ArcelorMittal is switching things up! “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,” reports The Economic Times.
“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.’
In metal price news…
The Indian nickel cash price rose 3.2 percent on Thursday, December 12, making it the day’s biggest mover. After two days of falling prices. Following two days of rising prices, the nickel spot price dropped 0.6 percent on the LME to $13,920 per metric ton. Weakening prices followed two days of improvement as the 3-month price of nickel dropped 0.5 percent on the LME to $13,990 per metric ton.
Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome remained essentially flat . The price of Chinese ferro-moly continues to hover for the fifth day in a row.
The price of Chinese 316 stainless coil saw little movement. The price of Chinese 304 stainless coil was unchanged. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat. The price of Chinese primary nickel remained essentially flat.