Lakshmi Mittal
Birthday : 06/19/1950 Place of birth : Rajasthan - India Country of residence : United Kingdom Linked companies : ArcelorMittal
Biography
According to Forbes, in 2011 Lakshmi Mittal was the richest man in Britain and the sixth richest man in the world. In 30 years, the steel magnate, CEO of Arcelor-Mittal has transformed the little Indian steel factory inherited from his father into the number 1 of the steel in the world.
Graduated from business school on Calcutta in 1969, Lakshmi Mitall learned his job in the company Ispat Industries: a steel factory which his father is partner. When in 19876, his family created its own steel factories, Lakshmi was in charge of the international development.
Anxious to prove his qualities as a manger to his father, he founded his own company and bought public companies weakened or in bankrupt. In the 1990s, “the iron man of Calcutta” had the opportunity to show his knowledge by saving steel industries in Trinidad and Tobago. Thereafter, he bought a network of steel producers, coming from former communist countries: Kazakhstan, Romania and Ukraine.
In the 1990s, he explores the world in order to buy low-value businesses and develop it. Obsessed with the rationalizing of his expenditures, Mittal is a manager without concessions whose the aim is reducing costs.
Thanks to the merger between Mittal and the American group ISG (International Steel Group) in October 2004, Mittal Steel became the first producer of steel in the world. On January 27, 2006 Mittal mounted hostile take-over of Arcelro. The merger was concluded and Lakshmi Mittal became CEO of Arcelor-Mittal.
In recent years, Lakshmi Mittal has conducted more than twenty takeovers, principally ailing companies. According to Forbes, in 2011, his fortune was estimated at $ 45 billion.
Anecdotes
Lakshmi has a sumptuous residence in Kensington, which has been decorated with marble from the same quarries than the Taj Mahal. The British have called it “the Taj Mittal”.
In 2004, he offered his daughter’s wedding. The ceremony took place in France, in Vaux-le-Vicompte and in Versailles. It was one of the most expensive weddings (55 million euros).
Citations
"We are not in the business of iron ore. Whatever captive iron ore sources we have, we use it to make steel." Bibliographie
Cold Steel : Lakshmi Mittal and the Multi-billion-dollar Battle for a Global Empire by Tim Bouquet and Byron Ousey. Editions Abacus (2009). Copyright © 4-traders.com / Photo © Maxppp
| Latest news about Lakshmi Mittal | |
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| ArcelorMittal Says Conditions Remain Tough |
| 2012 -
-- Operating conditions in the second half of the year will remain difficult
-- Europe remains company's biggest concern as it forecasts lower Ebitda in second half
-- ArcelorMittal to continue further divestments in order to reduce net debt
LONDON--Steel titan |
| ArcelorMittal Hit By Lower Pricing; Reaffirms Earnings Guidance |
| 2012 -
By Alex MacDonald
Of DOW JONES NEWSWIRES
LONDON -- Steel titan ArcelorMittal Thursday reported lower first-quarter earnings due in part to lower prices in some of its key markets, but it reaffirmed its earnings guidance for the first half of the year, citin |
| ArcelorMittal Confirms Investment Of EUR17 Million In French Steel Mill |
| 2012 -
PARIS -- Steel giant ArcelorMittal SA Thursday confirmed it will invest EUR17 million in its steel mill located in Florange, France, and will resume activity at the liquid phase of the mill in the second half of this year.
The company's Chief Executive Lakshmi Mittal confirmed in a |
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