR and senior leadership, and started a mentorship program for high-potential fe-male talent.

3) Culture and work practices: providing a female-friendly environment, training against unconscious bias, promoting diversity through ongoing internal communication, organizing focus groups, and fostering networks.

4) Pay and merit pay equity: making pay adjustments where necessary and ensur- ing pay equity when recruiting. We use a third-party company to benchmark new positions and promotions to verify exter-nal market equity. Additionally, we conduct internal benchmarking to ensure equity among existing employees.

Some new measures are already in place. During our Aluminium Stewardship Initia-tive (ASI) Performance Standard audit at Singen Extrusion, the auditor noted one that we call "Meet and Talk." Aimed specifically at the plant's female employees, it covers topics such as women in the workforce and work-life balance. Female employees in management positions at Singen and Gottmadingen participated in a kick-off meeting.

Equality indicators at our French sites - French law now requires all companies with at least 50 employees to measure salary gaps between men and women through a gender equality index. All our sites in France have reported their index(1). Our Issoire and Neuf-Brisach sites both performed well in 2019, with overall scores of 86/100 and 81/100 (both above the required minimum

of 75/100). Both plants scored particu-larly well on pay equality, promotions, and women's salary increases. We are working to increase the number of women in man-agement positions at sites and generally throughout the Group.

Expanding our diversity efforts - Many programs were put on hold due to the pan-demic, but we relaunched our gender diver-sity efforts later in the year. These included giving employees access to our intranet e-learning courses and other educational materials covering unconscious bias, diver- sity, and inclusion. We expect to expand the reach of the diversity committee with initia-tives, such as racial diversity, that extend to other under-represented groups. We also created a focus group to assess our needs and provide recommendations on racial di-versity within the organization.

Our results

The percentage of women in our workforce remained stable at 13% in 2020. The pro-portion of new hires who were women was higher than 20% in 2020, for the third year in a row.

Finding childcare can be a challenge, so Constellium Issoire teamed up with a local provider to ensure that its employees have someone to care for their children during the workday. "Les Petits Pas" (Little Steps) opened in 2020, next to the plant, and accommodates 20 children.

The initiative is also a way to encourage gender diversity. "Our daughter has a full-time place in daycare," says one mother, Industrialization Engineer Flavie Questroy. "The peace of mind for parents is invaluable."

(1) The index of each French site can be found on our website:https://www.constellium.com/about-constellium/our-locations



Constellium's employees are reaching out beyond the walls of their workplaces to improve the lives of communities around the world.


Our challenges

We care about the well-being of communities around our sites, and make a point of hiring locally. We also engage our employees with in-

volvement in community events, where they can volunteer for programs from healthcare to education.


Our policies and actions


One target of our 2021 sustainability pro-gram is for each Constellium site to con-duct at least one community program or event per year. Due to Covid-19, many of our 2020 events had to be postponed or canceled. However, we were still able to support communities around us in a num-ber of ways. At the peak of the pandem-ic, several sites made donations to local hospitals. Valais donated Tyvek® cover-alls to help manage shortages related to Covid-19. Neuf-Brisach and Bowling Green gave masks, while Ravenswood hosted a blood drive. Both the Plymouth site and C-TEC produced hand sanitizer to make up

2021 TARGETAt least one community activity per site every year

(1) Joint-ventures are excluded.

Engineering students at the École Nationale Supérieure des Mines in Rabat developing solar-powered electric vehicles with support from our Issoire plant in January 2020.

for a shortfall during the crisis.

Our community actions took other forms, too. Ravenswood gave a bench to the local commu-nity as a veterans memorial. At Valais, when a customer donated a spare aluminium passen-ger rail car to the plant, we asked local design students to decorate it. This work of art, paint-ed with pictograms representing our activities, now welcomes all at the entrance to the site.

One of our community programs took place in Morocco, where engineering students at the École Nationale Supérieure des Mines de Rabat are working to develop solar-powered electric vehicles. Our Issoire plant donated alu-minium plates for one vehicle's chassis, allow-



% of sites with at least one community program or event

ing the students to reduce the car's weight so that it could travel greater distances. Employ-ees from the Gottmadingen and Singen plants made wishes come true for kids at a local chil-dren's home. Constellium asked the children to write up their Christmas wish lists, so that interested employees could buy them gifts.The presents were distributed to the children and young people in time for the holidays. In Paris, a former Constellium employee created a start-up called Biscornu, giving people with disabili-ties the opportunity to prepare organic dishes using imperfect produce and recipes from Michelin-starred chefs. Constellium hosted a tasting event in our cafeteria, giving Biscornu a great opportunity to promote its products.



of sites conducted a community program or event



of sites conducted a community program or event(1)


Guided by our commitment to respect the dignity of all people and communities, we are vigilant about anticipating risks and protecting individual rights of all kinds.

Our challenges

Constellium has taken stringent measures to identify potential risks to human rights and strengthen our policies for the Company, our partners, and our suppliers.

Our policies and actions

Our human rights policy is aligned with the United Nations Guiding Principles on Busi-ness and Human Rights and the Aluminium Stewardship Initiative (ASI) Performance Standard. In 2019, we organized a global workshop to identify potential human rights risks. We found that the greatest risks were in our supply chain and among our onsite con- tractors. In our own operations, we identified risks such as health and safety, environmental impact, and discrimination related to a lack of diversity, specifically gender diversity.







Health & Safety

Smelters in high-risk countries


Data privacy

Environmental impacts of plants


Employee conduct

Child labor in scrap metal (mainly used beverage cans)

Transport suppliers' working conditions

Freedom of association


Working hours

O w

nsite contractor orking condition & fair wages

, s

Internships & apprenticeships

IT suppliers' working conditions


Work-life balance


1 LikelihoodConstellium's human rights heat map


Our heat map identies the human rights that are at risk of the most severe negative impact through Constellium's activities or business relationships.



Business relationshipsOwn operations

After organizing the risks into a heat map, de-termining the likelihood and severity of each, we presented the map to the Executive Com-mittee and then developed a two-phase ac- tion plan to mitigate them. For the first phase, we are addressing risks in our supply chain via our Responsible Supply Chain Management Policy and the ASI. We are acting against discrimination with our diversity task force (see page 56) and by providing training on our Worldwide Code of Employee and Business Conduct, including an e-learning course that integrates human rights and labor principles.

We are also focusing on the working condi- tions of our transportation suppliers. With a complex supplier network comprising 22,000 truck deliveries per year, Neuf-Brisach was identified as high risk and selected as a pilot for the Group.To be a supplier at Neuf-Brisach, a company must now sign the Constellium Supplier Code of Conduct and safety proto- cols. When a truck arrives onsite, the front desk verifies the driver's identity, a valid sec-ondment certificate, and signature of the safety protocol. If any of these conditions is not met, the truck is refused entry and the supplier is penalized.

Finally, the Covid-19 pandemic tested the capacity of companies around the world to ensure employees' health and safety. At Constellium, our rigorous response al-lowed us to keep our sites open while pro-tecting our people.

For the second phase of our human rights action plan, we will interview internal and ex- ternal stakeholders to confirm that we are on the right path.

W hile I was born and raised in Alabama, I traveled around the U.S. in my mid-to-late 20s-eventually settling in Colorado for a few years and then in Florida for a few more. I moved back to my home state in 2018 when the Environmental Manager position opened up at Constellium in Muscle Shoals, AL. At the time, Muscle Shoals made up more than 50% of all Constellium's landfilled waste worldwide. We knew we had a problem, but tracking the waste was limited and the effort just was not there. A core team was built, and we hired a company called Waste Connections that seeks out different recycling avenues.

Here, it's much more expensive to recycle than to landfill. The cost is in the transportation-we've had to send some waste four states over to recycle it. But having support from Constellium's leadership has meant the world, and we have worked diligently to find new avenues. We accept a lot of pallets, and they weigh a lot, increasing the price of landfill. Now, we send them to a local company that turns them into wood pellets for heat. We found a company in Tennessee that refines waste oil, and another that takes refractory brick and crushes it into aggregate for roadbeds.

We're trying to change the culture on the shop floor, too. Recycling in the city has only been around for five to ten years, so to ask a facility of 1,200 individuals to start recycling when they've never thought about it in their lives was a challenge. We realized that to get people to care, we had to hit home. We are right on the Tennessee River, and people in Alabama really love the outdoors and care about the river that they enjoy using. So we put hundreds of posters throughout the plant talking about waste segregation and why it was important for them. We've had multiple trainings, continuous focus on TV monitors, competitions, and color-coded recycling bins. We reduced landfilled waste by about 7,000 tons in 2020, with a 10% increase in production. And, we've gone from recycling 3,000 tons in 2018 to around 10,000 in 2020. I believe people will do the right thing if they are given the appropriate knowledge, and if you can make it easy for them.


we've gone from recycling 3,000 tons of waste in 2018 to around 10,000 in 2020."


We succeeded in reducing the amount of landfilled waste we generated in 2020, thanks to several different initiatives at our various sites.

