L N Mittal joins Goldman Sachs board

30 June 2008

Mumbai: Lakshmi N Mittal, chairman and chief executive of ArcelorMittal, the world's biggest steelmaker, was elected to the board of Goldman Sachs Group Inc as an independent member. 

Mittal will serve on the audit, compensation and corporate governance and nominating committees of the board effective 28 June, the Goldman Sachs Group said  in a statement.

With the addition of Mittal, the Goldman Sachs board will now have 13 directors, of whom ten are independent directors.

``Lakshmi Mittal has reshaped a global industry and, in the process, has engineered new modes of production, identified unrealised value and sparked remarkable growth,'' Lloyd Blankfein, chairman and CEO of Goldman Sachs, said in the statement.

"He has a keen understanding of the global economy, having operated in virtually every corner of the world. Lakshmi's experience, judgment and independent thinking represent an important addition to our board of directors, and will be of tremendous value to our people, our shareholders and our clients.'' he added.

Mittal founded Mittal Steel Co in 1976 and served as its chief executive until 2006 when Mittal Steel acquired Luxemburg-based Arcelor SA to form ArcelorMittal.