The battle for supremacy in the global steel industry is getting personal. At a Jan. 30 press conference in Paris, Guy Dollé, chief executive of Arcelor, the world's second-largest steel producer, kicked off his defense against a brazen $23 billion takeover bid from London-based Mittal Steel Co with a dig at the predator's owner and boss, Lakshmi N Mittal. After introducing three senior management colleagues, Dollé quipped: "My son is not on the management board."
Arcelor's chief was making a not-so-subtle reference to the fact that the Mittal clan exercises tight control over the steel giant and that the CEO's son, 30-year-old Aditya, serves in the key posts of president and chief financial officer.
"If Lakshmi Mittal retired or got hit by a bus and Aditya took over, you wouldn't feel very good," says an industry source. He adds that while Aditya, who holds an undergraduate degree from Wharton, is sharp, it's the father who "has the strategic vision."
Still, Aditya is not just another spoiled rich kid. He has been a key player at his father's company since joining in 1997. He orchestrated its initial public offering that year and has worked on many acquisitions, including the $4.5 billion purchase of International Steel Group Inc from American investor Wilbur Ross in 2004.