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1st July 2008
Lakshmi Mittal - The man of steel
Having a net worth estimated at USD $32.0 billion, Lakshmi Mittal is ranked as the world’s 5th richest Billionaire.
The emergence of Lakshmi Mittal marks the fourth time in the history of the United States of America that a single business individual has become the leader of US steel with an estimated 40% control of domestic production of flat-rolled steel which is the most usual form of steel used in automobiles and appliances. The earlier giants of US steel were Andrew Carnegie, J.P. Morgan and Charles Schwab.
Lakshmi Mittal is the consummate entrepreneur with an in-dept working knowledge of the steel industry. His son Aditya is seen as the numbers man who works well with bankers and investors. Together they are an impressive pair beyond compare.
Lakshmi Mittal a Marwari was born and raised in Sadulpur, a small town in Rajasthan, India. The family moved to Calcutta, where a large number of the community had settled. His father Mohan Mittal became a partner in a steel company.
Lakshmi Mittal graduated with a business degree in 1969 and joined his father's firm before branching out on his own. In 1976, he left Calcutta for Indonesia to set up "a 65,000 tonnes per annum steel plant". With this modest beginning he dreamt of doing something "global and unique".
He expanded by buying up loss-making state-owned mills and turning them around. In 1989, he successfully turned around a loss-making government-founded steel plant in Trinidad and Tobago. He was able to achieve this within a year, doubling output.
In 1992, he bought Mexico’s third largest steel producer, Sicartsa. The acquisition of Siderurgica del Balsas SA in Mexico was next. These were followed by company acquisitions in various countries including Canada, Germany and Ireland.
In June 2006 a historic agreement created the world's largest steel company. Mittal Steel and Arcelor reached an agreement to combine the two companies in what was termed a merger of equals establishing ArcelorMittal domiciled and headquartered in Luxembourg.
Arcelor itself had been created through the merger of Arbed of Luxembourg, Aceralia of Spain and Usinor of France to create a global leader in the steel industry.
ArcelorMittal states it is committed to environmental excellence. Steel is considered environmentally friendly and can be easily recycled.
ArcelorMittal has set out its’ global Group's commitment to Sustainability which is one of ArcelorMittal's three brand values along with Quality and Leadership.
From the humble beginnings in Rajasthan, India to a global leader of steel Lakshmi Mittal has arrived as a global corporate leader. This is a reflection of the community tradition of being entrepreneurial, daring and forward looking.