Last Updated on: 22nd November 2023, 12:07 pm
Lakshmi Mittal is an Indian steel magnate who is the Executive Chairman of ArcelorMittal, the world’s second-largest steelmaking company. Mittal’s net worth, along with that of his family, is a topic of interest to many people, given their significant stake in the steel industry. As of September 2023, Lakshmi Mittal’s net worth is estimated to be around $16.3 billion, making him one of the richest people in the world.
ArcelorMittal, the company that Mittal leads, has a significant impact on the global steel industry. The company produces a wide range of steel products, including flat carbon steel, long carbon steel, and stainless steel. With operations in more than 60 countries, ArcelorMittal is a major player in the steel industry, employing over 190,000 people worldwide. As of 2023, the company’s net worth is estimated to be around $17.2 billion, making it one of the largest steelmaking companies in the world.
Lakshmi Mittal: Personal Profile
Lakshmi Mittal is a renowned Indian-born businessman and the Executive Chairman of ArcelorMittal, the world’s largest steel and mining company by output. Born on June 15, 1950, in Sadulpur, Rajasthan, Lakshmi Mittal is currently 73 years old.
Lakshmi Mittal is married and has two children. He has been the recipient of several prestigious awards, including the Padma Vibhushan, India’s second-highest civilian honour, in 2008. He was also awarded the Forbes Lifetime Achievement Award in 2008 and the Lifetime Achievement Award by the Economic Times in 2018.
Lakshmi Mittal’s family moved to Calcutta (Kolkata) in the 1960s, where his father operated a steel mill. He graduated from St. Xavier’s College, Calcutta, with a Bachelor of Commerce degree in 1969. After completing his education, he joined the family business and went on to establish Mittal Steel Company in 1976.
Lakshmi Mittal is a British citizen and has been based in the United Kingdom for many years. He is known for his philanthropic activities and has donated generously to various causes, including education and healthcare.
In summary, Lakshmi Mittal is a successful businessman and philanthropist who has achieved great success in the steel industry. He has been recognised for his achievements with several prestigious awards and honours, and continues to make significant contributions to society through his philanthropic activities.
Educational Background
Lakshmi Mittal was born on June 15, 1950, in Sadulpur, Rajasthan, India. He attended Shri Daulatram Nopany Vidyalaya in Kolkata for his early education. Later, he went on to study at St. Xavier’s College, Kolkata, where he graduated with a bachelor’s degree in commerce.
After completing his undergraduate studies, Mittal pursued a degree in accounting and business from the University of Calcutta. His educational background in commerce and accounting provided him with a strong foundation in business and finance, which he later leveraged to build his successful career.
Mittal’s education and business acumen helped him establish several successful ventures, including Mittal Steel Company, which he founded in 1976. Over the years, he expanded his business operations and acquired several companies, culminating in the formation of ArcelorMittal, the world’s largest steel company.
In addition to his success in business, Mittal has also been recognised for his philanthropic efforts. He has donated millions of dollars to various charitable causes, including education and healthcare initiatives, and has established several charitable foundations to support these causes.
Overall, Mittal’s educational background and business acumen have played a significant role in his success. His ability to identify and capitalise on business opportunities, combined with his philanthropic efforts, have made him one of the most successful and respected businessmen in the world.
Family Details
Lakshmi Mittal is the patriarch of the Mittal family, a prominent Indian business family. He is the Chairman and CEO of ArcelorMittal, the world’s largest steelmaking company. The Mittal family is known for their vast wealth, with a net worth of over £17 billion as of 2022, according to the Sunday Times Rich List.
Lakshmi Mittal is married to Usha Mittal, and they have two children, Aditya and Vanisha Mittal. Aditya Mittal is the CEO of ArcelorMittal, while Vanisha Mittal is a board member of the company. She is also known for having one of the most expensive weddings in the world, which reportedly cost £60 million.
The Mittal family is also known for their philanthropic efforts. They have donated millions of pounds to various causes, including the Mittal Children’s Medical Centre in London.
Overall, the Mittal family is a prominent and influential family in the world of business, with a vast network of connections and a considerable amount of wealth.
ArcelorMittal: The Steel Giant
ArcelorMittal is a multinational steel producer headquartered in Luxembourg. It was formed in 2006 from the merger of Arcelor and Mittal Steel. The company is currently the largest steel producer in the world, with production facilities in 18 countries and a workforce of over 190,000 employees.
ArcelorMittal’s net worth is estimated to be around $80 billion, making it one of the wealthiest companies in the world. The company’s success is largely due to its focus on innovation and efficiency in the production of steel and mining of iron ore.
In addition to its core steel production business, ArcelorMittal is also involved in various other industries, including mining, production of coal, and the manufacture of automotive and industrial components. The company has also invested heavily in research and development to develop new technologies to reduce its carbon footprint and improve its environmental impact.
One of ArcelorMittal’s major subsidiaries is Nippon Denro Ispat, a joint venture with Nippon Steel Corporation of Japan. The joint venture produces high-quality steel products for the automotive and construction industries.