Our challenges

Due to the nature of our industry and some of our operations, several of our sites produce landfilled waste. We seek to minimize this waste and have the smallest possible environmental footprint.

Our policies and actions

Our EHS FIRST policy and EHS Directives and Guidelines provide a framework for environ-mental management across our sites, including programs for landfilled waste and increased ma-terial reuse and recycling. For years, Constellium has been recycling more than 80% of its waste.

We achieved our 2020 target of 10% landfilled production waste reduction versus 2015, by sending 33% less production waste to landfill than in 2015. A number of sites made good progress, irrespective of a drop in production due to Covid-19. One site that made excellent progress was MuscleThrough data collection, better waste segregation, improved reuse or recycling of waste, technology, and teamwork, we aim to significantly reduce what we send to landfill. Since waste is the result of various streams depending on the activity, size, and location of our plants, we have different targets and organizations at each of our sites. We focus mostly on seven plants that generate over 95% of production waste sent to landfill: Muscle Shoals, Ravenswood, and Van Buren (U.S.); Issoire, Neuf-Brisach, and Ussel (France); and Deˇcˇín (Czech Republic). Generating less landfilled waste can only be achieved with plant-wide efforts. For instance, installing sorting bins is not enough; we must ensure that our employees use them correctly.

There are still two big challenges that we are addressing along with our partners and networks. The first concerns production waste categories for which there is currently no identified technical recycling solution. The second is our ability to recycle municipal waste, which relies on local recycling facilities.


Shoals, where workers vastly improved segregation of the main types of waste, thereby increasing the capacity for recycling solutions. A contracted supplier brought in to manage the waste found ways to recycle refractory bricks, sludge oil, and flue gas.

Trash sent to landfill from the site decreased


INDICATORReduce production waste

(construction waste excluded) going to landfill by 10% vs. 2015

% variation of quantity of production waste sent to landfill

(1) This was still above 2015 levels due to better reporting of waste and the introduction of new sites.

by more than 60% versus 2019, and recycling of wood pallets increased by a factor of 4. Ravenswood also initiated a program to better segregate waste and address flue gas dust, with a new recycling committee that is boosting employee awareness and putting recycling stations at individual work centers.




vs. 2018(1)


vs. 2015






We seek to cut greenhouse gas emissions by reducing the energy consumption of our operations and products. Though Covid-19 interrupted our progress in 2020, we will pursue our multipronged approach to get back on track.

Our challenges

Climate change is one of the biggest envi-ronmental, social, and economic challenges we all face. We recognize the effect of hu-man activity on the climate, and understand the need to limit and reduce greenhouse gas (GHG) emissions. In our sector, there is a di-rect link between energy consumption and Scope 1 and 2 GHG emissions. Our opera-tions-such as casting, rolling, extrusion, and other manufacturing-consume signif- icant amounts of energy. We are fully com- mitted to improving our efficiency in the use of natural resources, especially for energy production, and will accomplish this most-ly through continuous improvement in our manufacturing processes and equipment.

Our policies and actions

Working to improve our energy efficiency - We have been monitoring and disclosing our energy efficiency performance for many years. Energy efficiency is instrumental to the way we operate our plants, and we track it on a quarterly basis via the Constellium EHS reporting process. Our energy efficiency program is vital to reducing our GHG emissions.

Acting to improve our energy efficiency takes place at many levels. On a global scale, we work on logistics and tools, workload improvement, advanced maintenance practices, monitoring energy consumption, and asset and investment management (including energy-related criteria). Locally, we focus on improving individual process efficiency and making use of the best available techniques when replacing a part or a piece of equipment (e.g., variable motor drives, LED lighting).

Overall, the Covid-19 crisis negatively af- fected our energy efficiency ratio, because of a reduction in production and the disrup-tion of our industrial workload optimization. These conditions made our 10% energy efficiency improvement goal impossible to achieve in 2020, and we decided to post-pone it to 2021.

Addressing GHG emissions directly and indirectly - We monitor and disclose our GHG emissions, and have been doing so for years. In 2020, our total GHG emissions decreased along with a decline in production volumes due to Covid-19.

Our energy efficiency program is one key lever to reduce our Scope 1 and Scope 2 emissions, since most of our GHG emis-sions are related to energy use. Thanks to this program, we saved more than 51,000 metric tons of CO2-equivalent emissions in 2020 as compared to 2015.

To go beyond our current 2025 GHG emissions intensity target and achieve climate neutrality


At our site in Neuf-Brisach, France, we replaced heavy fuel oil with natural gas in our last furnace still using this polluting fuel. This substitution will create an annual net reduction of GHG emissions by about 3,500 t CO2 eq., and also drastically reduce air pollution, particularly SOx emissions. We expect to see the full benefits in 2021.








1,200 1,000

800 600 400 200
















GREENHOUSE GAS INTENSITY (t CO2 eq. / t of sales)


0.800 0.700 0.600 0.500 0.400 0.300 0.200 0.100







Scope 1

Scope 2

Scope 1+2

2025 target

Scope 1: direct emissions from sources we own or control



Scope 2: indirect emissions from production of the energy we purchase (electricity)

"Everyone now realizes that improving our energy efficiency does not mean sacrificing quality or productivity-we can refurbish our equipment in a profitable way. It is an exciting time to be an engineer, finding creative solutions to long-standing challenges concerning emissions and energy efficiency."

Patrick Malewicz,

Group Director of Engineering


Focusing on major projects is not our only way to improve energy efficiency. We can also do so by paying close attention to practices at our sites, both large and small. For instance, in 2020, we studied how to optimize the energy use of electric motors at the extrusion workshop of our plant in Montreuil-Juigné, France. By analyzing our actual energy needs and replacing old, oversized motors with smaller and more efficient ones, we saved more than 400 MWh/yr of energy.


by 2050, we launched a project to define our 2030 objectives and strategy. The project in-volves key managers and functions across our company. It also addresses indirect impacts on climate change resulting from upstream and downstream activities outside our own.

Improving the life cycle performance of end products is an important way to reduce emissions indirectly. First, we work on better product design-for example, lighter parts for cars and other vehicles to reduce fuel consumption. Second, we recycle pre- and post-consumer aluminium scrap, sincerecycling emissions are much lower than those from primary metal production. Life cycle analyses demonstrate the benefits of both approaches.

Beyond these actions, we offer services to optimize the value chain in other areas. For instance, thanks to our machining facilities at our aerospace plants, we are able to pro-vide pre-machined parts, allowing our cus-tomers to generate less scrap. The off-cuts and chips generated by pre-machining are then recycled at our plants, thus limiting CO2 emissions linked to transportation.

From a life cycle perspective, one element to consider is that most of the aforementioned benefits occur outside of our plants while increasing our own GHG emissions (Scope 1 and 2). Established GHG reporting frame-works do not account for avoided emissions, due to potential issues with double counting. However, we find that disregarding certain avoided emissions is problematic for compa-nies, such as Constellium, that are engaged in recycling and other positive actions at the price of higher emissions in their own purview.




Energy efficiency - In 2020, our energy effi-ciency results were impacted by the effects of the Covid-19 crisis, erasing years of progress. A decrease in production volumes disrupted our industrial workload optimization, leading to lower energy efficiency. We expect a partial recovery in 2021, but uncertainties remain, and we cannot be certain of reaching our target by the end of the year. In spite of these unfavorable conditions, we will not let up on our efforts.

GHG emissions - Our GHG emission intensity continued to decrease in 2020, despite a decline in energy efficiency.

While a decrease in our GHG emissions was due mostly to a fall in production, it also came about thanks to improvement in the electricity carbon footprint at some of our sites, and to certain changes we made, such as ending the use of heavy fuel oil in our Neuf-Brisach facility (see case study onpage 62). We remain confident that we will meet our 2025 goal. We also improved our score from the Carbon Disclosure Project, an environmental reporting nonprofit, from C in 2019 to B in 2020. This further demonstrates our commitment to actively address climate change, and our efforts at transparency.






10% energy efficiency

% variation of energy

improvement vs. 2015

efficiency vs. 2015

vs. 2015, the equivalent of

vs. 2015, the equivalent of

370 GWh in energy savings

171 GWh in energy savings







A 25% reduction in

% variation of Scope 1 and 2

Scope 1 and 2 emissions

emissions intensity vs. 2015

intensity vs. 2015

reduction vs. 2015

reduction vs. 2015



Through R&D and process improvements, we are tackling the challenge of driving down emissions while maintaining or increasing productivity. Though 2020 was an unusual year, we still found new ways to sustainably reduce emissions.

Our challenges

Air and water emissions are an inherentpart of our production process, and we are constantly looking for ways to lower them.

Our policies and actions

Two recent projects at our French plants have decreased our air emissions and illustrate our commitment to keeping them at a minimum.

At Neuf-Brisach, an R&D project led by our C-TEC Technology Center reduced volatile organic compounds (VOC) emitted during recycling activities by a factor of 10. After a successful pilot program with one recycling furnace in 2019, we expanded the initiative to the rest of the recycling units in 2020. We were pleased to see that we could reduce VOC emissions from all gas-fired recycling furnaces without productivity losses, major capital expenditures, or increased operational costs. Recycling process man-agement and industrial process expertise were key to this result.

