To boost productivity, ArcelorMittal plans to cut 20% of its office staff in a $1 billion cost-reduction plan, it said on Thursday. Luxembourg-based steel maker on Thursday announced the appointment of Aditya Mittal as its chief executive officer. "The board of directors of ArcelorMittal today (Thursday) announces Aditya Mittal, currently president, CFO and CEO of ArcelorMittal Europe, will become chief executive officer of the company," the steel maker said. For the year ahead, new CEO Aditya Mittal told a conference call that customers were rebuilding steel inventories and end-user demand was recovering following summer lockdowns. Aditya Mittal said, "The world is transforming at a rapid pace and this change brings challenges but also many opportunities for ArcelorMittal.

Source: Mint February 11, 2021 10:52 UTC