Mittal anoints son Aditya as heir
Steel baron Lakshmi Nivas Mittal cherishes a dream about his Wharton-educated son Aditya Mittal taking over the reins of ArcelorMittal, the world’s largest steel company.business Updated: May 09, 2010 22:11 IST
Steel baron Lakshmi Nivas Mittal cherishes a dream about his Wharton-educated son Aditya Mittal taking over the reins of ArcelorMittal, the world’s largest steel company.
“I am very proud of Aditya. Whatever role he has got, he is doing it very well ... Clearly he has been groomed to be the leader in the company in the future,” said L N Mittal, CEO and chairman, ArcelorMittal.
Mittal, who will turn 60 on June 15, was quick to add that the final decision about his successor would be taken up by the company board.
“... We don’t know. The board has to decide this,” he said, when asked about the timing of Aditya Mittal, an economics graduate from Wharton School, University of Pennsylvania.
Aditya Mittal, ArcelorMittal’s chief financial officer, is said to have played a crucial role in the $32-billion merger deal with Arcelor in 2006.
He is also part of the Group Management Board, responsible for strategic decisions.
“Today, he (Aditya, 34) is doing a great job .... He is responsible for the strategy, finance, M&As, all American business for the flat (steel) products. He is very well accepted, admired and respected in the organisation,” Mittal said.
L.N. Mittal founded Mittal Steel Company in 1976 and guided its strategic development, culminating in the takeover of Europe’s leading steel-maker Arcelor.
Together, they are one of the most powerful father-son duos on the global business stage.