Latest Breaking News

Mr. Mittal, the company’s chairman and former chief executive, has been a vocal supporter of Mr. Trump, praising him in a business round table in New Delhi in 2020.

Tariffs have made exporting steel into U.S. markets more expensive. But they have also raised global steel prices as a result, benefiting Mr. Mittal’s business. Mr. Mittal commended Mr. Trump’s efforts to place trade restrictions on Chinese steel exports. And in response to U.S. tariffs, Mr. Mittal urged the European Union to step up its trade protections of European steel.

Mr. Mittal also had a long history of business dealings with Wilbur Ross, Mr. Trump’s commerce secretary in his first term. Mr. Ross sold a steel company to Mr. Mittal’s firm and served on ArcelorMittal’s board of directors until he was confirmed as commerce secretary.

Mr. Mittal is also a board member at Goldman Sachs and the partial owner of an oil refinery business in India. The Financial Times reported last October that the refinery had bought Russian oil transported on vessels sanctioned by the United States and Europe. It subsequently halted the purchases.