Mittal-Arcelor: LN Mittal to be chairman

Lakshmi N Mittal is to be the chairman of the new steel giant Arcelor-Mittal, according to a statement by Arcelor's current chairman Joseph Kinsch.

For a period of 3 years, the agenda of each board of directors' (BoD) meeting shall be jointly agreed by the chairman and the president and shall include any matters proposed to be included on the agenda jointly by the chairman and the president.

"For a period of 3 years, the Mittal family shall vote in shareholders' meeting in accordance with the position expressed by the company BoD, unless Mittal opposes any such decision, in which case the Mittal family shall have the right to vote at such meeting as it sees fit," Mittal Steel said.

Mittal family has also agreed to a standstill on its level of ownership following completion of the revised offer and any subsequent offer or compulsory buyout, or at a ceiling of 45% of the then issued company shares if and when the Mittal family's holding falls below 45%.

"The Mittal family will be entitled to cross such thresholds in certain circumstances, such as with the consent of a majority of the independent directors or in case of passive crossing of such thresholds," Mittal Steel said.