LUXEMBOURG: Steel giant ArcelorMittal announced on Thursday that Aditya Mittal, the son of company founder Lakshmi Mittal, will replace him as the group’s chairman and CEO.
The elder Mittal will become executive chairman of the Luxembourg-based company while the younger, currently chief financial officer, will run the management team.
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 per cent 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. — AFP
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