We significantly reduced air emissions at Issoire with a new filtering and real-time monitoring system in the casthouse.

Following the successful results of the first

"The VOC reduction project at Neuf-Brisach was all the more successful in that it did not compromise productivity or require a major investment. Improved use of the current installation will give us even better results."

Ludovic Jacob,

Energy and Environment Engineer and project leader,

Neuf-Brisach, France

device, we plan to extend the system to the plant's other furnaces by 2021.

Our water use is driven mainly by cooling operations during metal casting and rolling activities. Since 2015, we have decreased our water consumption slightly while our production has increased. In 2020, however, the decrease came about mainly because of a production decline, and did not reflectany long-term trends. One site, Issoire, did make remarkable efforts to reduce its water consumption in 2020, beyond the decline that resulted indirectly from the pandemic. It did so by hunting for leaks, tracking water consumption at management level, and modifying the casthouse cooling circuit to a closed loop system. (Refer to page 80 for detailed data on Constellium's water withdrawal, consumption, and discharge).



We pursue sustainability at every step of our business, including our supply chain.

By collaborating closely with our suppliers and ensuring they meet our rigorous standards, we foster the contribution of aluminium to a sustainable society.

Our challenges

Sustainability assessments have shown


us that the most significant social and environment impacts of our business come from our supply chain rather than our own operations. As we aim for greater sustain-ability throughout our business, Constellium expects our suppliers to comply with all applicable laws and to respect sustainable practices.

Our policies and actions


Signing off on our Code - We have aligned Constellium's Responsible Supply Chain Management Policy and Supplier Code of Conduct with the principles of the United Nations Global Compact. Both documents apply to our suppliers, consultants, contrac-tors, business partners, and agents. Their proper implementation depends upon the commitment of all parties, various audits and assessments, and continuous improvement.

We expect all our contracted suppliers to sign our Supplier Code of Conduct, and to respect and uphold its terms in all of their business operations relating to the environment, society, business ethics, human rights, and labor practices.

Conflict minerals compliance - Constellium fully complies with conflict minerals regulations. We have implemented due diligence measures and communicate the corresponding information onour website(1).

Supplier assessments - We aim to have 70% of total Group spending go through a sustainability assessment or audit; in 2020 we achieved a rate of 64% and are on track.

We request our key suppliers to perform a self-assessment every three years using the EcoVadis platform. When suppliers have language issues with the platform, we offer an alternative self-assessment questionnaire. Constellium's procurement teams are specially trained to bring our suppliers on board and offer them guidance throughout the assessment and auditing processes. With our encouragement, 17 additional suppliers completed the assessment in 2020, despite the disruption

(1) https://www.constellium.com/sustainability/downloads/disclosure-and-certifications

of the Covid-19 pandemic.

Whenever suppliers' assessments deliver substandard results, we ask them to take corrective measures, and then validate their actions via the EcoVadis platform. In certain instances, we follow up with an onsite assess-ment. For suppliers whose sectors or locations put them at risk of divergent practices (at-risk suppliers), we perform onsite audits.

More recycled inputs and less greenhouse gas (GHG) - We undertake a range of other measures to support our sustainability efforts in procurement, notably by increasing the amount of recycled aluminium in our products and reducing the GHG emissions that result from sourcing. In 2020, we launched several projects to support these goals: increasing the use of scrap in our metal input, evaluating GHG emissions connected to primary metal sourcing, using more metal certified by the

Aluminium Stewardship Initiative (ASI), and favoring renewable energies.

We also make our voice heard by participat-ing in various associations around the world. Our metal procurement team is represent-ed in European and U.S. Aluminium Associ-ations, and in the London Metal Exchange Aluminium Committee. We contributed our experience to the development of European Aluminium's "Responsible Sourcing Toolkit" and spoke on the panel of ASI's Responsible Sourcing webinar in June 2020.

Proudly supporting the Aluminium Stewardship Initiative - Constellium has participated actively in the ASI since its founding, as we firmly believe this independent third-party certification system is key to our responsible supply chain management. We are involved with several of the ASI working groups that feed the Standards Committee with proposals for the upcoming standards revision. We also work with aluminium suppliers to help them with their certification processes.


"Our relationships with key suppliers are strong and long-lasting, and the team has been able to accomplish much in recent years. Our program is advanced for our industry. This puts us in a strong position, as sustainability is a major consideration for many of our customers. Going forward, we must continue our efforts in supplier due diligence and ASI Standards, recycled input, and GHG emissions reduction, so we can defend our market position in a competitive environment."

Marcus Becker,

Vice President & Chief Procurement Ocer





Evaluate sustainability performance of key & at-risk suppliers that represent 70% of Group's annual spending

% of Group spending on evaluated suppliers

38 new EcoVadis assessments performed by suppliers

2 onsite audits conducted by Constellium


of Group spending in 2019

Ensure all contracted suppliers sign our

Supplier Code of Conduct

% of key and at-risk suppliers(1)

who signed our Supplier

Code of Conduct


(1) We have about 200 key and at-risk suppliers; key suppliers means those from whom we purchase the most.




Constellium is a founding member of the Aluminium Stewardship Initiative (ASI), a global nonprofit standards setting and certification organization for the aluminium value chain. Companies receive certification by respecting environmental, social, and governance principles.

Our challenges


The aluminium value chain is complex, with environmental and social challenges at many stages. We need a framework such as ASI certification to address risks in our supply chain, and to certify our own sites so that we can deliver independently ver- ified, responsibly produced aluminium to our customers.


In 2020, Singen Rolling and Casting started to deliver ASI-certified coils to our customers, and Singen Extrusion, Gottmadingen, Dahenfeld, and Neuf- Brisach received both ASI certifications. It is worth noting that Neuf-Brisach recycles a significant quantity of post consumer

2019TARGET(1)Have at least one site


Our policies and actions

In 2019, ASI recognized Singen's casting androlling facilities with its Performance and but has become mandatory Chain of Custody standards. In 2020, we for most customers.

worked on certification for Neuf-Brisach and three German sites supplying the automotiveindustry: Singen Extrusion, Gottmadingen, and Chain of Custody Standardand Dahenfeld. Some best practices were highlighted during the audit, such as an

Employee Assistance Program at Singen Both require teamwork, but Extrusion, created in close cooperation with different expertise. The success

the local works council. Another example of best practices is our group-level process forcapital projects. During the audit at Neuf- system comes from integratingBrisach, we demonstrated that our process follows ASI guidelines (impact assessment on environment, health and safety, social perspectives), and we added gender analysis in 2020. The ASI standard includes biodiversity criteria, and an important feature at Neuf-Brisach is its 110 hectares of forest. Neuf-Brisach has a forest man-agement plan in place and renews it every 10 years; a new impact assessment study was launched in 2019.


aluminium scrap. These are automatically considered ASI-certified metal as long as we perform reasonable due diligence, meaning that Neuf-Brisach can provide our customers with ASI-certified metal from end-of-life recycling in addition to sourcing it from suppliers. As for our metal suppliers,




Number of

ASI certified Singen's casting

Neuf-Brisach, Singen Extrusion,

ASI-certified sites

and rolling operations with

Gottmadingen, and Dahenfeld are

Performance and Chain of

certified against Performance and

Custory standards

Chain of Custody standards

(1) As an ASI member, we committed to certify at least one of our sites by the end of 2019

"ASI certification is no longer simply a 'nice' thing to have,The Performance Standardare two different frameworks.

of this specific managementit into our existing one."

Carole Peltre,

ASI Project Manager and Metal Manager, Neuf-Brisach, France

we encourage them to become ASI members or gain certification. As we continue seeking certification for other sites, we are actively involved in the ASI Standards revision process, with a presence on the Standards Committee and participation in several working groups.

