Ankush Dhoka
C031
FY BBA LLB (C)
PRINCIPLES OF MANAGEMENT
INTERNAL SEMINAR PAPER : LAXMI MITTAL
BACKGROUND
Lakshmi Niwas Mittal was Born in Sadulpur, Rajasthan, India on June 15, 1950. He is
Chairman and CEO of ArcelorMittal, Owner of Karrick ltd ,Co-Owner of Queens Park
Ranger F.C. and Board member of Goldman Sachs . He is also recognise as the " king of steel
and steel magnate " . Lakshmi mittal completed his graduation from St. Xavier College ,
kolkata .after finishing his bachelors degree in business and accounting , mittal begin his
career in his father’s steel firm in the early 70s. In 1976 Mittal started his journey by opened
his first steel factory PT Ispat Indo in east java , Indonesia . His craziness towards the
business took him out of his boundaries . after this opened many steel plants in different
countrelike kazakhstan redirected steel plant and many more. after he shifted to london ,
mittal merged his company with other big firm located in US and China . Acquiring Arcelor
was one of his major victories . In 2005 , Forbes ranked Mittal as the 3rd richest person in the
world , making him the first Indian to be ranked in top ten . In 2007 , Mittal was considered
to be the richest Asian person in Europe. In 2011 , Mittal was 6th richest person in the world .
This made him the world's largest steel producer and wealthiest Britisher .
LEADERSHIP STYLE
Laxmi mittal has reached to the height of success through his leadership qualities and
intelligence. He has the ability to rope with big players and get associated with investors and
companies which has the best reputation and good market share. He also has been known to
have the ability to make contacts with people through his convincing attitude and this help
him to make associations and merge with big name in steel industry. Continued mittal vision
and faith in him are also two things that have added a major source to his success. He has a
very strong and clear vision and believe in whatever he does mittal inspires his subordinate
who have faith in him and his leadership. Lakshmi Mittal has got democratic leadership style.
He has got well defined leadership structure within his organisation to help him make
decisions together on the basis of agreement and that is divided into four fellow leadership
divisions:
● Governance: reason for building governance is to maintain a practice standard which
basically upholds legal requirements, stakeholder consideration, risk management and
maintaining company position.
● Board of directors: eleven members of board of directors involve highly qualified
independent and non independent corporate employees . They basically run
governance and appoint senior management.
● Management committee: management committee involves GMB and CEO’s of
acquisitioned subdivisions. Role of management committee is to promote
entrepreneurship skills within the organisation therefore higher level and lower level
leaders take part in discussion.
● GMB (Group management board): GMB perform operational tasks and watch over
business management by implementing business strategy.
AWARDS AND HONOUR
● In 1996 New Steel honour him with the "Steel Maker of The Year"
● In 2004 Forbes honour him with "European Businessman of the year"
● In 2005 the wall street journal honour him with "Entrepreneur of the year"
● In 2007 King's college London honour him with "Fellowship award"
● In 2007 he was honoured with "Asian Business award"
● In 2008 Indian Government awarded him with the "Padma Vibhushan"
● In 2010 Forbes awarded him a "Forbes lifetime achievement award"
MAJOR CONTRIBUTION TO SOCIETY
● In 2003, the Lakshmi Niwas Mittal and Usha Mittal Foundation and the Government
of Rajasthan partnered together to establish a university, the LNM Institute of
Information Technology (LNMIIT) in Jaipur as an autonomous non-profit
organisation
● In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha
Lakshmi Mittal Institute of Management in New Delhi.
● SNDT Women's University renamed the Institute of Technology for Women (ITW) as
Usha Mittal Institute of Technology after a large donation from the Lakshmi Niwas
Mittal Foundation
● In 2008 the mittal made a donation of $15 million to Great ormond street hospital,
londan , the largest privacy contribution the hospital has ever received. the donation
was used to help fund their new facility, the mittal children's medical center.
● After witnessing India win one medal , bronze in the 2000 summer olympics and one
medal, silver at the 2004 summer olympics, mittal decided to set up the mittal
champions trust with $9 million to support ten Indian athletes with world beating
potential.
● In 2008 mittal awarded abhinav bindra with Rs 1.5 cr for getting India its first
individual Olympic gold medal in shooting .
