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V Bhatnagar is India CEO at ArcelorMittal

V Bhatnagar is India CEO at ArcelorMittal
PTI
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First Published: Wed, May 14 2008. 10 50 PM IST
Updated: Wed, May 14 2008. 10 50 PM IST
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.
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First Published: Wed, May 14 2008. 10 50 PM IST