ArcelorMittal has announced that Aditya Mittal, Group CFO and CEO of ArcelorMittal Europe, has been appointed as President, ArcelorMittal, in addition to his current responsibilities.
Lakshmi N. Mittal, chairman and CEO of ArcelorMittal, was today awarded with a Doctor Honoris Causa by the AGH University of Science and Technology in Krakow, Poland. The honorary degree is the university’s recognition of Mr Mittal’s contribution to the development of both the Polish and global steel industry.
AFX has quoted a spokesman of Arcelor as saying that the control of Arcelor will not change once its merger with Mittal is completed.
Market regulators in Belgium and Luxembourg announced that they have approved Mittal Steel's revised EUR 23.5 billion offer for Arcelor.
Arcelor's plan to purchase Severstal would keep ThyssenKrupp from buying one of Arcelor's units Canadian Dofasco Inc. as planned by Mittal Steel and leave it with only smaller targets for an acquisition as the steel industry consolidates.
Mr Wilbur Ross told Forbes.com to expect a formal offer from Mittal for rival Arcelor around mid-May.
Mr LN Mittal CEO of Mittal Steel during a recent interview said that soaring Chinese steel production will slow as rising raw material prices ify the country's labour cost advantage.
It has been reported in a Belgian newspaper that Mr LN Mittal said he hoped to close Mittal Steel’s purchase of Arcelor "well before" the end of the second quarter.
It is reported that Mr LN Mittal will meet the Belgian prime minister and the head of the regional French speaking Walloon government to discuss his USD 24 billion proposed offer for the Luxembourg steel group on 6 February 2006.
After a statement from Indian minister Mr Kamal Nath, British trade and industry secretary Mr Alan Johnson also attacked French protectionism as the political fight over Mittal’s bid intensified.
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