Introduction
Lakshmi Mittal Is A Billionaire Industrialist. The Indian Andrew Carnegie Heads Arcelor Mittal, World’s Largest Steel Company. Net Worth Of $19.3 Billion Has Made Him World’s Eighth-Richest.
The London-Based , Rajasthan Born Steel Baron Is The Chairman And CEO Of Mittal Steel Company.
Lakshmi Mittal Biography
Life Sketch
He Was Born In Sadulpur, Churu District Of Rajasthan, In A Poor Family. The Extended Family Of 20 Lived On Bare Concrete Floors, Slept On Rope Beds And Cooked On An Open Fire In The Brickyard In A House Built By His Grandfather. He Graduated From St. Xavier’s College In Calcutta Where He Received A Bachelor Of Commerce Degree. He Later Married Usha Mittal, And Had A Son And Daughter.
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Beginning Of His Glorious Career
Mittal Began His Career Working In The Family’s Steelmaking Business In India. Mittal Founded The Company Mittal Steel In 1976. Earlier, It Was The LNM Group. The Credit Goes To Him For The Development Of Its Business Ever Since. Mittal Steel Is A Global Steel Producer With Operations In 14 Countries.
Mittal As Pioneer
Mittal Pioneered The Development Of Integrated Mini-Mills And The Use Of Direct Reduced Iron Or “DRI” As A Scrap Substitute For Steel Making And Led The Consolidation Process Of The Global Steel Industry. Mittal Steel Claims To Be The Largest Steelmaker In The World, With Shipments Of 42.1 Million Tons Of Steel And Profits Of Over $22 Billion In 2004.
Awards
Mittal Was Awarded Fortune Magazine’s “European Businessman Of The Year 2004” And Also “Steelmaker Of The Year” In 1996 By New Steel, And The “Willy Korf Steel Vision Award” In 1998, For His Various Qualities Like Outstanding Vision And Entrepreneurship From American Metal Market And Paine Weber’s World Steel Dynamics.
A Scandal
In 2002, He Got Involved In A Political Scandal With British Prime Minister Tony Blair. The Donation That He Had Made To The Labour Party Led To Blair’s Intervention In A Business Deal Favoring Mittal.
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Various Post Held
Mittal Is An Active Philanthropist Which Is Apparent From His Membership Of A Few Trusts. Mittal Is A Member Of The Foreign Investment Council In Kazakhstan, The International Investment Council In South Africa, The World Economic Forum’s International Business Council And The International Iron And Steel Institute’s Executive Committee. He Is A Director Of ICICI Bank Limited. In March 2005, Forbes Magazine Named Him The 3rd Richest Man In The World And The Richest Non-American , With An Estimated Wealth Of US$25 Billion.
He Was Considered To Be The Wealthiest Person In Britain. His House In Kensington, Bought In 2003 For $128 Million Was The Most Expensive House Ever Purchased. He Also Paid Upwards Of $55 Million To Host His Daughter’s Wedding Celebration In Versailles In 2004.
His Opulence
Lakshmi Mittal Is Also Known For His Opulence. In 2003, He Acquired The Kensington Mansion, Which Is Regarded As The World’s Most Expensive Home, He Bought It From Formula One Racing’s Bernie Ecclestone For $128 Million. The Wedding Bash Is Counted As The Most Expensive Wedding Of The 20th Century.