Billionaire Mittal steeled for action again as CEO
Steel billionaire Lakshmi Mittal has been appointed chief executive of Arcelor Mittal just months after he stepped aside from the top job.
Mr Mittal agreed to take on the position of president as opposed to chief executive when steel giants Arcelor and Mittal merged in June.
It was seen as a goodwill gesture to a hostile Arcelor board, which Mr Mittal said could make one of its own chief executive in an effort to overcome opposition to the deal. Arcelor boss Roland Junck was initially chosen to head the newly merged firm but he was replaced by Mr Mittal yesterday. Mr Junck will remain on the board as a special adviser to Mr Mittal.
Arcelor Mittal said the changes were made "to clarify the leadership of the company".
It came as Arcelor Mittal posted third quarter profits of £2.32bn - marginally ahead of expectations in the City and 24% higher than the second quarter.
Arcelor Mittal chairman Joseph Kinsch - who was a leading Arcelor opponent to the merger - said: "We are making these changes to clarify the leadership of the company."
The £18bn merger was agreed after months of bitter wrangling in which Arcelor mounted an aggressive defence against Mittal.
