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Mitsui & Co.’s Materiality

Secure sustainable supply of essential products

Ensure the sustainable and stable supply of resources, materials, food and manufactured products that are vital for the development of society.

Recognition of Societal Issues

  • Population growth and expanding demand for resources, energy, raw materials, food, manufactured products, etc.
  • Improvement of production and supply capacity to respond to climate change
  • Safety and security of food and manufactured products

Major Risks and Opportunities

Risks

  • Supply failures of resources, energy, raw materials, food, manufactured products, etc. caused by climate change, COVID-19, etc.
  • Reputational damage resulting from safety and health problems affecting the final consumers of food and manufactured products

Opportunities

  • Improvement of production and supply capacity through responding to the effects of climate change, COVID-19, etc.
  • Enhancement of competitiveness through the establishment of traceability, responsible marketing leading to demand expansion

Major Targets/KPIs

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Theme Targets/KPIs Progress in FY March 2024 Related Pages
Sustainable and stable supply Sustainable and stable supply of resources, energy, materials, food, manufactured products, etc.
  • Equity share of iron ore production: Approx. 61 Mt/year
  • Share of ammonia imports to Japan: Approx. 60%

Integrated Report 2024 P.02: At a Glance

Safe and secure products 2030: 100% traceability/certification rate for natural rubber, palm oil, lumber, and paper products handled Natural rubber: 100% / Palm oil: 18.6% / Timber [Lumber*1]: 0%*2; Timber [Wood chips for paper products*1]: 100% / Paper products: 100%

Supply Chain Management

*1 Lumber and wood chips for paper products handled by suppliers with internationally recognized forest certifications, including FSC® and PEFC, etc. or recognized as sustainably managed materials by a certification body
*2 Due to the FSC®, the certifying body, suspension the certification of lumber from certain countries of origin.

Materiality Action Plans

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SDGs
targets(s)
Segment Business unit Business field Response to issues Target
(assuming a date by 2030)
Actions and performance indices
for achieving the target
Current status/progress
  • RESPONSIBLE CONSUMPTION AND PRODUCTION
Mineral & Metal Resources Mineral & Metal Resources Mineral and metal resources development and recycling We will contribute to the stable supply of mineral and metal resources that support economic growth, society and industry. Improve the stable supply system by expanding mineral and metal resources and promoting recycling businesses.
  • Continue mining business development and improve cost competitiveness.
  • Improve the value chain of recycling businesses.
  • Equity share of iron ore production: approx. 61 million tons/year
  • Equity share of coking coal production: approx. 5.6 million tons/year
  • Equity share of copper production: approx. 115 thousand tons/year
  • Florence Copper, with whom we have an offtake contract with equity conversion rights, has obtained final approval from authorities and commenced construction of a commercial facility to produce low-carbon copper ingots in Arizona, US.
  • We have invested in Atlas Lithium Corporation, one of the largest lithium tenement holders in Brazil.
  • We have decided to invest in MTC Business Private Ltd., one of India's leading metal recycling companies.
  • AFFORDABLE AND CLEAN ENERGY
  • RESPONSIBLE CONSUMPTION AND PRODUCTION
Energy Energy I, Energy II Energy development We will contribute to the stable supply of sustainable energy. Build and enhance a stable energy production and supply portfolio that meets the expectations of customers and society. Maintain, expand and diversify energy supply by developing new projects and enhancing existing projects. We are promoting new energy development projects to meet the needs of consumers around the world. (LNG: 10 projects in 8 countries)

