Junck, new CEO of Arcelor-Mittal

BRUSSELS (BELGIUM): While Joseph Kinsch was appointed as the Chairman of the new board, other Arcelor representatives include Jose Ramon Alvarez Rendueles, Edmond Pachura, Prince Guillaume of Luxembourg, Sergio Silva de Freitas and Jean-Pierre Hansen.

"The high level of competence and the experience of the members of this management board will allow Arcelor Mittal to swiftly set up a highly efficient organisation, which will be best positioned to realise its remarkable value creation potential," the statement quoted Joseph Kinsch as saying.

L N Mittal was appointed as the President of the board and names of five other members of Mittal Steel were also approved by the respective companies' boards, including Vanisha Mittal, Wilbur Ross, Lewis Kaden, Francois Pinault and Narayanan Vaghul.

"I am delighted to be able to announce today the details of the new management board and board of Directors of Arcelor- Mittal. I am confident that we have put together a very strong management board, comprising some of the most experienced executives of the steel industry," the statement quoted Mittal as saying.

Former Arcelor CEO, Guy Dolle, who would have been the obvious choice for the CEO post in the new entity, had ruled himself out of the running after playing a high profile role in the fight against Mittal, describing its steel steel as cheap eau-de-cologne compared to Arcelor's high quality perfume.

The appointments, however, are subject to the approval of the shareholders, the statement added.

Commenting on the new Board, Mittal said: "I am delighted that Roland Junck has been appointed as the Chief Executive. I have been very impressed by my dealings with him in recent weeks, which gives me great confidence in his ability to lead the new company. I am looking forward to working closely with him on the future strategy and growth of the new Arcelor Mittal."

Kinsch said: "This is an important step towards the creation of the world's first steelmaker. The high level of competence and the experience of the members of this Management Board will allow Arcelor Mittal to swiftly set up a highly efficient organization which will be best positioned to realize its remarkable value creation potential.

"I have been working closely for years with Roland Junck. His experience in Luxembourg steel mills, which he contributed to modernize, in Spain after the privatization of the Spanish steel industry, in South America where he steered Arcelor's long carbon business, as well as more recently in China where he oversaw our expansion plans, has given him an in-depth knowledge and a far-reaching vision of the steel industry."

"I am very proud to be taking up the position of CEO at Arcelor Mittal. I have had many happy years working at Arcelor and its predecessor companies. I have also watched with admiration the growth of Mittal Steel which has established itself as one of the most exciting and dynamic companies in the steel industry today," Junck said.

"I am very excited about the challenges of leading a company of this heritage. The discussions I have had over the past few days with Mittal have given me great encouragement and I am very much looking forward to working closely with him," Junck said.

"I will be supported by an exceptional management team and we will work together to deliver on the potential of this great company," he said.