Category: Lakshmi Nivas Mittal

Know about a great businessman who is called the king of steel – Lakshmi Nivas Mittal

Lakshmi Nivas Mittal,  Also known as the ‘Iron Man of Calcutta’, Lakshmi Mittal is the Indian steel King who is the Chairman and Chief Executive Officer of ArcelorMittal, the biggest steel producing company of the world. Mittal was born on June 15, 1950 in Sadulpur, Rajasthan, India and he is the CEO & Chairman of Arcelor Mittal. Mittal has two siblings – Pramod Mittal and Vinod Mittal. He married Usha, the daughter of a well-to-do moneylender. Young Lakshmi Nivas Mittal spent his first years in Sadulpur, before his father moved to Kolkata. Lakshmi graduated from St. Xavier’s College, Calcutta. He founded Mittal Steel in 1976, which soon became a global steel producer with operations on 14 countries.

His success mantra lies in the identification, acquisition and turnaround of many loss making steel companies all across the world. In 1994, he took over the international operations of his family’s steel business. Arcelor Mittal is presently the world’s largest producer of low and mid-grade steels, with operations in Romania, Bosnia-Herzegovina, South Africa, Poland, Czech Republic, Indonesia, Kazakhstan and many other countries. He was listed in the Forbes List of Billionaires in 2006 as the richest Indian and the fifth richest man in the world with an estimated wealth around of $25.0 billion and is the richest man in the United Kingdom.

He began his career working in the family’s steelmaking business in India and in 1976, he founded Mittal Steel Company. Than 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.  Mittal lives a very lavish lifestyle. His daughter’s wedding that was celebrated in France is the world’s second most expensive wedding costing 55 million Euros. In 2004, he bought his residence from the Formula One boss Bernie Ecclestone for £57 million and at the time was the most expensive house of the world. He owns several other properties including a colonial bungalow in New Delhi ($30 million) and three other properties in Kensington Palace, Gardens, worth £500 million.

The Sunday Times ‘Business Person of the Year’ in 2006, Financial Time’s ‘Person of the Year’ and Time magazine’s International News-maker of the Year 2006’ and one of the ‘100 most influential persons in the world’, Lakshmi Mittal certainly has an exemplary life for those who wish to achieve success in their lives. Mr. Lakshmi Niwas Mittal is Chairman at Aperam SA, Independent Director at The Goldman Sachs Group, Inc., Independent Non-Executive Director at Airbus Group SE, Chairman & Chief Executive Officer at ArcelorMittal SA, Chairman & Chief Executive Officer at ArcelorMittal, a Member-Executive Board at Indian School of Business, a Member at International Investment Council, a Member at Kazakhstan Foreign Investors Council Association, Chairman-Governing Council at LNM Institute of Information Technology, and a Member-International Business Council at World Economic Forum.

He is on the Board of Directors at The Goldman Sachs Group, Inc., Airbus Group SE, The Cleveland Clinic Foundation, Gita Mittal Foundation, The Mittal Champions Trust, Lakshmi & Usha Mittal Foundation, ONGC Mittal Energy Ltd., ONGC Mittal Energy Services Ltd., Gita-Mohan Mittal Foundation, Mittal Childrens Foundation, Arcelormittal Foundation, World Steel Association, and Cleveland Clinic. Mr. Mittal was previously employed as Independent Non-Executive Director by ICICI Bank Ltd., Chief Executive Officer by Mittal Steel Co. NV, a Member by The Business Council, Non-Executive Director by ArcelorMittal South Africa Ltd., President by Ispat Inland, Inc., and President & Chief Executive Officer by ArcelorMittal NV.


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