ArcelorMittal Americas Chief Executive Officer Lou Schorsch, 66, plans to retire from the Luxembourg-based steelmaker at the end of February, and ArcelorMittal USA CEO Andy Harshaw is retiring March 31 after little more than a year in the chief executive role.
Schorsch started out as CEO of Ispat Insland, which ran a large steel mill in East Chicago that's now part of ArcelorMittal Indiana Harbor.
"Since joining the company in 2003, Lou has been an integral member of our senior leadership team," Group Chairman and CEO, Lakshmi Mittal said. "With a keen intellect and deep understanding of the dynamics of our industry as a result of his experience in both consultancy and operational roles, he has been a strong leader who is held in high esteem by all who know and work with him. We wish him all the best for his retirement."
Harshaw was named CEO of Chicago-based ArcelorMittal USA in October 2014, when he replaced Mike Rippey.
The multinational steelmaker is shaking up its management in the Americas. The new executives have been tasked with improving the company's earnings before interest, taxes, depreciation and amortization by $1 billion next year.
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John Brett, who is vice president of finance, planning and procurement for ArcelorMittal USA, will replace Harshaw as ArcelorMittal USA CEO on Jan. 1. Harshaw will stay on for three more months to help with the transition.
Other executives are taking over Schorsch's responsibilities.
Jim Baske will become chief executive of ArecelorMittal Nafta Flat Rolled, which includes ArcelorMittal operations in Canada and Mexico, as well as AM/NS Calvert in Alabama. Vice President of Global Automotive and Commercial Coordination Brian Aranha will take over leadership responsibilities for Schorsch's additional roles of strategy, research and development, and chief technology officer.
"There are a number of important priorities in the Americas business at present and therefore we took the decision to split out the leadership responsibilities into four key areas, directly reporting to the CEO," Mittal said. "We believe this is the optimum structure to ensure each division fully delivers on their business plans and puts in place the necessary actions to respond to current market challenges and capture market opportunities."