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NEW YORK — Goldman Sachs Group Inc. said Sunday that billionaire steel magnate Lakshmi Mittal has been elected as an independent director at the world's largest investment bank.
Mittal, who is chairman and chief executive of the world's largest steel producer, ArcelorMittal SA, joined Goldman Sachs' 13-member board Saturday and will serve on its Audit, Compensation and Corporate Governance and Nominating committees.
"Lakshmi Mittal has reshaped a global industry and, in the process, has engineered new modes of production, identified unrealized value and sparked remarkable growth," Goldman Sachs Chairman and CEO Lloyd Blankfein said in a written statement. "He has a keen understanding of the global economy, having operated in virtually every corner of the world."
Mittal founded Mittal Steel Co. in 1976 and served as CEO of Mittal Steel until 2006, when the company acquired Arcelor SA to form ArcelorMittal.
Mittal also serves as a director of Airbus maker European Aeronautic Defence & Space NV and ICICI Bank Ltd. of India.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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