Lakshmi Mittal passes the steel baton to son Aditya

2021-02-12 04:52:58

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 under his father Lakshmi Mittal, who becomes executive chairman of the steelmaking giant he founded in 1976. The new CEO now faces a daunting challenge: Maximising investor returns, while making polluting steel plants green.
Lakshmi is stepping back from day-to-day operations as ArcelorMittal rewards investors with a revived dividend and series of share buybacks after years of focusing on debt reduction.
“We have worked closely together since he joined the company in 1997, indeed in recent years we have effectively been managing the company together,” the elder Mittal said. “We will continue to work very closely together and I remain as fascinated, engaged and committed to the company’s long-term success as ever.”

Aditya played a key role in driving the acquisition of Arcelor in 2006. His plan catapulted Mittal from being the owner of older plants, mainly in emerging markets, to the world’s biggest and most advanced steelmaker. It also lumbered the company with debt that it’s spent the past 15 years trying to escape from.
ArcelorMittal reported fourth-quarter earnings before interest, taxes, depreciation and amortisation of $1.7 billion.

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