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ArcelorMittal ready to move in at Essar Steel - Report-- The 20th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
4/4/2019 金屬板材展-棒材-線材展 -plate metal expo-wire expo |
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Mint reported that as ArcelorMittal inches closer to its first acquisition in India, the steel giant is readying a crack team that can take control of Essar Steel as soon as the deal is completed. Mint has learnt that the company has finalized office space in Mumbai and engaged Korn Ferry, a Los Angeles based management consultancy, to hire senior executives for the new team. Mint cited 2 sources as saying that ArcelorMittal has taken up around 300 seats at CoWrks in Mumbai, two people aware of the matter said.
Sorces also told Mint that ArcelorMittal has given Korn Ferry the mandate to review the management team at Essar Steel and hire for senior positions.
Sources added “The entire India acquisition is being driven by Aditya Mittal who has set up a large cross-functional team out of ArcelorMittal Belgium. ArcelorMittal employs several Indian expats across the world; they are likely to have identified CXOs out of the ArcelorMittal Belgium team. I think when they finally come in, they want to hit the ground running and turn the company around as soon as possible."
A senior executive at a private steel producer said ArcelorMittal may also explore executives at other steel companies. Anticipating this move, private steel producers are already identifying and ring-fencing their key talent and conducting risk-retention analysis
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