Consolidated income statement • Consolidated statement of financial position • Consolidated statement of cash flows • Share information • Cross reference table • United Nations Global Compact Communication on Progress • Sustainability performance • GRI content index • Report of the independent third party





Year ended

Year ended

Year ended

(in millions of euros)

December 31, 2020

December 31, 2019

December 31, 2018





Cost of sales




Gross profit




Selling and administrative expenses




Research and development expenses




Other gains and losses - net




(Loss) / income from operations




Finance costs - net




Share of income / (loss) of joint ventures




(Loss) / income before income tax




Income tax benefit / (expense)




Net (loss) / income




Net (loss) / income attributable to:

Equity holders of Constellium




Non-controlling interests




Net (loss) / income




Earnings per share attributable

to the equity holders of Constellium

Year ended

Year ended

Year ended

(in euros per share)

December 31, 2020

December 31, 2019

December 31, 2018









Note: More detailed information on our financial performance can be found in our Annual Report on Form 20-F at: https://www.constellium.com/investors/sec-filings


(in millions of euros)

As of December 31, 2020

As of December 31, 2019

Assets Current assets

Cash and cash equivalents Trade receivables and other Inventories

Other financial assets

Non-current assets

Property, plants and equipment Goodwill

Intangible assets

Investments accounted for under the equity method Deferred tax assets

Trade receivables and other Other financial assets


Liabilities Current liabilities

Trade payables and other Borrowings

Other financial liabilities Income tax payable Provisions

Non-current liabilities Trade payables and other Borrowings

Other financial liabilities

Pension and other post-employment benefit obligations Provisions

Deferred tax liabilities



Share capital Share premium

Retained deficit and other reserves

Equity attributable to equity holders of Constellium Non-controlling interests










































1,350 2,056 455 70 1




























(in millions of euros)

Year ended December 31, 2020

Year ended December 31, 2019

Year ended December 31, 2018

Net (loss) / income Adjustments

Depreciation and amortization Impairment of assets

Pension and other post-employment benefits service costs Finance costs-net

Income tax (benefit) / expense

Share of (income) / loss of joint ventures

Unrealized (gains) / losses on derivatives-net and from remeasurement of monetary assets and liabilities-net

Losses / (gains) on disposal


Change in trade working capital


Trade receivables Trade payables Other

Change in provisions

Pension and other post-employment benefits paid Interest paid

Income tax refunded / (paid)

Net cash flows from operating activities Purchases of property, plants and equipment Property, plant and equipment grants received Acquisition of subsidiaries, net of cash acquired Proceeds from disposals, net of cash

Equity contribution and loan to joint ventures Other investing activities

Net cash flows used in investing activities Proceeds from issuance of Senior Notes Repayment of Senior Notes

(Repayments) / proceeds from U.S. revolving credit facilities Proceeds from other borrowings

Repayments from other borrowings Lease repayments

Payment of financing costs

Transactions with non-controlling interests Other financing activities

Net cash flows from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents-beginning of year

Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents-end of year






(17) -


4 19









256 -






3 16








9 334




5 -

1 - -




2 -










(9) -






















197 -


















- -





- -





- -








This report includes our consolidated statement of non-financial performance prepared in accordance with article L.225-102-1, II of the French Commercial Code, to disclose how the Group takes into account social and environmental consequences of its activities. The table below points out sections of this report containing information provided as part of the consolidated statement of non-financial performance. Our sustainability risk analysis concluded that certain risks are not material to our business and, therefore, such risks are not addressed in our consolidated statement of non-financial performance. In particular, taking the nature

of our business into account, we consider that combatting food waste, combatting food insecurity, respect for animal welfare and responsible, fair and sustainable food policy do not constitute high risks for Constellium and do not justify a specific development in our consolidated statement of non-financial performance.

Topic of the consolidated statement

Section of this report


of non-nancial performance

The Group's business model

CEO Interview, A global sector leader, Pursuing a comprehensive strategy,


Creating value throughout the life cycle of aluminium, Performance report


(financial and human resources data)



How the Group takes into account social and

Pursuing a comprehensive strategy, Creating value throughout the life cycle

8-9, 12,

environmental consequences of its activities

of aluminium, Governance


Sustainability Report



Climate change consequences of the company's

Analyzing environmental impacts with life cycle assessment, Developing


business and use of the goods and services it produces

products with environmental benefits, Championing recycling

Societal commitments in favor of sustainable

Analyzing environmental impacts with life cycle assessment, Developing


development and circular economy

products with environmental benefits, Championing recycling

Collective agreements within the Group and their

Attracting, engaging and retaining the best people


impacts on the Group's economic performance as well

as on employees' working conditions

Actions to combat discrimination and promote diversity

Gender diversity


Measures taken to support people with disabilities

Attracting, engaging and retaining the best people


Report by one of the Statutory Auditors, appointed


as an independent third party, on the consolidated

statement of non-financial performance

The report also contains information regarding our practical actions or plans to implement the United Nation Global Compact (UNGC) Ten Principles in each of the four areas (human rights, labor, environment, anti-corruption), to which we are committed as a signatory of UNGC. The table below sets forth a correspondence among (i) the information to be provided in accordance with the UNGC Communication on Progress (COP) - GC Active, (ii) Global Reporting Initiative (GRI) Index, and (iii) the relevant sections of this report.

UNGC Principles

GRI Index

CEO commitment of UNGC

Pages 5


Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights.



Principle 2: make sure that they are not complicit in human rights abuses.

GRI 405-414






Principle 3: Businesses should uphold the freedom of association and the eective recognition of the right to collective bargaining.


Principle 4: The elimination of all forms of forced and compulsory labor. Principle 5: The effective abolition of child labor.

GRI 102-41, 401-409




83, 86

Principle 6: The elimination of discrimination in respect of employment and occupation.


Principle 7: Businesses should support a precautionary approach to environmental challenges. Principle 8: Undertake initiatives to promote greater environmental responsibility.




Principle 9: Encourage the development and diffusion of environmentally friendly technologies.

GRI 301-308






Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery. 17-18,

GRI 205 42-43, 84

Recycling _ See pages 50-51 for more information
























(1) Accounts for change in the calculation method of the beverage can recycling rate to reflect new EU definitions

Safety _ See pages 22-23 for more information


















ConstelliumEuropean AluminiumU.S. Bureau of Labor Statistics - Aluminium

(2) Recordable Case Rate measures the number of fatalities, serious injuries, lost-time injuries, restricted work injuries, or medical treatments per one million hours worked. Project contractors and visitors have been systematically included in these statistics since 2008. Before that, only extended contractors such as canteen and security staff were included. See pages 24 and 44 for more information about serious injuries.

People _ See pages 54-59 for more information on People


Does not include employees and workers of joint ventures

All Constellium

Number of employees with specific employment type

Number of employees per employment contract

Number of employees working full/part time



Number of employees with specific employment type

Number of employees per employment contract

Number of employees working full/part time



Number of employees with specific employment type

Number of employees per employment contract

Number of employees working full/part time


TOTAL PERMANENT AND FIXED TERMSNorth America (United States, Canada, and Mexico)

Number of employees with specific employment type

Number of employees per employment contract

Number of employees working full/part time





(agency, excluding

PermanentFixed-termMale Female Male Female Full-time Part-time


48 - -

- -- -9,581 375

1,428 67


10,743 428


266 14

Male Female Male Female Full-time Part-time


46 - -

- -- -7,020 317

952 52


7,706 363


266 6

Male Female Male Female Full-time Part-time


0 - -

- -- -7 51

10 11


17 54


0 8

Male Female Male Female Full-time Part-time


2 - -

- -- -2,554 7

466 4


3,020 11


0 0



- - 437 437

12,156 11,451

- - 398 398

9,004 8,341

- - 0 0

79 79

- - 39 39

3,073 3,031


Permanent employees excluding those of joint ventures and Asia(2)

Turnover rate






Under 30 years old









30-50 years old









Over 50 years old


















North America

Under 30 years old









30-50 years old









Over 50 years old


















All Constellium including Asia

Under 30 years old









30-50 years old









Over 50 years old


















Number of new employees hired in 2020 F M

Number of employees who left the company in 2020

Number of employees on December 31, 2020


(1)Turnover rate is calculated as number of employees who left the company in 2020, divided by the number of employees on December 31, 2020 in the same category of region, age and gender.

(2) Employees of joint ventures and Asia are not material to Constellium's total number of employees.


Employees excluding those of joint ventures and Ravenswood





All employees

All Constellium

Average training hours per year/employee






(3) "Operators" refers to employees working on the shop floors; "managers" refers to employees with administrative or managerial roles.


Permanent employees excluding those of joint ventures(4)



Board Members

Under 30 years old



30-50 years old



Over 50 years old










Age %

0 1 9

0% 9% 91%




Job Levels

Age RangesFemaleMaleTotal

% Age

% Female

% Male

All Constellium

Executive Committee Members

Under 30 years old 30-50 years old Over 50 years old


0 0 1 1

0 2 7 9

0 0%

2 20%

8 80% 10

10% 90%

Vice Presidents & Directors

Under 30 years old 30-50 years old Over 50 years old


0 9 6 15

0 54 55 109

0 0%

63 51%

61 49% 124

12% 88%

Senior Managers / Senior Experts / Individual Contributors / Technical Master Experts

Under 30 years old 30-50 years old Over 50 years old


86 346 136 568

197 1,131 684 2,012

283 11%

1,477 57%

820 32% 2,580

22% 78%

Technicians & Operators

Under 30 years old 30-50 years old Over 50 years old


121 473 250 844

908 3,790 2,753 7,451

1,029 12%

4,263 51%

3,003 36% 8,295

10% 90%TOTAL




13% 87%

(4) Employees of joint ventures are not material to Constellium's total number of employees.


Permanent employees excluding joint ventures

Job Level(6)

Ratio W to M

All Constellium

Vice Presidents / Senior Directors 100%

Senior Managers / Senior Experts / Individual Contributors / Technical Master Experts 83%

Technicians & Operators 99%

  • (5) Within the same category of employees, the ratios include a wide range of roles, geographic regions, and levels of experience.