  • AFFORDABLE AND CLEAN ENERGY
Machinery & Infrastructure Infrastructure Projects Centralized power generation/centralized RE/distributed power generation We will carry out business operations in consideration to the stable operation and reduction of environmental burdens, and contribute to local communities through sustainable and stable power supply optimized for each country or region.
  • Complete construction projects and commence commercial operations.
  • Improve operating rate and thermal efficiency.
  • Implement environmental burden reduction measures.
  • Expand our business base as a general energy company that meets diverse customer needs, including environmental and social aspects.
  • Continue to implement PDCA for progress monitoring of projects under construction and improvement of project quality.
  • Verification/demonstration/practice of environmental burden reduction measures.
  • Develop businesses in new countries/regions.
  • Acquire new projects by improving sales structure, promoting digital marketing, and expanding solutions.
  • Through 81 electric power projects (Net capacity 9.4GW) in 22 countries around the world, we are working on a stable power supply that supports people's lives (as of May 31, 2024).
  • In FY March 2023, one of the two Thailand gas-fired power plant projects in which we have invested was completed and is now in operation.
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Machinery & Infrastructure Infrastructure Projects Resource infrastructure (onshore/offshore) business We will fulfill our social mission and social responsibility for the stable supply of resources while fully considering the impact of operations on the environment, and contribute to the sustainable growth of countries and regions.
  • Improve the supply capacity and efficiency of existing businesses.
  • Complete construction projects and commence commercial operations.
  • Steadily operate by utilizing DX.
  • Reduce environmental burdens.
  • Continue to implement PDCA to improve efficiency.
  • Implement measures to improve utilization rates and efficiency.
Off the coast of Brazil, we produce oil and gas by FPSOs which are jointly owned by MODEC. Going forward, we will continue to contribute to the stable supply of oil and gas in the global deep-sea oil and gas field areas, mainly off the coast of Brazil.
In FY March 2024, we began chartering 2 FPSOs.
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Machinery & Infrastructure Infrastructure Projects Social environment infrastructure business We will contribute to the expansion of global logistics demand by developing, expanding and steadily operating our logistics bases. Expand logistics infrastructure and improve efficiency in the world's growing logistics market.
  • Improve the operating rate and create new added value using DX.
  • Continue to work on improving efficiency, including maintenance.
In our container terminal business in Indonesia, we have maintained the industry's highest level of operational efficiency.
We are promoting the expansion of DX functions to further improve efficiency, such as a paperless (online) fee payment process and optimization of truck transportation.
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Machinery & Infrastructure Mobility I Passenger vehicle sales and leasing We will respond to growing demand for mobility, resource transportation, and passenger vehicles, where demand is expected to increase (especially in emerging countries).
  • Expand sales and leasing system through our global network partners.
  • Supply vehicles that contribute to sales volume as well as sustainable growth and a reduction in environmental impact.
  • Make more extensive efforts with global partners in each area.
  • Sales volume (especially that of environmentally friendly vehicles), number of leases, sales area.
In addition to sales in Chile, Peru, Brazil, The Philippines, etc., where demand for passenger and transportation vehicles is expanding with economic growth, we have begun working on a leasing business.
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Machinery & Infrastructure Mobility I Industrial and Manufacturing Solutions We will realize sustainable and stable manufacturing and supply of high-performance machine tools including surface grinding machines and semiconductor manufacturing equipment, for which global demand expansion is expected. Along with our partner, who has world-leading-edge technology and manufacturing capabilities (Monozukuri), we manufacture and supply high-performance machine tools and semiconductor manufacturing equipment.
  • With the global network of Mitsui and its group companies, we support our partners to strengthen their global sales foundation and customer base.
  • We promote human resource development and the strengthening of corporate functions, contributing to the enhancement of our partners' corporate value.
We have entered a capital and business alliance with Okamoto Machine Tool Works, Ltd. (Japan), aiming to further accelerate growth by effectively utilizing both companies' management resources and expertise.
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Machinery & Infrastructure Mobility I Mining equipment sales and maintenance services We will contribute to the stable operation of equipment in mining industries, which is indispensable for the development of society. Provide solutions to the mining sector by leveraging our mining equipment sales and repair service business.
