Key risks 2025
Key risk
What this means
Examples of what do we do (mitigation)
Shift to growth
Key risk
Geopolitical development
What this means
- Regionalization/nationalization
- Increasing trade tariffs
- Armed/hybrid conflicts
- Extreme weather events/climate change
Examples of what do we do (mitigation)
- Tariff mitigation plans from all business areas
- Property loss prevention and environmental resilience review
Key risk
Geographical agility
What this means
- Lower growth projections in some key markets
- Heavy European footprint
Examples of what do we do (mitigation)
- Footprint optimization
- Regional growth strategy and segments
Key risk
Acquisition value creation
What this means
- Business case delivery
Examples of what do we do (mitigation)
- Capital allocation
Key risk
Business transformation
What this means
- Electrification of the mine
- Closed-loop manufacturing
- Execution of digital shift and data driven productivity
Examples of what do we do (mitigation)
- Business area M&A and partnership strategies
- Six moves/digital strategy
Digital shift
Key risk
Digital disruption
What this means
- Cybersecurity
- Information security
- Disruption by digital players
- Embracing AI
Examples of what do we do (mitigation)
- Cybersecurity improvement program
- Implementation of NIS2 EU directive
- Data management projects
- Establishing Intelligent Manufacturing
- Execution of Digital Mining and digital offering
- AI adoption plans for all parts of the business
Sustainability shift
Key risk
Compliance
What this means
- Third-party risks
- Stricter financing requirements
- Trade compliance and sanctions
Examples of what do we do (mitigation)
- Intermediary management program
- Update digital tools for third parties
- Compliance digital improvement project
Agile through cycle
Key risk
Managing the EBITA corridor and Net Working Capital
What this means
- Controlled ramp-up
- Inefficient use of capital
- Contingency fatigue
Examples of what do we do (mitigation)
- Restructuring projects
- Contingency plans, four phases, performance management
- Pricing initiatives and follow-up, incl. mitigating tariffs and weaker USD
- Inventory management projects in all business areas and divisions
- Actions on employee engagement
Customer’s 1st choice
Key risk
Changing customer needs/requirements
What this means
- Customer centricity
- Adapting to market transformation
- Customer requirements on cyber- and information security
Examples of what do we do (mitigation)
- Cybersecurity improvement program/NIS2 implementation
Key risk
Change management
What this means
- Operating structure
- Transformative leadership capabilities
Examples of what do we do (mitigation)
- Leadership education for change
Key risk
Competition from emerging markets
What this means
- Technology and innovation race
- Market share threat
- Cost competitiveness
- New business models
Examples of what do we do (mitigation)
- Keep improving productivity and safety to demonstrate the value proposition
- Clear M&A strategies and pipelines
- Develop execution capability and speed
Employer of Choice
Key risk
Key talent attraction/retention
What this means
- New talent (digital, electrification, sustainability)
- Reskill existing workforce
Examples of what do we do (mitigation)
- Business areas, divisions and Group functions have competency plans in place
- Group common employer branding initiatives targeting new competence areas