Steel billionaire Lakshmi Mittal was appointed chief executive of Arcelor Mittal today only months after he stepped aside from the top job.
Mr Mittal agreed to take on the position of president as opposed to chief executive when steel giants Arcelor and Mittal merged in June.
It was seen as a goodwill gesture to a hostile Arcelor board, which Mr Mittal said could make one of its own chief executive in an effort to overcome opposition to the deal.
Arcelor boss Roland Junck was initially chosen to head the newly merged firm, but he was replaced by Mr Mittal today. Mr Junck will remain on the board as a special adviser to Mr Mittal.
Arcelor Mittal said the changes were made "to clarify the leadership of the company".
The move came as Arcelor Mittal posted third quarter profits of $4.4 billion - marginally ahead of expectations and 24 per cent higher than the second quarter.
PA