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ArcelorMittal Chairman to Step Down
12/05/2007 - ArcelorMittal’s Chairman, Joseph Kinsch will step down as Chairman of the Board of Directors at the company’s next General Meeting in May 2008.
ArcelorMittal announced that Joseph Kinsch, Chairman of ArcelorMittal, will step down as Chairman of the Board of Directors at the company’s next General Meeting, which is to be held on May 13, 2008.
“On behalf of all the members of the Board of Directors, I would like to thank Joseph for the leadership he has shown as Chairman since the merger,” said Lakshmi Mittal, ArcelorMittal’s President and CEO. “He has played a very important role, overseeing the company during the critical integration phase where the vast experience he gained during an illustrious 50-year career in the steel industry was invaluable. With the integration now complete, as Joseph approaches his 75th birthday, he has decided this is the right time for him to step down. However, I am pleased that we will not be losing all of his expertise as he has agreed to remain Chairman of the ArcelorMittal Foundation.”
As per the post-merger arrangements detailed in the Memorandum of Understanding that was signed June 25th, 2006, the Board has unanimously nominated Lakshmi Mittal to become the new Chairman. Mittal, who will also continue in his role as CEO, will take up this position following the 2008 ArcelorMittal General Meeting.
“ArcelorMittal is a great company, with a great future,” said Joseph Kinsch. “Over the past year, the company has firmly established itself as a true global business, demonstrating leadership and transforming the long-term potential of the steel industry. I am proud to have chaired such a company during what has been arguably the most important chapter yet in its history.”
“The Board and I are pleased to have appointed Lakshmi Mittal as the new Chairman,” continued Kinsch. “Lakshmi is clearly the most recognized steel industry professional in the world today. I have no doubts that under his guidance the company will continue to go from strength to strength.”
The company said that it would make an announcement on the appointment of a new President at the time of the AGM. The new President will fulfill the role of lead independent director.
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key pro forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.
