Skip to content
Search

Latest Stories

Aditya Mittal is the new CEO of ArcelorMittal; Lakshmi Mittal becomes executive chairman

Aditya Mittal is the new CEO of ArcelorMittal; Lakshmi Mittal becomes executive chairman

GLOBAL steel giant ArcelorMittal announced on Thurday(11) that Aditya Mittal, the son of company founder Lakshmi Mittal, will replace him as the group's chairman and CEO.

Currently, he is the chief financial officer (CFO) of the firm and will be replaced by Genuino Christino.


The elder Mittal, who founded the company in 1976, will become executive chairman of the Luxembourg-based company.

He will continue to lead the board of directors and work together with the CEO and management team, a statement said.

"It is an honour to be the CEO of the world's largest steel making company. Mr Mittal built ArcelorMittal from a greenfield rolling mill in Indonesia. It is an extraordinary achievement and I am privileged to have witnessed and been part of so much of that journey," said Aditya Mittal.

"The world is transforming at a rapid pace and it brings challenges but also many opportunities for ArcelorMittal. The biggest challenge, but also the biggest opportunity, will be to demonstrate that steel can de-carbonise and indeed is the perfect material for a circular economy."

Aditya Mittal joined his father's firm from Credit Suisse and was involved in the 2006 merger of Arcelor and Mittal Steel, which created the current company.

The announcement came as the company said it had reduced it's net loss in 2020 by a factor of three to $733 million, even though sales dropped by a quarter.

Despite the worldwide coronavirus slump, ArcelorMittal returned to profit in the fourth quarter of last year.

Looking forward to 2021, the company expects global steel demand to increase by between 4.5 and 5.5 per cent, after it dropped by one percent in 2020.

Lakshmi Mittal said he was proud of the group's performance and that he was pleased to be handing on the reins "in a position of relative strength."

"The board unanimously agree that Aditya Mittal is the natural and right choice to be the company's chief executive," the chairman said.

"We have worked closely together since he joined the company in 1997, indeed in recent years we have effectively been managing the company together."

More For You

‘All options on the table’ as Britain
prepares for likelihood of US tariffs

Sir Keir Starmer with Jonathan Reynolds

‘All options on the table’ as Britain prepares for likelihood of US tariffs

BRITAIN is likely to be hit by US tariffs despite making “rapid progress” over a trade deal with Washington, prime minister Sir Keir Starmer said on Tuesday (1).

He spoke as US trading partners around the world braced for an expected fresh raft of tariffs from president Donald Trump, in addition to levies already imposed on steel and those set to take effect this week on cars.

Keep ReadingShow less
single-use vapes-iStock

Analysis by Material Focus estimates that 8.2 million vapes are discarded or littered each week in the UK—equivalent to 13 every second. (Representational image: iStock)

iStock

Shops told to clear single-use vapes before ban starts on June 1

SHOPS across the UK have until 1 June 2025 to sell off remaining stocks of single-use vapes before a nationwide ban comes into force.

The legislation, confirmed last year, follows a government consultation that showed strong support for restricting their sale and supply.

Keep ReadingShow less
Primark-London-Getty

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States. (Photo: Reuters)

Primark chief Paul Marchant steps down after misconduct probe

PAUL MARCHANT, the head of fashion retailer Primark, has resigned with immediate effect after admitting to an "error of judgment" in his behaviour towards a woman in a social setting.

Associated British Foods (AB Foods), Primark's parent company, announced his resignation on Monday.

Keep ReadingShow less
Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

JAGUAR’S ambition to seduce younger, richer drivers was on full display in Paris with a presentation of its newest prototype, the Type 00, which promises all-electric luxury... at a steep price.

The low-slung, muscular-looking concept car presented to European reporters last Friday (21) prefigures a production model expected mid-2026 at a base cost of €150,000 (£123,472.8).

Keep ReadingShow less
Starmer-Trump-Getty

Trump has suggested the possibility of a 'great' trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce. (Photo: Getty Images)

Starmer, Trump talk trade deal progress in 'productive' discussion

KEIR STARMER and Donald Trump spoke on Sunday about ongoing UK-US trade negotiations, with Downing Street describing the talks as "productive."

Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.

Keep ReadingShow less