India, Mexico, Italy On Top Of ArcelorMittal’s Agenda, Says Aditya Mittal
Steel tycoon Lakshmi N Mittal’s son Aditya Mittal has said he is working “very closely” with his father to shape the future direction of ArcelorMittal and is looking for strategic global opportunities rather than just expansion for the sake of expansion.
The world’s largest steelmaker ArcelorMittal had recently elevated Aditya to the key position of group president, in addition to his role as group chief financial officer and chief executive officer, Europe.
“I work very closely with the chairman and CEO (LN Mittal) on developing the future strategic direction of the group…Our global footprint is important to us but we don’t expand for the sake of expansion, we look for strategic opportunities which add value to our current business model and provide exposure to future growth dynamics,” Mittal junior told news agency PTI in an interview.
On his radar at present for expanding global footprint are India, Mexico and Italy, to name a few geographies.
Keen to gain a firm foothold in India after failing to implement any announced projects, ArcelorMittal is in the race to acquire debt-laden Essar Steel Ltd., which is undergoing insolvency proceedings.
On March 2 this year, ArcelorMittal had signed a joint venture formation agreement with Nippon Steel & Sumitomo Metal Corporation in relation to its offer to acquire Essar Steel.
The company’s subsidiary ArcelorMittal India Pvt. Ltd. had submitted a resolution plan for Essar Steel on Feb. 12, 2018, and believes it can leverage its experience in turning around underperforming steel assets as the plant offers significant growth and optionality.