  • (6) Vice Presidents / Senior Directors includes executive committee members; "Managers" refers to employees with administrative or managerial roles; "Operators" refers to em- ployees working on the shop floors.

Operations _ See pages 61-65 for more information on Operations






2019 2020

Direct energy (TJ)






346 326






15 13

Natural gas





13,471 12,387






107 85

Heavy fuel





119 39

Renewable sources


0 14,071

0 14,008

0 14,185

0 14,187

0 0

14,058 12,850

Indirect energy (TJ)



Sold Purchased



5,583 0 0 112

5,777 0 0 194

5,938 0 0 104

5,870 0 0 120

6,016 5,326

0 0

0 0

110 107









Raw energy consumption per metric ton is not necessarily the most relevant indicator of energy efficiency, because we need to take into account the effect of different product mixes. For instance, the manufacture of automotive sheet requires significantly more energy during rolling and finishing operations than beverage can body sheet. Therefore, increasing the share of one product over another will affect the overall energy per metric ton, independently of any other change. For this reason, we have identified the relative energy consumption per metric ton of different product lines and use this to transpose raw data on energy per metric ton into an energy efficiency index. This index reflects the intrinsic manufacturing performance of our operations, regardless of any changes in our product mix. See pages 62-63 for more information on our efforts to increase energy efficiency.


Constellium uses a significant share of recycled aluminium to manufacture our products. On average, recycled aluminium, calculated by following GRI 301-2 guidance, accounted for over 40% of our metal input in 2020. Of this, 18% was post-consumer scrap (generated at the end-of-life phase of finished goods), and the rest was pre- consumer production scrap (generated downstream from Constellium's operations).This recycled material input does not account for internally generated scrap, in line with the ISO 14021 standard.

That being said, Constellium does not consider that recycled content should be singled out as the only relevant indicator for the environmental performance of aluminium products. We also focus on a product's end-of-life recycling, to ensure that valuable resources are reliably and efficiently collected and recycled.

For more on recycling and Constellium's advocacy on this topic, please consult our website at https://www.constellium.com/sustainability/aluminium-recycling


The measurements are based on local legal requirements. Some sites don't cover all measurements.











  • (1) Biochemical Oxygen Demand (BOD)

  • (2) Chemical Oxygen Demand (COD)


Air emissions are calculated based on one or two spot measurements per year. This can cause significant fluctuations from one year to another. The measurements are based on local legal requirements. Some sites don't cover all measurements.


(3) Volatile Organic Compounds Emissions (VOC)


  • (4) Non-production waste refers to waste generated from activities such as construction or demolition.

  • (5) Hazardous and non-hazardous waste categories are defined in accordance with the definition outlined in the EU Waste Framework Directive and harmonized with the U.S.

waste classification




Waste (t)














% Recycling














% Incineration







Landfill production







Landfill non-production(4)







% Total landfill







Total Waste







Total hazardous waste(5)







Total non-hazardous waste







25,607 405 365















Target 2021


This report has been prepared in accordance with the GRI Standards: Core option



GRI 102 General disclosure

Organizational Profile

  • 102-1 Name of the organization

    Constellium SE (Constellium)

  • 102-2 Activities, brands, products, and services

  • 102-3 Location of headquarters

  • 102-4 Location of operations

  • 102-5 Ownership and legal form

    Bpifrance: 11.7%; Janus Henderson Group PLC 5.4%.

  • 102-6 Markets served

  • 102-7 Scale of the organization

    Creating value throughout the life cycle of aluminium A global sector leader

  • 102-8 Information on employees and other workers

  • 102-9 Supply chain

  • 102-10 Significant changes to the organization and its supply chain

  • 102-11 Precautionary Principle or approach

  • 102-12 External initiatives

    We are a signatory of the United Nations Global Compact.

    Memberships 88

  • 102-13 Membership in associations


  • 102-14 Statement from senior decision-maker

    CEO Interview 6

  • 102-15 Key impacts, risks, and opportunities

    Ethics and integrity

  • 102-16 Values, principles, standards, and norms of behavior

    CEO Interview 6

    Our values 13

    Governance - Policies 17-18

    Actively supporting the Aluminium Stewardship Initiative 68

    Insisting upon sustainable procurement 66-67

    UNGC membership

    Our worldwide Code of Employee and Business Conduct sets out the stand-ard of behavior we expect from our employees.

  • 102-17 Mechanisms for advice and concerns about ethics

Section of this report/Additional information


Creating value throughout the life cycle of aluminium 8-9

A global sector leader 7 Our main brands are: Airware®, Sealium, Alumold®, Unidal, Herkal, HK34,

Xtral 728, Diamal R, Diamal S, Alplan, Certal, Fortal, Alcast, Fibral, Surfalex®, Formalex®, Strongalex®, Ultralex®, Skybright®, Inoxal®, Solar Surface®, Longlinefinish®, Securalex®, Constellium HSA6®, Constellium HCA6®, Modalex®, Butlerfinish®, Staybright®, Keikor®, Aeral®, Dokima®, Kool X®, @bright®, AHEADD®, and Gripster.

Paris, France

A global sector leader 11 Constellium is a public company that aims to operate with the highest ethical standards and best practices, to be responsive to our shareholders and other stakeholders, and operates under a worldwide Code of Conduct. We are listed on NYSE under the ticker symbol 'CSTM'. Shareholders as of December 31, 2020 - free float: 70.5%; T. Rowe Price Associates, Inc. 12.4%;

A global sector leaderSustainability performance

Creating value throughout the life cycle of aluminium None.

Our Sustainability Targets for 2021

Our worldwide Code of Employee and Business Conduct sets out the standard of behavior we expect from our employees: https://www. constellium.com/sustainability/downloads/policies-codes-conduct








6, 74

Memberships 88

Governance 16-18

Our Sustainability Targets for 2021 46

Assessing material sustainability risks 42-43

Curtailing energy use and greenhouse gas emissions 62-64


Constellium's Integrity hotline is an independent service that provides a means for employees to anonymously and confidentially report violations of the Code of Conduct as well as other unethical, illegal or irresponsible deal-ings via phone or web-form 24/7. The hotline is available in all local languag-es. All concerns are documented by the external hotline operator and shared with the assigned case manager in the respective country for investigation and resolution. In In 2020, we recorded 21 claims via the Hotline. 13 of the cases have been investigated and closed.

6, 74


102-17 (suite)


  • 102-18 Governance structure

    Stakeholder engagement

  • 102-40 List of stakeholder groups

  • 102-41 Collective bargaining agreements

    In 2020, 84% of our total employees are covered by collective bargaining agreements (CBA); 94% of the employees at our non-U.S. locations are covered by CBA, while approximately 53% of U.S. employees are covered by CBA.

  • 102-42 Identifying and selecting stakeholders

  • 102-43 Approach to stakeholder engagement

    Staying one step ahead of market regulatory changes Assessing material sustainability risks

    Prioritizing customer satisfaction

    Actively supporting the Aluminium Stewardship Initiative

  • 102-44 Key topics and concerns raised

    Reporting practice

  • 102-45 Entities included in the consolidated financial statements

    All entities owned by Constellium and all operating joint ventures controlled by Constellium during reporting year 2020.

  • 102-46 Defining report content and topic boundaries

  • 102-47 List of material topics

    Assessing material sustainability risks

    See pages 38-39 of our 2017 Business and Sustainability Performance Report for more, available at https://www.constellium.com/sites/default/ files/constellium_business_and_sustainability_report_2017-200718.pdf

  • 102-48 Restatements of information

  • 102-49 Changes in reporting

  • 102-50 Reporting period

  • 102-51 Date of most recent report

    Issued in 2020. Available at https://www.constellium.com/sites/default/ files/constellium_business_sustainability_report_2019_1.pdf

  • 102-52 Reporting cycle

  • 102-53 Contact point for questions regarding the report

  • 102-54 Claims of reporting in accordance with the GRI


  • 102-55 GRI content index

    GRI content index

  • 102-56 External assurance

The remaining 8 cases remain open and actively under investigation. Employees and external parties also have the ability to raise concerns through other means as well, including our Ombudsman email, through our "Contact" option on our website and our corporate social media accounts. In 2020, our Compliance Committee reviewed 6 additional cases that were submitted outside of the Hotline. Of these cases, 4 were investigated and close, and 2 remain open and under active investigation.



Assessing material sustainability risks



Assessing material sustainability risks

Actively supporting the Aluminium Stewardship InitiativeGovernance

Our Sustainability Targets for 2021 Assessing material sustainability risks

Assessing material sustainability risks

In 2017, we renewed and broadened our previous materiality assessment performed in 2014 to identify the issues that matter most to Constellium and our stakeholders. Our sustainability targets are aligned with this vision.

See pages 38-39 of our 2017 Business and Sustainability Performance Report for more, available at https://www.constellium.com/sites/default/ files/constellium_business_and_sustainability_report_2017-200718.pdf

Past waste recycling, air emission and water discharge data were amended to account for identified reporting errors; Hazardous and non-hazardous waste data were adjusted due to harmonization of European and U.S waste classification in reporting process.


