L N Mittal has been appointed chief executive of Arcelor Mittal, the combined steel entity formed after Mittal Steel, then the worlds largest steel manufacturer and acquired its second ranking rival Arcelor SA, earlier in August this year.
Mittal replaces Roland Junck of Arcelor, who would remain a member of the group management board who has the added responsibility of advisor to the chief executive.
Mittal will also continue as president of the board of directors. The general management board will now comprise Lakshmi N. Mittal, Aditya Mittal, Roland Junck, Michel Wurth, Gonzalo Urquijo and Malay Mukherjee. Davinder Chugh will retain his operational functions, reporting directly to the Chief Executive Officer.
"I believe these revised arrangements are in the best interest of all stakeholders. Mr Mittal is one of the most experienced and successful executives in the steel industry, and the Board is confident his leadership will deliver the considerable potential of Arcelor Mittal.
Kinsch was among those senior executives who had opposed the takeover by Mittal Steel.
Arcelor Mittal also reported its third-quarter figures showing core profit slightly ahead of expectations. It has reported earnings before interest, tax, depreciation and amortisation) amounted to $4.35 billion on third-quarter sales of $22.1 billion.
"The anticipated low seasonal volume was offset by a strong rise in steel prices ... looking ahead, we are on track to deliver guidance for the full year," Aditya Mittal, chief financial officer and L N Mittal's son was quoted in a statement as having said in a statement.
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Mittal Steel announces post-merger acquisition plan for
remaining Arcelor shares
Roland Junck appointed CEO of post-merger Arcelor-Mittal