The world’s largest steel maker ArcelorMittal has appointed Vijay Bhatnagar as the new chief executive officer (CEO) for its India operations.
Bhatnagar, who has also been appointed executive vice-president, replaces current CEO Sanak Mishra.
The company also reported on Wednesday a 5.3% rise in earnings and forecast strong demand from emerging markets despite an uncertain global economic outlook.
Net profit in the three months to March was $2.37 billion (Rs10,025 crore). Earnings before interest, taxes, depreciation and amortization (Ebitda) rose 16% to $5.04 billion, slightly more than the group’s own forecast of $4.7-5 billion. Sales rose 21.7% from a year earlier to $29.81 billion.
The company said it expected Ebitda to exceed €6.5 billion in the second quarter based on strong demand and constraints on supplies, which should push prices up. The results and guidance boosted shares in the group by 1.59% in morning trade to €63.15.
In another development, ArcelorMittal shareholders have authorized the board to issue fresh shares worth an estimated $15 billion for potential mergers and acquisitions.