Billionaire investor Wilbur Ross re-appointed on ArcelorMittal board

London: Shareholders of NRI business tycoon Lakshmi Mittal-led ArcelorMittal on Tuesday approved appointment of N Vaghul, former chairman of ICICI Bank, and billionaire

investor Wilbur Ross as the company’s directors for another term.

At the company’s Annual General Meeting held at Luxemburg, the shareholders also elected Tye Burt, President and Chief Executive Officer of Kinross Gold Corporation, its new independent director.

Ross and Vaghul were re-elected as independent directors for a term of three years each, the company said in a statement after the AGM.

[caption id=“attachment_303487” align=“alignleft” width=“380” caption=“Ross and Vaghul were re-elected as independent directors for a term of three years each”]  [/caption]

In addition, the shareholders approved grants under the Restricted Share Unit Plan and the Performance Share Unit Plan in relation to 2012. The shareholders also approved a number of changes to the Articles of Association, mainly to bring them in line with recent important legal developments in Luxembourg, including the EU Shareholders’ Rights Directive.

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They also approved an increase in the Company’s authorised share capital by an amount equal to 10 per cent of its current issued share capital.

ArcelorMittal is the world’s leading steel and mining company, with a presence in more than 60 countries and has plans to set up two steel plants in India.

As per the company’s annual report presented to shareholders at the AGM, ArcelorMittal sees the investment conditions in India as challenging, but is hopeful of of the business environment improving in the coming years.

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“Our development strategy in India and China progressed in 2011. In both countries, we secured assets to provide the company with options,” the company said in its annual report, which was published earlier. “Even though the investment environment is challenging in India, especially in land acquisition, resource allocation for industrial development, high interest rate and high inflation environment, we are still interested and we hope that this environment will improve in coming years,” it added.

PTI