About this report

About this report About this report

This report has been prepared in accordance with the GRI Standards: Core option.

Constellium's non-financial performance statement ("déclaration de performance extra-financière"), included in this report (as specified on page 74), was verified by an independent third party, Pricewaterhouse-Coopers Audit. The work of PricewaterhouseCoopers Audit was performed in accordance with the provisions of articles A. 225-1 et seq. of the French Commercial Code, determining the conditions under which an independent third party performs its engagement, and with the professional guidance of the French Institute of Statutory Auditors ("CNCC") applicable to such engagements, as well as with ISAE 3000 assurance engagements other than audits or reviews of historical financial information.


19-20 42-43















93 93

82-87 89

GRI 103 Management approach

  • 103-1 Explanation of the material topic and its boundary

    Assessing material sustainability risks 42-43 In 2017, we renewed and broadened our previous materiality assessment performed in 2014 to identify the issues that matter most to Constellium and our stakeholders. Our sustainability targets are aligned with this vision.

    See pages 38-39 of our 2017 Business and sustainability performance report for more, available at https://www.constellium.com/sites/default/ files/constellium_business_and_sustainability_report_2017-200718.pdf

  • 103-2 The management approach and its components

  • 103-3 Evaluation of the management approach

    GRI 205 Anti-corruption

    Governance 16-20

    Assessing material sustainability risks 42-43

  • 205-1 Operations assessed for risks related to corruption

  • 205-2 Communication and training on anti-corruption policies and procedures

    Governance 17-18

    We communicate and train our Executive Committee and employees on anti-corruption through our Code of Conduct (CoC) training.

    In 2020, several anti-corruption trainings have been delivered by our legal department at Deˇcˇín, Levice, Landau, Crailsheim, Burg, Singen, Issoire, Neuf-Brisach (purchasing department), and San Luis Potosí, as well as to central metal procurement teams based in Zurich and US. Additionally Fraud and Corruption Awareness training was provided by Internal Audit and Control team at Vigo and by Internal Control champions, at Bowling Green, Valais, Ravenswood, and Muscle Shoals. The "Fraud & Corruption training pack" is available on the Constellium intranet.

  • 205-3 Confirmed incidents of corruption and actions taken

    GRI 301 Materials

  • 301-2 Recycled input materials used

    GRI 302 Energy

  • 302-1 Energy consumption within the organization

    Sustainability performance 79

  • 302-3 Energy intensity

  • 302-4 Reduction of energy consumption

    • a. Total energy savings: 616 TJ

    • b. Savings by energy source: fossil fuels 245 TJ; Electricity 371 TJ

    • c. Baseline year is 2015

    • d. Use of internal calculation tool to assess what energy would have been used in the corresponding year by applying the 2015 energy/t ratio of each production unit and applying where necessary a correction factor to account for changes in product mix.

  • 302-5 Reductions in energy requirements of products and services

Governance 16-20

Our Sustainability Targets for 2021 46

Assessing material sustainability risks 42-43

We updated our corruption risk map after our Internal Audit and Control team led in-depth discussions with various functions and sites.

We have included anti-corruption principles in our Supplier Code of Conduct for our business partners, and clauses in contracts with our customers. We have also put a due diligence process in place for business partners. None recorded during the reporting year.

Average recycled aluminium input of 40% in 2020, of which 18% was 51 post-consumer scrap, and the rest was pre-consumer scrap, following

GRI Standard guidance "gri-standards-consolidated-2020.pdf", downloaded from https://www.globalreporting.org/how-to-use-the-gri-standards/resource-center/

Curtailing energy use and greenhouse gas emissions 62-64

Sustainability performance 79

For automotive and aerospace applications, we account for the reduction in a product's life cycle energy requirements due to the energy savings from using our aluminium products, compared to reference materials such as automotive steel or previous generations of aerospace aluminium alloys. An estimate based on life cycle assessment calculations leads to savings of over 25,000 TJ for products delivered in 2020, throughout their lifetime.

We plan to further expand this assessment in the future with a more complete coverage of our product range.

We based our assumption on an estimate of mass saved in automotive and aerospace applications and used data from our LCA tool, following the ISO 14040-44 standard. We plan to further complete this assessment in the future with a more complete coverage of our product range.

GRI 303 Water and Effluents

  • 303-1 Interactions with water as a shared resource

    a. Use of water is mainly concentrated on cooling operations during metal casting 80

    (primarily) and rolling activity. Use of water is needed across the value chain

    (upstream for alumina refining, aluminium casting after smelting, electricity production, etc., and downstream for finishing operations).

    • b. Use of water is being handled within the scope of our ISO 14001 certification. We also check the status of water risks using the online Aqueduct tool that we last ran in 2020. We plan to update this on a regular basis.

    • c. We request our key suppliers to be assessed regarding their sustainability performance, including water-related issues. Water-related aspects are also included in the scope of audits performed at suppliers' premises that are expected to be at higher risk. We aim to have 100% of our key and higher risk suppliers assessed by 2021. Along with other partners of the aluminium value chain, we engaged in the Aluminium Stewardship Initiative (ASI), which built a standard for responsible aluminium. Water management issues are included in the ASI standard that was defined at the end of 2017.

    • d. There is currently no specific water-related goal. We rely on local environmental management to handle water-related topics as a function of local conditions (water availability and quality, local stakeholders such as environmental or water agencies, regulations…).

  • 303-2 Management of water discharge-related impacts

  • 303-3 Water withdrawal

    a. Sustainability performance 80

    • b. In 2020, water withdrawal from areas with water stress, according to the WRI

      Aqueduct Water Risk Atlas, was 18.6 megaliters. In all cases, the water source was municipal water.

    • c. All displayed numbers relate to freshwater. No "other water" source was used.

    • d. No assumptions used, data was collected from sites' environmental management and consolidated in central database.

  • 303-4 Water discharge

  • 303-5 Water consumption

    GRI 305 Emissions

    We considered water consumption volumes as water volumes released to a 80 different water type (e.g. groundwater released to surface water).

    • a. Sustainability performance. All volumes are to be considered except those sourced from surface water, released in the same surface water system.

    • b. In 2020, water withdrawal from areas with water stress was 18.6 megaliters. In all cases, the water source was municipal water.

    • c. No significant water storage change.

    • d. Only four of our sites' water consumption is concerned: Changchun, San Luis Potosi, Crailsheim, and Dahenfeld. Their water consumption remains insignificant, only accounting for 0.1% of our total consumption.Their production processes do not use water (no cooling water, no surface treatment, no water-based lubrication, etc.).

  • 305-1 305-1 Direct (Scope 1) GHG emissions

  • 305-2 Energy indirect (Scope 2) GHG emissions

    Curtailing energy use and greenhouse gas emissions 62-64

  • 305-5 Reduction of GHG emissions

  • 305-6 Emissions of ozone-depleting substances (ODS)

  • 305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions

    GRI 306 Effluents and waste

    Sustainability performance 81

  • 306-1 Water discharge by quality and destination

  • 306-2 Waste by type and disposal method

    Sustainability performance 81

  • 306-3 Significant spills

    GRI 307 Environmental Compliance

  • 307-1 Non-compliance with environmental laws and regulations

    GRI 308 Supplier environmental assessment

    We have 11 ongoing cases of non-compliance, some require investment and time to be addressed. We are closely following those cases and working to resolve them.

  • 308-1 New suppliers that were screened using environmental criteria

    GRI 401 Employment

  • 401-1 New employee hires and employee turnover

    Sustainability performance 77

  • 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees

Water discharge management is done according to local regulations and our own 80 water management policy, and is included in the ISO 14001 certification scope of our plants.

Sustainability performance 80

Curtailing energy use and greenhouse gas emissions 62-64

Curtailing energy use and greenhouse gas emissions 62-64 None recorded during the reporting year.

Sustainability performance 80

No significant spills recorded in the reporting year.

Insisting upon sustainable procurement 66-67

Part-time workers have pro-rata benefits of full-time employees; temporary workers are not eligible for the same benefits. Some selected benefits related to health insurance are granted depending on seniority.

GRI 402 Labor Management relations

  • 402-1 Minimum notice periods regarding operational changes

    GRI 403 Occupational health and safety

    The minimum notice period changes depending on the country of operation and is based on local regulations. We follow the rules of the country in question.

  • 403-1 Occupational health and safety management system

  • 403-2 Hazard identification, risk assessment, and incident investigation

    Focusing on environment, health and safety 22-23

  • 403-3 Occupational health services

  • 403-4 Worker participation, consultation, and communication on occupational health and safety

  • 403-5 Worker training on occupational health and safety

    Focusing on environment, health and safety 22-23

  • 403-6 Promotion of worker health

  • 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

    Focusing on environment, health and safety 22-23

  • 403-8 Workers covered by an occupational health and safety management system

  • 403-9 Work-related injuries

    GRI 404 Training and education

    Focusing on environment, health and safety 22-23

    Sustainability performance 75

  • 404-1 Average hours of training per year per employee

  • 404-3 Percentage of employees receiving regular performance and career development reviews

    GRI 405 Diversity and equal opportunity

    More than 65% of our employees receive regular performance reviews. The professional grade employees receive annual reviews of performance and career development through the global HR platform, SuccessFactors. Performance review for non-professional grade employees is managed on a site-by-site basis.

