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Friday, April 16, 2021

Lakshmi Mittal passes the metal baton to son Aditya – Occasions of India

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NEW DELHI: ArcelorMittal named Aditya Mittal as its new CEO, marking a generational shift as a leaner steelmaker emerges from the pandemic. The 45-year-old served a two-decade apprenticeship beneath his father Lakshmi Mittal, who turns into government chairman of the steelmaking large he based in 1976. The brand new CEO now faces a frightening problem: Maximising investor returns, whereas making polluting metal crops inexperienced.
Lakshmi is stepping again from day-to-day operations as ArcelorMittal rewards buyers with a revived dividend and collection of share buybacks after years of specializing in debt discount.
“We now have labored intently collectively since he joined the corporate in 1997, certainly lately we have now successfully been managing the corporate collectively,” the elder Mittal stated. “We are going to proceed to work very intently collectively and I stay as fascinated, engaged and dedicated to the corporate’s long-term success as ever.”

Aditya performed a key function in driving the acquisition of Arcelor in 2006. His plan catapulted Mittal from being the proprietor of older crops, primarily in rising markets, to the world’s largest and most superior steelmaker. It additionally lumbered the corporate with debt that it’s spent the previous 15 years attempting to flee from.
ArcelorMittal reported fourth-quarter earnings earlier than curiosity, taxes, depreciation and amortisation of $1.7 billion.

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