June 29 (Bloomberg) -- Lakshmi Mittal, chairman and chief executive officer of ArcelorMittal, the world's biggest steelmaker, was elected to the Goldman Sachs Group Inc. board as an independent member.

Mittal, one of 10 independent members on the 13-person board, will serve on the audit, compensation and corporate government and nominating committees, the company said today in a statement.

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

Mittal founded Mittal Steel Co. in 1976. The company acquired Arcelor SA 30 years later to form Luxembourg-based ArcelorMittal.

In January, Mittal received the Padma Vibhushan, India's second-highest civilian honor, from the country's president.

To contact the reporter on this story: Nancy Kercheval in Washington at nkercheval@bloomberg.net.

Last Updated: June 29, 2008 12:05 EDT