Aditya promotion in top steel giant ArcelorMittal

amsterdam - Aditya Mittal, the son of ArcelorMittal-chairman and CEO Lakshmi Mittal, has risen a step on the steel conglomerate ladder. Aditya (42) has been appointed president at a time when a lot of steering skills from the steel company are being asked.

ArcelorMittal, with a market value of € 30 billion and last year € 56 billion annual revenue, is listed on the stock exchange in Amsterdam. The Aditya, born in Calcutta, has been working in the group with more than 210,000 employees in recent years.

He is now chief financial officer of ArcelorMittal, which now has half of the turnover in Europe. Mittal bought the European steel group Arcelor in 2006 against € 26 billion in a blistering bidding competition. In 2011, the youth was also CEO of ArcelorMittal Europe.

The old functions will continue to combine the Indonesian-trained Indian with his new title at the steel and mining company.

This is not uncommon in the family business, where many more Mittals are being prepared at the top for the succession now founder Lakshmi Mittal (67) shares more power in the empire where the family still owns 37% of the shares. Incidentally, investment bank HSBC owns 37%.

He is trained in business and management at the American Wharton. Aditya, who is also very ambitious in the squash field, is now in the group over other board members with titles as Vice President.

'Aditya has proven to be an effective and accomplished manager as a group director and CEO of our European operations,' said his father in a statement. 'He will continue to work with me on the strategic direction of the company. '

Aditya is married to Megha, owner of the German fashion house Escada, whom he met in Wharton. He initially stayed outside the company of his father and grandfather, worked for a while as an investment banker to return in 1997 to what was then called Ispat International.

In his years at the company, Aditya became pivotal in the expansion with numerous purchased steel companies for the ArcelorMittal conglomerate. He was the portfolio holder for mergers and acquisitions until he became cfo in 2004. Since then, ArcelorMittal in Europe has been investing in a steel surplus market with investments and the development of new production lines.