Lakshmi Mittal

Lakshmi Mittal is Chairman and Chief Executive Officer of the world’s largest steel making company, ArcelorMittal that is based in Britain. His current net worth is $18 Billion.

Quick Facts

Net Worth: $18 Billion

Source: ArcelorMittal

Date of Birth: June 15, 1950

Nationality: Indian

ArcelorMittal

ArcelorMittal was founded by Lakshmi Mittal after a takeover of Arcelor S.A. by the Mittal Steel Company in 2006. It has an annual steel production of 97.2 million tonnes and is currently the world’s largest steel producer. It is currently ranked No.485 in Forbes Global 2000 and has a $23.1 Billion Market Cap. It is currently based in Luxemburg.

Early Life

Lakshmi Narayan Mittal also known as Lakshmi Niwas Mittal was born in Sadulpur in 2nd September 1950 into an average family. When his father became a partner in a larger steel company, they moved to Calcutta. Mittal graduated from St. Xavier’s College with a Bachelor of Commerce.

First Steps

Mittal started working at his father’s mill but realizing that growth in India was limited, Mittal took a loan and bought an Indonesian mill. Since then Mittal also took over other small businesses on the verge of collapse causing his empire to expand. He later branched out from the family business due to a dispute. In a matter of 29 years, he became capable of taking over the world’s largest steel producer in terms of turnover.

Controversies

The steel magnate had his shares of controversies as he was accused of slave-labour allegations after multiple fatalities occurred in one of his mines in Kazakhstan. Not to mention, the “Cash for Influence” incident with Tony Blair’s letter to the Romanian government in support of Mittal’s company.

Present time

In the past year (2012) Mittal’s fortune has dropped by $4.2 Billion, due to slumping demand in Europe. Although no longer the richest man in London, Lakshmi still holds strong in the steel industry as the largest steel company in the world.

Personal Life

Lakshmi Mittal is currently married to Usha Mittal and has two children, Vanisha Mittal and Aditya Mittal. He also has a son in law Amit Bhatia and daughter in law Megha Mittal.

Mittal and wife Usha

Philanthrophy

Lakshmi Mittal is involved in several areas of charity including sports, education and medicine. Until now, Mittal has financed the construction of the ArcelorMittal Orbit for the 2012 Summer Olympics that is 114.5 meters tall. He has also set up the Mittal Champions Trust to support Indian sportsmen with potential. He has also partnered with the government of Rajasthan to Establish a University and donated a large sum to the Shreemati Nathibai Damodar Thackersey (SNDT) Women’s University.

Trivia and Interesting facts about Lakshmi Mittal

  • Lakshmi Mittal awarded Abhinav Bindra with Rs. 15 Million for getting a gold medal for shooting in the Olympics
  • He spent $60 million on his daughter’s wedding, estimated to be the third most expensive wedding in history.
  • Although he has resided in Britain for over 14 years, Lakshmi Mittal is not a British Citizen.
  • The SNDT Women’s University renamed the ITW as Usha Mittal Institute of Technology in honor of his wife after a large donation from the Lakshmi Mittal Foundation.

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References:

Forbes (The ultimate site for billionaire rankings)

CelebrityNetWorth (The ultimate site for net worth of celebrities)

TheRichest (Great site for things about money and rich people)

Wikipedia (Greatest site on earth for lots of information)