Overall, ArcelorMittal’s success as a steel producer has been driven by its commitment to innovation, efficiency, and sustainability. The company’s net worth and global reach make it a major player in the steel industry and a significant contributor to the global economy.
Career and Business Ventures
Lakshmi Mittal is an Indian steel magnate and entrepreneur who has made a name for himself in the global business world. He is the Executive Chairman of ArcelorMittal, the world’s largest steelmaking company, and the chairman of Aperam, a stainless steel manufacturer.
Mittal’s career in the steel industry began in the 1970s when he worked for his family’s company, LNM Group. He later founded Mittal Steel Company, which became the world’s largest steel producer in 2006 after acquiring Arcelor. The company was then renamed ArcelorMittal.
Under Mittal’s leadership, ArcelorMittal has expanded its operations to over 60 countries and has become a major player in the global steel industry. The company has a net worth of $31 billion and generates revenues in the tens of billions of dollars.
Mittal has been recognised for his business acumen and has received numerous awards and accolades throughout his career. He was named Entrepreneur of the Year by the Economic Times in 1994 and was awarded the Padma Vibhushan, India’s second-highest civilian award, in 2008.
In addition to his work with ArcelorMittal and Aperam, Mittal has been involved in several other business ventures. He has invested in real estate and has been involved in the development of several high-profile properties, including the ArcelorMittal Orbit in London, which was built for the 2012 Olympic Games.
Overall, Mittal’s career and business ventures have made him one of the most successful and influential entrepreneurs in the world. His leadership and vision have helped to shape the global steel industry and his legacy will continue to be felt for many years to come.
Net Worth and Rankings
Lakshmi Mittal, the Indian-born British billionaire, is the Executive Chairman of ArcelorMittal, the world’s second-largest steelmaker. As of September 2023, his net worth is estimated to be $18 billion, according to Wealthy Gorilla.
Mittal’s source of wealth is primarily from his stake in ArcelorMittal, which generated $80 billion in revenue in 2022. He also has holdings in Aperam, a stainless steel manufacturer, and other companies.
Mittal has consistently been ranked among the world’s wealthiest people. In 2022, he was ranked #6 on the Sunday Times Rich List with a net worth of £17 billion. He was also ranked #104 in the Forbes Billionaires List with a net worth of $16.3 billion as of September 15, 2023.
The Mittal family, which includes Lakshmi Mittal’s two children, Aditya and Vanisha, also has a significant net worth. According to Forbes, the Mittal family’s net worth is estimated to be $27.8 billion as of September 15, 2023.
ArcelorMittal, the company Mittal chairs, has also been consistently ranked on various lists. In 2022, it was ranked #70 on the Forbes Global 2000 list, which ranks the world’s largest public companies. It was also ranked #1 on the Forbes Global 2000 list of the world’s largest metals and mining companies.
Overall, Mittal’s net worth and the success of ArcelorMittal have solidified his position as one of the world’s most successful billionaires.
Acquisitions and Mergers
Lakshmi Mittal and his company, ArcelorMittal, have a long history of mergers and acquisitions in the steel industry. In 2006, Mittal Steel merged with Arcelor to create the world’s largest steel company, with a market value of €30 billion. The merger was a contentious one, with opposition from the French, Luxembourg, and Spanish governments.
Before the merger, Mittal Steel had already acquired several major steel companies, including the US-based International Steel Group and the Kazakhstani steel producer, Temirtau. Mittal Steel’s acquisition of ISG in 2004 was a significant one, as it gave the company access to the US market, which was previously dominated by domestic producers.
In 2002, Mittal Steel acquired the Dutch steel company, Hoogovens, which was then merged with the British steel company, British Steel, to form Corus Group. The acquisition of Corus was a significant one for Mittal Steel, as it gave the company access to the European market.
ArcelorMittal has continued to acquire companies since the merger, including the Brazilian steelmaker, Companhia Siderúrgica do Atlântico, and the Italian steel company, Ilva. The acquisition of Ilva was a significant one for ArcelorMittal, as it gave the company access to the Italian market, which is the second-largest steel market in Europe.
In addition to acquisitions, ArcelorMittal has also been involved in several joint ventures and partnerships. In 2017, the company formed a joint venture with Nippon Steel & Sumitomo Metal Corporation to acquire the Indian steel company, Essar Steel. The joint venture, called ArcelorMittal Nippon Steel India, was successful in acquiring Essar Steel in 2019.
Overall, ArcelorMittal’s mergers and acquisitions have helped the company become one of the largest steel producers in the world, with a net worth of $16.3 billion as of 2023.
Global Presence
Lakshmi Mittal and family’s company, ArcelorMittal, is the world’s largest steelmaker outside of China, with operations in 59 countries. The company’s global presence spans across continents, making it a significant player in the steel industry.
In India, Mittal’s birthplace, ArcelorMittal has been trying to establish a steel plant in the eastern state of Odisha for over a decade. The project, which has faced numerous hurdles, is expected to create jobs and boost the local economy.
