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Aiming to simplify its operations, world's largest steel maker ArcelorMittal has reorganised its top management structure, vesting more responsibilities with group CFO Aditya Mittal who has also been designated as CEO of Europe operations.
The restructuring, however, leaves India operations untouched with Sudhir Maheshwari's responsibilities remaining the same as CEO of India and China and Head of M&A, Finance and Risk Management.
"Management of the business will be re-organised ... with the following Group Management Board (GMB) responsibilities: Flat Carbon Europe, Long Carbon Europe and distribution solutions will report to Aditya Mittal as CEO of ArcelorMittal Europe. He will remain CFO of ArcelorMittal," the company said in a statement.
Flat Carbon Americas and Long Carbon Americas will report to Lou Schorsch as CEO of ArcelorMittal Americas, who will remain in charge of several corporate activities (Strategy, Technology, R&D, Global Automotive and Commercial Co-ordination).
ArcelorMittal Chairman and CEO Lakshmi Mittal said: "We have implemented these changes to simplify the organisation and ensure we have the strongest possible foundation from which to operate and grow in the future. I am confident that these modifications will enable us to achieve that."
ArcelorMittal is the world's leading steel and mining company, with a presence in more than 60 countries and an industrial footprint in over 20 countries.
In 2012, it had revenues of USD 84.2 billion and crude steel production of 88.2 million tonnes, while iron ore production reached 55.9 million tonnes.
The company, which has been cutting costs, managed to narrow down its net loss by over 3 times to USD 193 million for the the third quarter of 2013. However, this was the fifth consecutive quarterly loss posted by the company.
In the changed structure, Algeria, Kazakhstan, South Africa and Ukraine will report to Davinder Chugh as CEO of ArcelorMittal Africa and the CIS, while Tubular products will report to Gonzalo Urquijo, who will also become head of health and safety and corporate affairs.
Separately Henri Blaffart, in addition to being Executive Vice President and Group Head of Human Resources, will also take responsibility for Corporate Services encompassing legal, capital goods, shipping and IT, reporting to