Personal and growing wealth
In 2010, Forbes magazine listed Mittal the world's fifth richest person with personal wealth of
US$28.7 billion. His wealth has grown by over US$9 billion compared to 2009 and is up 3
places in the Forbes ranking.[15]
In 2009, Forbes magazine listed Mittal the world's eighth richest person
with personal wealth of US$19.3 billion.[16]
In 2008, Mittal was reported to be the fourth wealthiest person in the world, and the
wealthiest in Asia, by Forbes Magazine (up from 61st richest in 2004) up one place since a
year before. The Mittal family owns a controlling majority stake in ArcelorMittal, the world's
largest steel company
FORBES MAGAZINE
London's richest resident oversees ArcelorMittal, world's
largest steelmaker. Net profits fell 75% in 2009. Mittal
took 12% pay cut amid slump but improved outlook
pushed stock up a third in past year. Looking to expand in
his native India; wants to build steel mills in Jharkhad and
Orissa but has not received government approval. Started
in family steel business in India in 1970s; branched out on
his own in 1994. Initially bought up steel mills on the
cheap in Eastern Europe. Earned $1.1 billion for selling
his interest in a Kazakh refinery in December. Sits on the
boards of Goldman Sachs, EADS
Early life
He was born in Sadulpur village, in the Churu district of Rajasthan, India. Lakshmi Nivas
Mittal was born into a business family of Rajasthan. He comes from a wealthy Indian steel
family - his father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat. Until the
1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and
an alloy steels plant near Pune. Today, the family business, including a large integrated steel
plant near Mumbai, is run by Lakshmi's brothers, Pramod and Vinod, but Lakshmi has no
connection with it.[12]
Mittal started his career working in the family's steelmaking business in India, and in 1976,
when the family founded its own steel business, he set out to establish its international
division, beginning with the buying of a run-down plant in Indonesia. Shortly afterwards he
married Usha, the daughter of a well-to-do moneylender. In 1976, due to differences with his
father, mother and brothers, he branched out on his the LNM Group, and he has been
responsible for the development of its businesses ever since. Mittal Steel is a global steel
producer with operations in 14 countries.
Mittal pioneered the development of integrated mini-mills and the use of direct reduced iron
or "DRI" as a scrap substitute for steelmaking and led the consolidation process of the global
steel industry. Mittal Steel is the largest steelmaker in the world, with shipments of 42.1
million tons of steel and profits of over $22 billion in 2004.
. Upped stake in struggling British soccer team QPR in February. Funding 400-foot sculpture to be
built in London's Olympic Park in time for 2012 Olympics. Owns 12-bedroom mansion in London's
posh Kensington neighborhood. Daughter-in-law Megha recently bought insolvent German fashion
house Escada.
GROWTH AS BUSINESS LEADER
50
Achievement: World's largest steel maker and the third richest man in the world.
Lakshmi Mittal has become something of a cult figure in the global steel industry. His company Mittal
Steel is the largest steel maker in the world. After the recent merger between Mittal Steel and
Arcelor which raged a big debate throughout the Europe, Laxmi Mittal current controls 10% of the
total steel production and the combined entity that has come into force post-merger is three times
the size of its nearest competitors.
Lakshmi Niwas Mittal was born on June 15, 1950 at Sadulpur, in 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. Laxmi Mittal belongs to Marwari
Aggarwal caste and his grandfather worked for the Tarachand Ghanshyam Das firm, one of the
leading Marwari industrial firms of pre-independence India.
The family later on moved to Kolkata where his father Mohan Mittal became a partner in a steel
company. Lakshmi Mittal graduated from St. Xaviers in Kolkata with a commerce degree in 1969. He
began his career working in the family's steelmaking business in India and in 1976, Lakshmi Mittal
founded Mittal Steel Company. He split from his father and two younger brothers in 1994 and took
the international arm, with interests in Indonesia and Trinidad and Tobago, while the rest of the
family kept the domestic Indian business. In the last few years Mittal Steel has made a number of
acquisitions, buying up a network of steel producers in former communist countries including
Kazakhstan, Romania and Ukraine, and pushing into the U.S. in 2004 with the $4.5 billion purchase
of International Steel Group. Today, Mittal Steel is the only truly global steel producer in the world
with operations on 14 countries, spanning 4 continents.
Lakshmi Mittal is also known for his opulence. In 2003, he acquired the Kensington mansion, said to
be the world's most expensive home, from Formula One racing's Bernie Ecclestone for £70 million
($128 million). His daughter Vanisha's $50 million wedding bash is touted as the most expensive
wedding of the 20th century.
In March 2006, Lakshmi Mittal was listed as the third wealthiest person in the world after Bill Gates
and Warren Buffet by