The company’s headquarters are located in London, United Kingdom, where it is listed on the London Stock Exchange. In addition to London, ArcelorMittal has offices in various parts of the world, including Indonesia, France, and Russia.
ArcelorMittal has a significant presence in Ukraine, where it operates a steel plant. The conflict in Ukraine has disrupted the company’s operations, causing it to halt production at its plant in the country.
The company also has operations in Trinidad and Tobago, where it owns a steel plant. In 2016, ArcelorMittal sold its Irish steel plant to a consortium of buyers.
Overall, ArcelorMittal’s global presence is a testament to the company’s commitment to the steel industry. With operations in various parts of the world, the company is well-positioned to meet the demands of its customers and drive growth in the industry.
Philanthropy and Contributions
Lakshmi Mittal and his family have been actively involved in philanthropic activities for many years. They have donated millions of dollars to various causes and institutions around the world.
The Mittal Foundation, established in 1996, is one of the primary vehicles for the family’s philanthropic work. The foundation supports a wide range of causes, including education, healthcare, and disaster relief. In response to the COVID-19 pandemic, the foundation made a significant contribution to the PM Cares Fund, which was set up by the Indian government to provide relief to those affected by the pandemic.
In addition to the Mittal Foundation, the family has also made significant contributions to various institutions and organizations. For example, they have donated to the Cleveland Clinic in the United States, which is one of the top hospitals in the world. They have also supported the Great Ormond Street Hospital in London, which is a world-renowned children’s hospital.
The family is also involved in sports philanthropy. They own the Queens Park Rangers Football Club in London, and have made significant contributions to various sports-related causes around the world. The Mittal Champions Trust, established in 2005, supports young athletes in India by providing them with financial assistance and training opportunities.
Lakshmi Mittal and his wife Usha have also made significant contributions to education. They have established several institutions in India, including the LNM Institute of Information Technology and the Usha Lakshmi Mittal Institute of Management. They have also supported the SNDT Women’s University, which is one of the oldest women’s universities in India.
Overall, the Mittal family’s philanthropic contributions have had a significant impact on many people and institutions around the world. Their generosity and commitment to giving back are a testament to their values and beliefs.
Controversies and Criticisms
Lakshmi Mittal and his company ArcelorMittal have been involved in various controversies and criticisms over the years. Here are some of the most notable ones:
- Environmental concerns: ArcelorMittal has been criticized for its environmental record, particularly in relation to emissions. In 2019, the company was fined €1m by a French court for exceeding air pollution limits at its plant in Dunkirk. The company has also faced legal action in the UK over pollution from its plant in South Wales.
- Labour disputes: ArcelorMittal has been involved in several labour disputes, with workers accusing the company of unfair treatment and poor working conditions. In 2019, workers at the company’s plant in Bosnia went on strike over pay and conditions. The company has also faced legal action in the US over allegations of discrimination against female employees.
- Tax avoidance: ArcelorMittal has been accused of avoiding tax in various countries. In 2016, the company was ordered to pay €340m in back taxes by the European Commission, which found that the company had received illegal tax breaks from the government of Luxembourg. The company has also been accused of avoiding tax in India.
- Political connections: Lakshmi Mittal has been criticized for his political connections, particularly in India. Mittal has been accused of using his wealth and influence to gain political favours, and of being involved in corruption scandals. In 2012, Mittal was named in a report by India’s Central Bureau of Investigation in relation to a coal block allocation scandal.
Despite these controversies and criticisms, Lakshmi Mittal and ArcelorMittal remain major players in the global steel industry, with a net worth of over $20 billion as of 2023.
Awards and Recognitions
Lakshmi Mittal has been recognised for his contributions to the steel industry with several prestigious awards. In 1996, he was awarded the ‘Steelmaker of the Year’ by New Steel in the United States. Two years later, he received the ‘Willy Korf Steel Vision Award’ by World Steel Dynamics for outstanding vision, entrepreneurship, leadership and success in global steel development. The award is named after Willy Korf, a pioneer in the steel industry who is credited with revolutionising the mini-mill concept.
Mittal’s leadership and business acumen have also been acknowledged by various publications. In 2005, he was ranked as the third-richest person in the world by Forbes, making him the first Indian citizen to be ranked in the top ten in the publication’s annual list of the world’s richest people. He was also named ‘Business Person of the Year’ by The Wall Street Journal in 2006.
Mittal’s philanthropic efforts have also been recognised. In 2008, he was awarded the Padma Vibhushan, India’s second-highest civilian award, for his contribution to trade and industry. He has also established the Mittal Champions Trust, which supports Indian athletes in their pursuit of excellence.
In summary, Lakshmi Mittal has been recognised for his leadership, vision, and philanthropy by various organisations and publications. His contributions to the steel industry have been acknowledged with awards such as the Willy Korf Steel Vision Award, while his business acumen has been recognised by publications such as Forbes and The Wall Street Journal.