  • 405-1 Diversity of governance bodies and employees

  • 405-2 Ratio of basic salary and remuneration of women to men

    GRI 406 Non-discrimination

    Sustainability performance 78

  • 406-1 Incidents of discrimination and corrective actions taken

    Focusing on environment, health and safety 22-23

    • a. We encourage our sites to be certified by ISO 45001/OHSAS 18001.

    • b. The policy and certification scope cover our employees and workers who are not employees but whose work and/or workplace is on Constellium premises.

    Focusing on environment, health and safety 22-23 100% of our sites have workforce representation in health and safety committees.

    Focusing on environment, health and safety 22-23

    Focusing on environment, health and safety 22-23 85% of our sites are ISO 45001/OHSAS 18001 certified.

    Sustainability performance 77

    Sustainability performance 77-78

    In 2020, our Integrity Hotline has recorded 1 claim alleging incidents of discrimination. The claims were investigated by the local case officers, and the results of the investigation were reviewed by our Compliances Committee. The case manager investigated this claim and was unable to find any evidence to support the alleged claims of discrimination and the case was subsequently closed.

    GRI 407 Freedom of association and collective bargaining

  • 407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk

    GRI 408 Child labor

    Our Human Rights Policy & Labor Practices includes the right to freedom of 55 association and collective bargaining, and our operations are located in countries where such risks are not significant. In 2020, 84% of our total employees are covered by collective bargaining agreements.

    Insisting upon sustainable procurement 66-67

  • 408-1 Operations and suppliers at significant risk for incidents of child labor

    GRI 409 Forced or compulsory labor

  • 409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor

Our Human Rights Policy & Labor Practices includes this essential right and is 59 implemented through our Code of Conduct.

Insisting upon sustainable procurement 66-67

Our Human Rights Policy & Labor Practices includes 59 this essential right and is implemented through our Code of Conduct.

Insisting upon sustainable procurement 66-67

GRI 412 Human rights assessment

  • 412-1 Operations that have been subject to human rights reviews or impact assessments

    Respecting human rights 59 Since the end of 2018, we have conducted human rights risk assessment workshops at 12 of our sites: Nanjing, Singen, Neuf-Brisach, Deˇcˇín, Levice, Žilina, Muscle Shoals, Ravenswood, White, Van Buren, Bowling Green, and San Luis Potosí.

    In April 2019, we organized a global workshop with leadership from different key functions to discuss these risks. It produced a Constellium human rights heat map which was presented to the Executive Committee.

  • 412-2 Employee training on human rights policies or procedures

  • 412-3 Significant investment agreements and contracts that include human rights clauses or that underwent human rights screening

    GRI 413 Local communities

    Insisting upon sustainable procurement 66-67

    Human Rights Principles are explicitly mentioned in our Supplier Code of 58 Conduct, available at https://www.constellium.com/sustainability/ downloads/policies-codes-conduct

  • 413-1 Operations with local community engagement, impact assessments, and development programs

    GRI 414 Supplier social assessment

  • 414-1 New suppliers that were screened using social criteria

    Insisting upon sustainable procurement 66-67

  • 414-2 Negative social impacts in the supply chain and actions taken

    GRI 415 Public policy

  • 415-1 Political contributions

    GRI 416 Customer Health and Safety

    None - it is our policy to not make any political contributions.

  • 416-2 Incidents of non-compliance concerning the health and safety impacts of products and services

    GRI 417 Marketing and labeling

  • 417-1 Requirements for product and service information and labeling

    -Sourcing of raw material: 100% of our products comply with conflict minerals regulations and Constellium communicates the corresponding information on our website (https://www.constellium.com/sustainability/ downloads/disclosure-and-certifications).

    -Products with substances that might produce an environmental or social impact and safe use of the products and services: 100% of our semi-products (cast, rolled, or extruded) are covered by corresponding Manufacturer Safety Data Sheets, available on our website (https://www. constellium.com/sustainability/downloads/material-safety-data-sheets). Constellium also complies with REACH regulations, which covers the majority of our products.

    -Disposal of products and environmental and social impacts: we communicate, advocate, and engage in promoting even higher recycling rates for aluminium in all products.

  • 417-2 Incidents of non-compliance concerning product and service information and labeling

  • 417-3 Incidents of non-compliance concerning marketing communications

    GRI 418 Customer privacy

    None recorded during the reporting year.

  • 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data

    GRI 419 Socioeconomic compliance

  • 419-1 Non-compliance with laws and regulations in the social and economic area

Respecting human rights 59

The principles of our Human Rights Policy & Labor Practices have been 17 incorporated into our Code of Conduct. Employees are thus trained on human rights during Code of Conduct training.

Supporting our local communities 58

Actively supporting the Aluminium Stewardship Initiative 68

Insisting upon sustainable procurement 66-67

None recorded during the reporting year.

None recorded during the reporting year.

None recorded during the reporting year.

None recorded during the reporting year.



Aluminum Association (AA) Member Aluminium Can Recycling Romania (ALUCRO) Aluminium France

Aluminium Stewardship Initiative (ASI) Alupro

ARPAL, Spain

Association Française des Entreprises Privées (AFEP)

Positions in governanceBoard of Directors, Executive Committee MemberBoard Member

Member of the Board Member of Standard Committee

Member of the Board Member of the Board

Participation in projects and committees


Yes Yes Yes Yes Yes No Yes

Association of the United States Army (AUSA)



Can Manufacturers Institute

Carbon Disclosure Project (CDP)

Collège des Directeurs du Développement Durable (C3D) European Aluminium

European Aluminium Foil Association (EAFA) Every Can Counts

Fédération des Forges et Fonderies France Aluminium Recyclage (FAR) France Industrie

Gesamtverband der Aluminium Industrie (GDA) Latas de Bebidas

Metal Packaging Europe (MPE) Recal Foundation Poland

Swiss Aluminium Association (alu.ch) Syndicat National des Fabricants de Boîtes, emballages et bouchages Métalliques (SNFBM) United Nations Global Compact (UNGC)

Wirtschafts Grosshandel Metallehalbzeug (WGM) Wirtschafts Vereinigung Metalle (WVM) Wirtschaftsvereinigung der Metalle

Forward-looking statements

Executive Committee Member, Member of the Packaging Group Board,

Member of the Automotive & Transportation Group Board,

Chairs of several committees

Executive Committee Member

Member of the Board

Member of the Board

Member of the Board

No No Member

Yes No No Yes


Board member Board member

Yes President Member




Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes



No Yes Yes No

Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This report may contain "forward-looking statements" with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, "believes," "expects," "may," "should," "approximately," "anticipates," "estimates," "intends," "plans," "targets," likely," "will," "would," "could" and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations.

These risks and uncertainties include, but are not limited to: market competition; economic downturn; disruption to business operations,including the length and magnitude of disruption resulting from the global COVID-19 pandemic; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading "Risk Factors" in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission.

The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this report. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.


Report by one of the Statutory Auditors, appointed as an independent third party, on the consolidated statement of non-financial performance included in the management report.

For the year ended 31st December 2020

This is a free translation into English of the report issued in French and is provided solely for the convenience of English speaking readers.This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Constellium SE annual general meeting,

In our capacity as Statutory Auditor of Constellium SE (hereinafter the "entity), appointed as an independent third party and accredited by Cofrac (accreditation Cofrac Inspection n°3-1060 the scope of which is available atwww.cofrac.fr), we hereby report to you on the consolidated statement of non-financial performance for the year ended 31st December 2020 (hereinafter the "Statement"), included in the management report pursuant to the legal and regulatory provisions of articles L. 225102-1, R. 225-105 and R. 225-105-1 of the French Commercial Code (Code de commerce).

The entity's responsibility

Pursuant to legal and regulatory requirements, the Board of Directors is responsible for preparing the Statement, including a presentation of the business model, a description of the principal nonfinancial risks, a presentation of the policies implemented considering those risks and the outcomes of said policies, including key performance indicators.

The Statement has been prepared in accordance with the entity's procedures (hereinafter the "Guidelines"), the main elements of which are presented in the Statement and which are available on request at the entity's head office.

Independence and quality control

Our independence is defined by the provisions of article L. 822-11-3 of the French Commercial Code and the French Code of Ethics (Code de déon-tologie) of our profession. In addition, we have implemented a system of quality control including documented policies and procedures regarding compliance with the ethical requirements, French professional guidance and applicable legal and regulatory requirements.

Responsibility of the Statutory Auditor, appointed as an independent third party

On the basis of our work, our responsibility is to provide a report expressing a limited assurance conclusion on:

  • • the compliance of the Statement with the provisions of article R. 225-105 of the French Commercial Code;

  • • the fairness of the information provided in accordance with article R. 225105 I, 3 and II of the French Commercial Code, i.e., the outcomes, including key performance indicators, and the measures implemented considering the principal risks (hereinafter the "Information").

