CEO letter
For 130 years, Lincoln Electric has been at the forefront of advancing metal fabrication technologies to improve the quality, safety and productivity of our customers' operations. As the global leader in arc welding solutions, we have a long-standing commitment to advance innovation and sustainability in our business and across manufacturing to help the industry build a better world.
I'm excited to report that in 2024, we progressed across nearly all sustainability metrics. Our achievements reinforce the effectiveness of the investments and programs underway to shape a more sustainable business and deliver a more positive impact to our customers and communities. This is our commitment in action. This year's report highlights our continued focus on safety. We integrated Human and Organizational Performance (HOP) practices across our operations globally to build a more resilient and safer workplace. In 2024, our Total Recordable Case Rate (TRCR) improved 13% year-over-year, advancing us closer to our 2025 strategy goal.
We have engineered sustainability into our solutions through greater energy efficiency, fume management, ergonomics, durability, operational efficiency and automation. Now we are investing in life cycle assessment (LCA) ahead of the launch of a comprehensive LCA program next year. This program will help us better quantify the value creation of our efforts. We look forward to integrating life cycle thinking into our product roadmaps, which will also support customers' supply chain strategies.
Over the past year, we continued to make solid progress in our climate strategy due to ongoing investments in energy efficient systems and processes that reduce our carbon footprint. In 2024, we once again exceeded our 2025 strategic goal with an 18% reduction in Scope 1 and 2 GHG emissions versus our 2018 baseline. In addition, in 2024 our water withdrawal declined 5% versus the prior year and is 29% lower than our 2018 baseline.
All these achievements would not be possible without the focus and commitment of our employees, whose talents, expertise and hard work continue to drive operational excellence, innovation and teamwork across the company.
We're proud that our efforts have not gone unnoticed. For the seventh time, Lincoln Electric was named by Ethisphere® as One of the World's Most Ethical Companies. We also were recognized by Newsweek as one of the World's Most Trustworthy Companies and as one of America's Most Responsible Companies. Additionally, we were listed in USA Today's America's Climate Leaders ranking, in TIME's America's Best Mid-Sized Companies ranking and in the Wall Street Journal/Drucker Institute's Top 250 Best Managed Companies.
We're on a journey and remain committed to improving our sustainability performance. Our teams are moving forward, learning as we go, and getting better every day. We believe that by winning together with our stakeholders, we can create a more sustainable future for all.
Thank you for your continued support and partnership.
Sincerely,
