Mittal: In charge

Brussels, Nov. 6 (Reuters): Steel magnate Lakshmi Mittal took the reins at Arcelor Mittal on Monday, replacing an Arcelor man at the top just four months after a mega-merger to form the combined group.

Mittal Steel, which took over Luxembourg’s Arcelor after a ferocious battle of words, had pledged to keep an Arcelor man as chief executive.

Arcelor Mittal said in a statement on Monday that the board of directors had unanimously appointed Lakshmi Mittal as the new chief to replace Roland Junck of Arcelor, who will remain a member of the group management board.

“We are making these changes to clarify the leadership of the company. It had become clear over the past months that the company’s interests were not best served by the previous structure,” said Joseph Kinsch, chairman of the board, who had been a leading Arcelor figure resisting Mittal’s advances.

The move, which will also add Lakshmi Mittal to the group management board and take effect immediately, will be put to the group’s shareholders for a vote in which the Mittal family will not participate.

On the appointment, Mittal said, “The overarching priority for Arcelor Mittal is to successfully integrate the two companies and deliver the merger synergies and benefits. This is the key focus for the group management board and me, and one I am confident we will achieve.”