Wilbur Ross resigns from ArcelorMittal Board

Billionaire investor Wilbur Ross, who will take over as the next US Secretary of Commerce, has resigned from the board of world's largest steelmaker ArcelorMittal.

"ArcelorMittal's Board of Directors has taken note of Wilbur Ross' resignation from the Board as a consequence of his confirmation as US Secretary of Commerce. The Board congratulates Ross on his new role," the company said in a statement.

It said the ArcelorMittal Board has no intention to appoint a Board member on an interim basis before the next annual general meeting of shareholders and will therefore be composed of eleven members going forward.

Lakshmi N Mittal, Chairman & CEO, ArcelorMittal, said: "I've known Wilbur for more than a decade, since we bought his company International Steel Group in 2004. Since then he has been a very active and engaged member of our Board and has always been a trusted and valued source of advice to me." Mittal said Ross is a very astute and successful businessman, whose many years of experience at the heart of international finance and commerce mean he is very well positioned to shape policy that promotes economic growth.

"I am sure he will make an excellent Commerce Secretary, bringing great energy, experience and wisdom to the role. It is very good news to have such an accomplished businessman and investor in government," he said.