Lakshmi Mittal

Birth date: 15.06.1950

Lakshmi Niwas Mittal

- Indian businessman, founder and owner of the world's largest metallurgy company Mittal Steel Company N.V., co-owner of the world's largest metallurgy company ArcelorMittal. In 2017, Forbes estimated his net worth at the 56th place among the richest people in the world with 16.4 billion US dollars.

Place of birth. Education. Born on June 15, 1950, in the village of Sadulpur (Rajasthan state, Northwest India) into a wealthy family. His father, Mohan Mittal, established the Ispat steel plant in India in the 1950s.

He obtained a master's degree in commerce from the University of Calcutta (1970).

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Business. Mittal Junior continued his father's business - he opened the first steel plant in Kolkata and the next one in Bangalore. As steel production in India faced adverse legal restrictions and taxes, Lakshmi Mittal moved his business operations to Indonesia in 1976 with the support of his father, where he founded the company Ispat Indo.

In 1989, Lakshmi Mittal leased a state-owned metallurgical enterprise Iscott (Trinidad and Tobago), which was incurring losses of 100,000 US dollars daily. Mittal carried out extensive structural restructuring and technical modernization at the plant, and just a year later, the company began to turn a profit.

In 1997, he founded the company LNM (Lakshmi Narendra Mittal), into which he transferred the share packages in the Ispat assets: metallurgical plants in Mexico (1992), Canada ('Sidbec-Dosco', 1994), Germany (Hamburg Steelworks, 1995), Kazakhstan (Karaganda Metallurgical Plant, 1995), Ireland (Irish Steel), Poland.

In 2004, the merger of Ispat International NV and LNM Holdings NV created Mittal Steel Co., headquartered in Rotterdam. This is the largest steel producer in the world - it operates in 14 countries worldwide. In 2004, 42.1 million tons of steel were produced. The company employs 179,000 people.

Another acquisition of Mittal Steel Co. was the largest metallurgy company in Temirtau (Kazakhstan).

In October 2005, Mittal Steel Germany GmbH (Germany) won the auction to acquire 93.02% of the shares of PJSC ArcelorMittal Kryvyi Rih (Kryvyi Rih Iron and Steel Works) (Ukraine) for 4.8 billion US dollars.

In 2006, on January 27, Mittal Steel announced its intention to acquire its main competitor, the Luxembourg-based company Arcelor. The merged company was named ArcelorMittal. On May 13, 2008, Mittal was appointed Chief Executive Officer and Chairman of the Board of Directors of ArcelorMittal.

In 2008, Mittal was appointed as an independent board member of the Board of Directors of Goldman Sachs investment bank.

Business strategy. Mittal's steel empire grew everywhere through aggressive mergers: in Mexico, Canada, Germany, Kazakhstan, and other countries. Mittal's strategy involves buying bankrupt state companies in countries with cheap labor and raw materials. For instance, he bought the nearly bankrupt metallurgical plant 'Sycarsta' (Mexico) for 220 million US dollars in 1992. After acquiring the plant, Mittal moved to Mexico for six months and personally developed plans to rehabilitate the company to make it profitable.

Most of the companies Mittal acquires increase their production by an average of 25% in the first five years.

His company has its own fleet capable of delivering products worldwide.

Status. In 2011, he ranked sixth on Forbes' list of the richest people in the world but fell to 82nd place in March 2015. Despite the decline, Forbes estimated his net worth at 16 billion US dollars. In 2017, Forbes estimated his net worth at the 56th place among the richest people in the world with 16.4 billion US dollars.

After moving to London, Mittal bought one of the best houses in the city on Bishop Avenue in the luxurious Hampstead area for 9 million pounds. The house is so famous that it does not even have a number, and mail is delivered under the address London, Summer Palace. The neighboring houses belong to the Sultan of Brunei and the King of Saudi Arabia.

In April 2004, Mittal bought a house in Kensington Gardens for 70 million pounds (127 million US dollars), which is considered the most expensive in London and the world. It has 12 bedrooms.

Mittal once owned a house in Hong Kong, which he sold in 1997 for 62.7 million US dollars. At that time, it was also listed in the Guinness Book of Records as the most expensive in the world.

His daughter Vanisha Mittal's wedding was the second most expensive in history: the ceremony took place in the Palace of Versailles and cost Mittal 55-60 million US dollars.

Scandal. In early 2002, a scandal erupted in Britain when a large number of animals fell ill with a lip disease, leading to mass culling of animals and widespread public protests. As a result of the scandal, Mittal had to reduce production and close several companies, resulting in a drastic reduction in jobs. Today, Mittal continues his activities in the metal industry, plans investments in various countries, and engages in securities trading. He is also actively involved in public life and supports various charities and foundations.