Arcelor Mittal founder named chief executive

Lakshmi Mittal became chief executive of Arcelor Mittal in place of Roland Junck, strengthening his grip on the world’s biggest steel company five months after the $38.3-billion purchase of Arcelor.

Junck, who was chosen for the post Aug. 4, resigned. Arcelor Mittal said it was “not best served” by the previous management structure.

Mittal built his company from a single mill in Indonesia in 1976 through several record-breaking acquisitions. In March, he passed Li Ka-shing as Asia’s richest person with an estimated $20-billion fortune, according to Forbes magazine.