  • We will strengthen and expand the integrated sales and customer support system.
  • We will provide solutions that contribute to improving operational efficiency in mines.
We operate a mining equipment sales and maintenance service business in Peru, one of the world's leading copper producers. We have expanded our product range in 2023 through our investment in a sales company specializing in ultra-large rope shovels for open pit mines and other equipment.
  • AFFORDABLE AND CLEAN ENERGY
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Machinery & Infrastructure Mobility II Shipping We will provide high-quality, environmentally friendly, competitive ships and services to meet the ever-expanding demand for marine transportation as the world economy grows. Use DX to select the optimal shipping routes to save fuel and use new technologies such as new kinds of fuels to help reduce the environmental burden of shipping and enable sustainable growth of maritime industries. Increase our efforts with global partners in each area of the world (shipyards, shipowners, shipowners). Showcase initiatives for utilizing the technological capabilities of Japanese manufacturers. With emission reduction in the shipping industry becoming a global issue, in April 2021 we became a strategic partner of the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping (MMMCZCS), a not-for-profit international research and development center dedicated to the decarbonization of the shipping industry. From May 2022, we dispatched a secondee to work with other partners to solve technical and commercial issues in the use of low-carbon fuels for marine vessels.
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Chemicals Basic Materials Covering all business areas of the Business Unit
(Gas Chemicals Business/Basic Chemicals Business/Performance monomer/Tank Terminal Business)
We will achieve a sustainable society by supporting the steady supply of basic materials and industrial infrastructure. Solidify the production supply system through capacity expansion in the salt and methanol production businesses and tank terminal business, and expansion of trading by expanding logistics. Manage milestone of each project and expand trading based on trends in the oil-to-chemicals businesses. While geopolitical risks continue to rise and uncertainty in the global economy remains, our trading function has made it possible for us to connect supply chains and give them some spare capacity. We will continue to strengthen the foundations for a stable supply and demonstrate our functions for doing so.
  • RESPONSIBLE CONSUMPTION AND PRODUCTION
Chemicals Chemicals Segment Compliance We will build a sustainable supply system in our management of chemical products by maintaining a compliance system and improving quality. Promote a legal compliance system for hazardous chemical substances, improve quality, give employee training for product safety, and participate in initiatives.
  • Provide opportunities for employee training and improve product quality.
  • Update, thoroughly understand, notify, and label hazard information and legal information on chemical substances.
  • Expand specialized human resources for chemical substance management.
We have updated legal information related to chemical substance management to protect the global environment through chemical substance management which is an important trade compliance along with security trade control. We regularly conduct training in the laws relating to chemical substance management to all Mitsui & Co. and group companies that handle chemical substances.
  • INDUSTRY, INNOVATION AND INFRASTRUCTURE
Chemicals Performance Materials Detergent raw materials, oleochemical business We will contribute to the stable supplies in the detergent raw materials and oleochemical business areas. Establish stable supply systems. Expand manufacturing and stabilize production.
  • We are supporting detergent raw material production in Thailand and marketing it globally.
  • We are supporting oleochemical production in Malaysia and China, and marketing it globally.
  • RESPONSIBLE CONSUMPTION AND PRODUCTION
Chemicals Performance Materials Manufacturing and distribution We will work to procure and provide safe and secure products to achieve a sustainable society through environmental protection. Disseminate our sustainable supply chain policy throughout our supply chain.
  1. Monitor the implementation status of each individual procurement policy.
  2. Aim to secure (1) 100% traceability of the natural rubber we handle (2) 100% of lumber and woodchip for paper products handled to be certified by internationally recognized forest certification bodies, or of an equivalent standard, (3) 100% traceability of pulp, paper and paperboard to legal raw materials, all by 2030.
  1. We have formulated individual procurement policies for timber, paper products and natural rubber, which we recognize as products which are required to be in line with the protection of the natural environment when effectively utilizing forest resources.
  2. (1) 100%
    (2) Lumber*1: 0%*2, Woodchips for paper products*1: 100%
    (3) Paper Products*3: 100%

