Aditya Mittal, currently president, CFO, and CEO of ArcelorMittal Europe, will become CEO of the company.
Lakshmi Mittal, who founded the firm in 1976 and is currently chairman and CEO, will become executive chairman. In this position, he will continue to lead the board of directors and work together with the CEO and management team.
“Despite the obvious challenges of 2020, ArcelorMittal starts 2021 in a position of comparative strength,” said Lakshmi Mittal. “Having achieved some key strategic targets, this seems like the right moment to transition to executive chairman and the board unanimously agree that Aditya Mittal is the natural and right choice to be the company’s chief executive.
“We have worked closely together since he joined the company in 1997, indeed in recent years, we have effectively been managing the company together. He has an unrivalled knowledge of the business and a keen sense of how the company must continue to transform to remain the world’s leading steel company.
“As chief executive, he will be taking on the effective day to day running of the company, but 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. I am looking forward to this next chapter.”
Speaking about his new role, Aditya Mittal said: “It is an honour to be appointed chief executive of ArcelorMittal. Mr Mittal built the company from a greenfield rolling mill in Indonesia to become the world’s leading steel company. It is an extraordinary achievement and I am privileged to have witnessed and been part of so much of that journey.
“I’m excited about what lies ahead. ArcelorMittal is full of incredible people, a company with excellent knowledge and capabilities and a company with tremendous potential.
“The world is transforming at a very rapid pace and this change brings challenges but also many opportunities for ArcelorMittal. The biggest challenge, but also the biggest opportunity, will be to demonstrate that steel can decarbonise and indeed is the perfect material for a circular economy. This will undoubtedly be a critical driver of our strategy in the coming years and decades.”