LUXEMBOURG: Steel giant ArcelorMittal announced that Aditya Mittal, the son of company founder Lakshmi Mittal, will replace him as the group’s chairman and CEO.

The elder Mittal will become executive chairman of the Luxembourg-based company while the younger, currently chief financial officer, will run the management team. The announcement came as the company said it had reduced it’s net loss in 2020 by a factor of three to $733 million, even though sales dropped by a quarter.