*1 Lumber and woodchips for paper products that are handled by suppliers who are certified by internationally recognized forest certification bodies including FSC®, PEFC, etc., or that are recognized by certification bodies as controlled materials
*2 Due to the FSC®, the certifying body, suspension the certification of lumber from certain countries of origin. In April 2024, we discontinued new orders for such lumber, and existing orders was completed in June 2024.
*3 Pulp derived from wood that has been certified by FSC® or other internationally recognized forest certification bodies, or that has been managed in accordance with the guidelines of our procurement policy for paper products

  • ZERO HUNGER
Chemicals Nutrition & Agriculture Agri-science business/Agri-solution business We will achieve sustainable agricultural production through science. Achieve a reduction of environmental burden and agricultural productivity improvement by developing and disseminating agricultural technology.
  • Achieve a reduction of environmental burden and agricultural productivity improvement by developing and disseminating agricultural technology.
  • Develop and disseminate bio-pesticides made from fungi and natural extracts, to reduce the environmental burden and help achieve agricultural production in harmony with the environment.
  • Use soil analysis to help optimize the amount of chemical fertilizer applied and promote the spread of bio-stimulants.
  • Improve the agricultural material supply base in Africa.
  • Establish Ag-tech businesses.
  • We are promoting "IPM" (Integrated Pest Management), which combines biological pesticides and chemical pesticides, to help establish highly productive and sustainable agricultural systems.
  • We are developing a comprehensive agricultural material distribution business, mainly in Latin America.
  • Through the ETG company we are supplying agricultural materials in Africa.
  • We have invested in a controlled environment agriculture (CEA) business and are running a pilot project producing and selling crops in Saudi Arabia.
  • We are working on a sustainable vegetable supply through a vegetable seed R&D business.
  • ZERO HUNGER
Chemicals Nutrition & Agriculture Animal solutions business We will achieve sustainable agricultural production through science. Achieve a reduction of the environmental burden of livestock, and an improvement of productivity by developing and popularizing feed additives/veterinary drugs/vaccines.
  • Achieve efficient growth of livestock and a reduction of environmental emissions through establishment of a Gut Health (improvement of intestinal flora of livestock) business.
  • Improve livestock productivity and achieve animal welfare through the spread of vaccines and veterinary drugs.
  • We are promoting business reform in Novus, a company in which we have invested, to establish a Gut Health business.
  • We have invested in an Animal Health product manufacturing and sales operations in Japan and Brazil.
  • We have entered into the animal genetics business. We are pursuing synergies with existing businesses such as animal nutrition and animal health.
  • ZERO HUNGER
Chemicals Nutrition & Agriculture Agri-solution business We will achieve sustainable agricultural production through science. Achieve a stable supply for the chemical and agriculture industry and stable operation of refineries. Expand logistics functions of Sulphur and Suphuric acids business We are strengthening and promoting the global expansion of the sulphur and sulphuric acid logistics functions of our subsidiaries Dai-ichi Tanker and Aglobis, including vessels, tank lorries, and tank terminals.
  • AFFORDABLE AND CLEAN ENERGY
  • CLIMATE ACTION
Iron & Steel Products Iron & Steel Products GHG reduction promotion in product LCA (Life Cycle Assessment) We will work to build supply chains from the perspective of LCA, for global decarbonization. Together with partners in Japan and overseas, contribute to GHG reduction across the entire supply chain. In product LCA develop projects to help in GHG reduction. In collaboration with SuMPO (Sustainable Management Promotion Organization) which is Japan's only ISO-based carbon footprint certification body, we offer LCA Plus, a platform that enables the visualization of product LCA throughout the supply chain.
  • ZERO HUNGER
  • RESPONSIBLE CONSUMPTION AND PRODUCTION
Lifestyle Food Trading We will contribute to the safe and secure procurement of food, and a sustainable and stable food supply. Thoroughly disseminate our sustainable supply chain policy and, if necessary, formulate individual procurement policies and goals based on this policy, and aim to achieve them.
  1. Monitor the implementation status of each Procurement Policy for Specific Commodities.
  2. Aim to ensure that 100% of palm oil is traceable to mill level* by 2022.
  3. Aim to secure 100% traceability of natural rubber we handle by 2030.

* Mitsui's mill list

  1. We have created an individual procurement policy for palm oil, which is recognized as a product that has a significant environmental and social impact.
  2. 100%
  3. 18.6%
  • ZERO HUNGER
  • RESPONSIBLE CONSUMPTION AND PRODUCTION
Lifestyle Retail Retail distribution of food products and daily commodities We will contribute to the safe and secure procurement of food products and daily commodities, and a sustainable and stable supply.
  1. Thoroughly disseminate our sustainable supply chain policy and, if necessary, formulate individual procurement policies and goals based on this policy, and aim to achieve them.
  2. Pursuing the enhancement and sophistication of the distribution of food products and daily commodities.
  1. Monitor the implementation status of each Procurement Policy for Specific Commodities.
  2. Realize a stable supply of goods and services through logistics optimization, and leverage DX to enhance procurement functions and achieve further sophistication of product development operations.
  1. We have implemented controls including creating individual procurement policies for palm oil and paper which are recognized as products that have a significant environmental and social impact.
  2. We merged five companies responsible for intermediary distribution for Mitsui to form a new company, Mitsui & Co. Retail Group, Ltd., on April 1, 2024. We are currently working to improve delivery efficiency, etc.
  • GOOD HEALTH AND WELL-BEING
  • RESPONSIBLE CONSUMPTION AND PRODUCTION
Lifestyle Wellness Contract food services Based on the promotion of health management to curb domestic medical expenses and the growing awareness of people's health, we will help people to achieve a level of health in line with their life stage, by providing a stable supply of food that will support physical and mental wellbeing. Achieve a stable supply of safe and secure food with consideration for reduction of food loss, sustainability and traceability.
  • Actively use foods that take sustainability into consideration.
  • Increase efforts to achieve local production for local consumption, to improve supply capacity.
  • Reduce food waste by supplying cooking plans for high-quality, traceable food.
AIM Services, a subsidiary, implemented the following initiatives.
  • In 2018, we obtained MSC/ASC CoC certification*, the first for a food supply business in Japan. We also provide sustainable fishery products (sustainable seafood) at some facilities.
  • We were the first in the contract food service industry in Japan to offer menus using environmentally friendly land-based aquacultured shrimp called "Yuki Ebi".
  • We are implementing local production for local consumption in collaboration with Miyazaki, Miyagi, Akita and Iwate prefectures to utilize ingredients that will lead to regional economic development.
  • We are conducting food procurement and menu planning to control food loss using AIM Services' original menu planning system.

  • * MSC certification is a certification system for sustainable fisheries that is properly managed in consideration of fishery resources and the environment. ASC certification certifies aquaculture which is approved by the Aquaculture Stewardship Council and minimizes the environmental and social burden. MSC/ASC CoC certification ensures that these certified fish products are properly managed and traceable in all processes of manufacturing, processing and distribution.