Navigation Links
Mittal tightens grip on steel making giant, to be its chief

Indian-born Lakshmi Mittal has strengthened his grip on Arcelor Mittal, announcing Monday that he is to become the new chief of the world's largest steel maker//.

The move reverses a previous plan when former Arcelor chief Roland Junck was given the post of chief of the combined group, shortly after Arcelor agreed to a 22 billion euros merger (28 billion) with 56-year-old Mittal's giant Mittal Steel.

But in a new restructuring proposal issued with the company's latest results Monday, Arcelor Mittal chairman Joseph Kinsch said Mittal could now be taking up the job.

"It had become clear over the past months that the interests of the company were not best served by the previous structure," Kinsch said announcing the change.

Despite fierce opposition from Arcelor's management, Mittal secured a merger with Arcelor about five months ago.

"The overarching priority for Arcelor Mittal is to successfully integrate the two companies and deliver the merger synergies and benefits," said Mittal, whose son Aditya is chief financial officer of the combined group and was of the key architects of the merger.

Kinsch said the move to hand over the chief executive job to Mittal would help "to clarify the leadership of the company".

Coinciding with the announcement of the new structure, Arcelor Mittal said it posted a 24 per cent rise in third-quarter EBITDA (earnings before interest, tax, depreciation and amortisation).

The Luxembourg-based company described the results as "a strong result" with EBITDA increasing to 3.4 billion euros.

Arcelor Mittal, which had a combined steel production capacity about three times its nearest competitor, also confirmed its full-year guidance.

However, the drop in steel prices meant that third-quarter turnover slipped to 17.3 billion euros from 17.8 billion euros in the same period last year.

Source-IANS
'"/>




Page: 1

Related medicine news :

1. Decision making made easier
2. Decision making made easier
3. Shared decision making in health care not beneficial to patient
4. Panama hat making a slow comeback
5. Expert panel confident of making AIIMS fully autonomous
6. Sleep Deprivation can Affect Competent Decision-making
7. EU medical chief says Europe ready for bird flu
8. Making Budhia run 65 km absolutely cruel,says Infosys chief
9. FDA chief takes decision without two senior officials’ opinion
10. A&E departments To Be Shut Down warns NHS chief
11. NHS acting chief’s intervie
Post Your Comments:
*Name:
*Comment:
*Email:


(Date:1/20/2017)... ... 2017 , ... "TransFlare 4K Mystique comes with 44 colorful mysterious transitions that ... Christina Austin - CEO of Pixel Film Studios. , TransFlare 4K Mystique contains ... lens flare and light leak transitions have a very high-dynamic range for super smooth ...
(Date:1/20/2017)... ... ... a fine examination of how God handles sin, including how to let go of ... who, for over ten long years has been waiting to release this powerful insight about ... has been serving the Lord for over twenty years, and he has been preaching and ...
(Date:1/20/2017)... , ... January 20, 2017 , ... “The Land of ... attention to the issue of world hunger, and shares the simple and achievable answer. ... devoted husband and member of the Fairview Missionary Church in Angola, Indiana where he ...
(Date:1/19/2017)... ... January 19, 2017 , ... ... and facility enhancement of their 503A compounding pharmacy located in Ocala, Florida. ... of physicians and patients throughout the United States for high-quality human anti-aging ...
(Date:1/19/2017)... ... January 19, 2017 , ... ... has recently unveiled impressive transportable capabilities with their iMedHD2™ Portable Teleultrasound ... extension to RMT technology that delivers HD, dynamic, streaming ultrasound images and video ...
Breaking Medicine News(10 mins):
(Date:1/19/2017)... 19, 2017 Pfizer joins ... Milner Therapeutics Consortium   Major research ... Cambridge   The Milner Therapeutics ... ) as a partner to the Milner Therapeutics Consortium. ... the efficient transfer of materials between industry and academia ...
(Date:1/19/2017)... FRANCISCO , January 19, 2017 The global  pacemaker ... new report by Grand View Research, Inc. The heightening prevalence of cardiac conditions ... the growth of Pacemaker globally. In addition, technological enhancements in these devices are ... ... Grand View Research Logo ...
(Date:1/19/2017)... , Jan. 18, 2017 The Global Therapy ... and access to partnering deals and agreements entered into ... in partnering deals - Top deals by value - ... development, technology type The report provides understanding and ... by the world,s leading healthcare companies. The report ...
Breaking Medicine Technology: