Former Luxembourg economy minister Etienne Schneider was elected to the board of directors of steel giant ArcelorMittal on Saturday.

The meeting was held to validate the 2019 results which recorded a USD 2.5bn net loss. An increase in share capital was also agreed.  

According to our colleagues at Paperjam, 69% of the board electorate was present for the meeting which was held via video conference.

Lakshmi N. Mittal’s role as CEO and chairman of the board of directors was renewed. Two other directors were reappointed this year: Bruno Lafont (lead independent director) and Michel Wurth (also chairman of the board of ArcelorMittal Luxembourg). They were re-elected for a period of three years.

Lakshmi's son and likely future world leader of the group, Aditya Mittal, is joining the Board of directors as second executive director. Aditya Mittal heads the Group's European operations and is its chief financial officer.

Jeannot Krecké (LSAP), who served as economy minister before Schneider, resigned after 10 years on the board of directors, leaving his place to Schneider.

“The board of directors considered that Mr. Etienne Schneider was neither proposed nor influenced by the Luxembourg government and that he would become an independent director of the board of directors in the event of his election,” the notice convening the general meeting stated.