Billionaire investor Wilbur Ross re-appointed on ArcelorMittal board

Shareholders of NRI business tycoon Lakshmi Mittal-led ArcelorMittal approved appointment of N Vaghul, former chairman of ICICI Bank, and billionaire investor Wilbur Ross as the company's directors for another term.

FP Archives|Dec 20, 2014, 08:12:07 IST

London: Shareholders of NRI business tycoon Lakshmi Mittal-led ArcelorMittal on Tuesday approved appointment of N Vaghul, former chairman of ICICI Bank, and billionaire

investor Wilbur Ross as the company's directors for another term.

At the company's Annual General Meeting held at Luxemburg, the shareholders also elected Tye Burt, President and Chief Executive Officer of Kinross Gold Corporation, its new independent director.

Ross and Vaghul were re-elected as independent directors for a term of three years each, the company said in a statement after the AGM.

[caption id="attachment_303487" align="alignleft" width="380" caption="Ross and Vaghul were re-elected as independent directors for a term of three years each"][/caption]

In addition, the shareholders approved grants under the Restricted Share Unit Plan and the Performance Share Unit Plan in relation to 2012. The shareholders also approved a number of changes to the Articles of Association, mainly to bring them in line with recent important legal developments in Luxembourg, including the EU Shareholders' Rights Directive.

More from Business

They also approved an increase in the Company's authorised share capital by an amount equal to 10 per cent of its current issued share capital.

ArcelorMittal is the world's leading steel and mining company, with a presence in more than 60 countries and has plans to set up two steel plants in India.

As per the company's annual report presented to shareholders at the AGM, ArcelorMittal sees the investment conditions in India as challenging, but is hopeful of of the business environment improving in the coming years.

"Our development strategy in India and China progressed in 2011. In both countries, we secured assets to provide the company with options," the company said in its annual report, which was published earlier. "Even though the investment environment is challenging in India, especially in land acquisition, resource allocation for industrial development, high interest rate and high inflation environment, we are still interested and we hope that this environment will improve in coming years," it added.

PTI

EU slaps Google with $1 billion antitrust fine over Play Store and Search practices

European Commission says Google unfairly favoured its own services on Search and the Play Store, violating the Digital Markets Act; the company calls the decision harmful to businesses and consumers.

1 min read

Brent crude flirts with $100, reigniting inflation and forex concerns for India

Experts say a prolonged rally above $100 per barrel is unlikely, but sustained high oil prices could push up inflation, widen the current account deficit and pressure the rupee.

2 min read

Can a record May offset a shrunk international schedule and help IndiGo turn a profit?

Record domestic market share boosts operating performance, but forex losses, rising oil prices and geopolitical disruptions could weigh on IndiGo's bottom line.

3 min read

China has dominated Myanmar’s rare earth mines — now India eyes deal to harness country’s critical minerals

India is deepening rare earth cooperation with Myanmar as New Delhi seeks alternative sources of critical minerals dominated by China, including dysprosium and terbium used in EVs, defence systems and clean energy technologies

6 min read

JPMorgan to hire 1,000 technology professionals for India GCCs amid AI-led transformation

Wall Street banking giant to expand hiring across cloud, cybersecurity and AI data pipeline roles as it strengthens its India Global Capability Centres despite AI-driven workforce optimisation.