However, it is not our responsibility to comment on:

  • • The entity's compliance with other applicable legal and regulatory provisions, in particular the French duty of care law and anti-corruption and tax evasion legislation;

  • • The compliance of products and services with the applicable regulations.

PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 Neuilly-sur-Seine Cedex

Téléphone: +33 (0)1 56 57 58 59, Fax: +33 (0)1 56 57 58 60,www.pwc.fr

Société d'expertise comptable inscrite au tableau de l'ordre de Paris - Ile de France. Société de commissariat aux comptes membre de la compagnie régionale deVersailles. Société par Actions Simplifiée au capital de 2 510 460 €. Siège social : 63, rue de Villiers 92200 Neuilly-sur-Seine. RCS Nanterre 672 006 483. TVA n° FR 76 672 006 483. Siret 672 006 483 00362. Code APE 6920 Z.

Bureaux : Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Neuilly-Sur-Seine, Nice, Poitiers, Rennes, Rouen, Strasbourg, Toulouse.

Nature and scope of our work

The work described below was performed in accordance with the provisions of articles A. 225-1 et seq. of the French Commercial Code determining the conditions in which the independent third party performs its engagement and with the professional guidance of the French Institute of Statutory Auditors ("CNCC") applicable to such engagements, as well as with ISAE 3000 - Assurance engagements other than audits or reviews of historical financial information.

Our procedures allowed us to assess the compliance of the Statement with regulatory provisions and the fairness of the Information:

  • • we obtained an understanding of all the consolidated entities' activities, the description of the social and environmental risks associated with their activities and, as well as the resulting policies and their outcomes;

  • • we assessed the suitability of the Guidelines with respect to their relevance, completeness, reliability, objectivity and understandability, with due consideration of industry best practices, where appropriate;

  • • we verified that the Statement includes each category of social and environmental information set out in article L. 2251021 III;

  • • we verified that the Statement includes an explanation for the absence of the information required under article L. 225-102-1 III, 2;

  • • we verified that the Statement presents the business model and the principal risks associated with all the consolidated entities' activities, including where relevant and proportionate, the risks associated with their business relationships and products or services, as well as their policies, measures and the outcomes thereof, including key performance indicators;

  • • we verified, where relevant with respect to the principal risks or the policies presented, that the Statement provides the information required under article R. 225-105 II;

  • • we assessed the process used to identify and confirm the principal risks;

  • • we asked what internal control and risk management procedures the entity has put in place;

  • • we assessed the consistency of the outcomes and the key performance indicators used with respect to the principal risks and the policies presented;

  • • we verified that the Statement covers the scope of consolidation, i.e., all the companies included in the scope of consolidation in accordance with article L. 233-16 within the limitations set out in the Statement;

  • • we assessed the data collection process implemented by the entity to ensure the completeness and fairness of the Information;

  • • for the key performance indicators and other quantitative outcomes that we considered to be the most important, we implemented: - analytical procedures to verify the proper consolidation of the data collected and the consistency of any changes in those data,

- substantive tests, using sampling techniques, in order to verify the proper application of the definitions and procedures and reconcile the data with the supporting documents. This work was carried out on a selection of contributing entities: Deˇcˇín (Czech Republic), Issoire (France) and Muscle Shoals (United States) and covers between 18% and 100% of the consolidated data relating to the key performance indicators and outcomes selected for these tests;

  • • we referred to documentary sources and conducted interviews to corroborate the qualitative information (measures and outcomes) that we con-sidered to be the most important (cf. appendix);

  • • we assessed the overall consistency of the Statement based on our knowledge of the all the consolidated entities.

We believe that the work carried out, based on our professional judgement, is sufficient to provide a basis for our limited assurance conclusion; a higher level of assurance would have required us to carry out more extensive procedures.

Means and resources

Our work was carried out by a team of 6 people between September 2020 and March 2021 and took a total of 11 weeks.

We were assisted in our work by our specialists in sustainable development and corporate social responsibility. We conducted about 20 interviews with the people responsible for preparing the Statement, representing sustainability, human resources, health and safety, environmental and pur-chasing departments.


Based on our work, nothing has come to our attention that causes us to believe that the consolidated statement of non-financial performance is not in accordance with the applicable regulatory provisions and that the Information, taken as a whole, is not presented fairly in accordance with the Guidelines.


Without qualifying our conclusion and in accordance with article A. 225-3 of the French Commercial Code, we have the following comments: no key performance indicators are stated for the information on the gender diversity in the light of the related policies

Neuilly sur Seine / March 16, 2021

One of the Statutory Auditors PricewaterhouseCoopers Audit

French original signed

French original signed

Pierre Marty

Sylvain Lambert


Sustainable Development Partner




List of the information we considered most important

Key performance indicators and other quantitative results:

  • • Employee satisfaction rate;

  • • Percentage of sites which conducted at least one community program or event;

  • • Ratio of basic salary and remuneration of women and men;

  • • Breakdown of permanent employees by region, by employee category, by gender, by employment type, and by contract;

  • • Permanent employee turnover by gender and by age;

  • • Percentage of employees (job grade equal and above 28) trained on Code of Conduct;

  • • Average number of training hours per employee;

  • • Percentage of total permanent employees covered by collective bargaining agreements;

  • • Percentage of workforce covered by an occupational health and safety management system - ISO 45001/OHSAS 18001;

  • • Recordable Case Rate and annual variation;

  • • Number of serious injuries;

  • • Financial and human resource dedicated to R&D;

  • • Aluminium beverage can industry recycling rate in Europe;

  • • Percentage of recycled input material used (aluminium);

  • • Variation (in percentage) of energy efficiency and energy consumptions;

  • • Greenhouse gas emissions (Scopes 1 & 2) and their intensity;

  • • Air emissions (VOC, NOx, SO2, particulate materials);

  • • Water discharge by quality (COD, BOD5, suspended solids, fluorides, hydrocarbon, and dissolved aluminium);

  • • Water withdrawal by source;

  • • Quantity of hazardous and non-hazardous waste and their related disposal methods, and variation (in percentage) of the quantity of production waste sent to landfill;

  • • Percentage of spending on evaluated suppliers and percentage of key and at-risk suppliers who signed the Supplier Code of Conduct.

Qualitative information (actions and results):

  • • Mechanism (hotline) for advice and concerns about ethics, number of claims;

  • • Participations in different professional associations;

  • • Serious Injury and Fatality prevention (SIF) program;

  • • "Caring for Each Other" and "MOMENTUM" programs;

  • • COVID19 quarantine procedure;

  • • Global Talent Review initiative.


Reporting period

Financial year 2020

(January 1, 2020 to December 31, 2020)

Date of publication

March 2021

Report scope

Financials are consolidated for all entities owned by Constellium and all operating joint ventures controlled by Constellium during reporting year 2020.

The scope of extra-financial data is the same unless otherwise specified.




Constellium's non-financial performance statement ("déclaration de performance extra- financière"), included in this report (as specified on page 74), was verified by an independent third party, PricewaterhouseCoopers Audit.

PricewaterhouseCoopers Audit verified compliance of our statement with the provisions of the French Commercial Code (article R. 225-105), along with the fairness of the information provided in our statement, such as key performance indicators and measures taken to address risks (article R. 225-105 I, 3, and II of the French Commercial Code). The work of PricewaterhouseCoopers Audit was performed in accordance with the provisions of articles A. 225-1 et seq. of the French Commercial Code, determining the conditions under which an independent third party performs its engagement, and with the professional guidance of the French Institute of Statutory Auditors ("CNCC") applicable to such engagements, as well as with ISAE 3000 assurance engagements other than audits or reviews of historical financial information. The verification report of PricewaterhouseCoopers Audit (included on page 89 of this report) describes in detail the verification work performed.

Coordination: Corporate Communications Department and Sustainability Council. Design and production: Angie

Credits: ©Adrien Daste, ©AIRBUS 2018/S. Ramadier, ©A2Mac1, ©Constellium, ©Getty Images/Henrik Weis, ©Getty Images/JoZtar, ©Getty Images/Ariel Skelley, ©Hubert Raguet/Constellium, ©iStockphoto.com/InnaViasova, ©iStockphoto.com/BlackJack3D, ©iStockphoto.com/TimAwe, ©iStockphoto.com/Paket, ©iStockphoto.com/koosen, ©iStockphoto.com/Thomas-Soellner, ©iStockphoto.com/AntonMatveev, ©iStockphoto.com/LeManna, ©iStockphoto.com/3DSculptor, ©iStockphoto.com/golubovy, ©iStockphoto.com/amygdala_imagery, ©iStockphoto.com/okeyphotos, ©iStockphoto.com/DonNichols, @Joël Damase/Constellium, ©Patrick Allard, ©Polyshape, ©Unsplash.com/David Daraiche



Constellium SE published this content on 17 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2021 09:57:01 UTC.

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