Goldman Sachs Group Inc. said Sunday that billionaire steel magnate Lakshmi Mittal has been elected as an independent director at the world’s largest investment bank.

Mittal, who is chairman and chief executive of the world’s largest steel producer, ArcelorMittal SA, joined Goldman Sachs’ 13-member board Saturday and will serve on its Audit, Compensation and Corporate Governance and Nominating committees.

‘Lakshmi Mittal has reshaped a global industry and, in the process, has engineered new modes of production, identified unrealized value and sparked remarkable growth,’ Goldman Sachs Chairman and CEO Lloyd Blankfein said in a written statement. ‘He has a keen understanding of the global economy, having operated in virtually every corner of the world.’

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